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Days after many income taxpayers were sent notices mistakenly for incorrect claims of tax deductions under Section 80P, the Income Tax Department clarified that the error was made. Responding to a query from a taxpayer, chartered accountant Nirav Choksi on X (formerly Twitter) said, the tax department assured that they would send an email communication […]
Between April and August this year, around 500,000 taxpayers received intimations from the Income Tax department regarding their advance tax payments. The notifications were related to either zero or lower advance tax payments. After reviewing the significant transaction data for the former fiscal year and the first quarter of the current financial year the council […]
As per the GCCI, a technical glitch in the Income Tax filing portal has led to the income tax department sending notices to taxpayers concerning discrepancies in their returns. This has resulted in unwanted inconvenience to taxpayers. Chartered accountants engaged with the Goa Chamber of Commerce and Industry have found some cases where partnership firms, […]
The government’s request to tax cash deposits made by a corporation during the demonetization era was denied by an income tax tribunal since the company had provided information about the source of the deposits. On account of cash deposited by the business in specific bank notes in its bank account between November 9 and December […]
The main purpose of this blog post is to explain how to easily use the Pay Income Tax Later option on the new ITR filing 2.0 portal. On the income tax e-filing website the income tax department would have incorporated a new feature that permits a person to file the income tax subsequently. It directed […]
The Commissioner of Income Tax (Appeals) erred in reclassifying the rental income as business income and unilaterally disallowing income tax deduction without any justification, according to the Delhi Bench of the Income Tax Appellate Tribunal. Hence restore the case to the file of the Assessing Officer for redetermination of taxable income under the proper head. […]
The income tax department has set its plan to reduce the processing time for tax refunds. An official report indicates that the tax department is considering a reduction from the current 16 days to a 10-day period for processing tax refunds. This proposed timeline is anticipated to take effect within the current fiscal year. A […]
It was determined that the Principal Commissioner of Income Tax (PCIT) did not have the authority to gather the revisionary requirements of Section 263 of the Income Tax Act, 1961, as determined by the Delhi Bench of the Income Tax Appellate Tribunal (ITAT). Therefore, the order for reassessment for the Assessment Year 2016-17 was overturned. […]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) ruled that the Income Tax Department does not have the authority to scrutinize Sales Tax Returns accepted by the commercial tax department. Therefore, the panel removed the addition added by the assessing officer concerning stock valuation. Aruljothi Exports Private Limited, a corporate resident involved in […]
