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Income tax return filing is easy and beneficial for an overall financial and records maintenance for future loan perspective and investment purposes.
When the last date of IT filing arrives close, every taxpayer worries about how to calculate the taxable income and online e-filing of the income tax return. The income tax return has to be mandatorily e filed in case your income is above the basic slab rate. However, paper returns can be filed by those […]
Section 44AB of the Income Tax Act emits an obligation on the taxpayer to get accounts audited prior to the cited date and provide by that date the report of such audit, New Delhi ITAT ruled. The ITAT while learning that there was reasonable cause for failure in providing the Tax Audit Report in time, […]
For the Assessment Year 2024-25 nearly 800,000 income tax returns have been filed earlier as the Central Board of Direct Taxes enabled functionalities for commonly used income tax returns from April 1 in the current year. Since the eligible taxpayer has begun using the chance to smash the last-minute rush, over 829,000 ITR had been […]
In the matter of Shamanna Reddy vs. ITO, the Income Tax Appellate Tribunal (ITAT) Bangalore addressed a petition against the order of CIT(A) for the AY 2018-19. The petitioner, an individual, challenged the dismissal of their petition via the CIT(A) on technical foundations, and the following assessment order passed u/s 147 read with section 144 […]
The Gujarat High Court in a judgment for the matter of Shyamlal Rupchand Parwani vs. Assistant Commissioner of Income Tax (ACIT), stated that its position on the jurisdictional factors and procedural propriety concerning notices issued u/s 153C of the Income Tax Act, 1961. For taxpayers and the administration of tax law in India, this decision […]
No rejection should be there for the taxpayer’s claim since the same was not notified in the tax audit report, certainly in the cases where the other proof is available on record recommending the deduction as per the provisions of section 43B on a payment basis is available, Rajkot ITAT ruled. The Bench of the […]
The Central Board of Direct Taxes (CBDT) has furnished relief to the assesses who obtained the tax demand notices for the reason that they deducted less TDS compared to the taxpayers whose PAN had become inoperative. Multiple TDS deductors and collectors, TCS respectively, had obtained the income tax demand notices requesting them to deposit the […]
The Delhi Bench of Income Tax Appellate Tribunal ruled that the manual cash book that comprises entries pertinent to the cash withdrawals and expenses of the company, which were duly recorded and reconciled with its books of account, including with the cash introduced, withdrawn, and expenses on behalf of the taxpayer. The bench of Anubhav […]
