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With 3.5 million tax refund cases currently in a state of delay, the Income Tax (IT) department is contemplating the organization of campaigns to aid taxpayers. Additionally, they are actively exploring alternative methods to expedite the refund processing. The manual processing of income tax refunds was fraught with challenges in the past. To streamline this, […]
A joint Tax Awareness Programme was conducted in Shopian, organized by the Shopian District administration in collaboration with the Income Tax Department. A team of officers and officials from the Income Tax Department, led by Shakil Ahmad Ganie, Deputy Commissioner of Income Tax Srinagar, visited Shopian to interact with local taxpayers, Drawing and Disbursing Officers […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has determined that the Fee for Technical Service (FTS) and interest income received from the joint venture Indian company must be taxed by the directive issued by the Tax Deduction at Source Officer, as per Section 195 of the Income Tax Act, 1961. The taxpayer […]
Following investigations into mobile phone manufacturers, laptop companies have come under scrutiny by tax authorities. According to credible sources, both income tax and indirect tax enforcement units are accusing laptop companies of evading taxes. Insiders familiar with the matter have revealed that intelligence agencies, including the Directorate of Revenue Intelligence (DRI), Directorate General of GST […]
According to recently released time series data from the Income-tax department, the combined number of income tax returns (ITRs) submitted by personal income tax filers (PIT), which includes both individuals and Hindu Undivided Family (HUF), experienced a substantial 94% increase during the initial nine years of the Narendra Modi government, spanning from FY15 to FY23. […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled that making a voluntary tax deposit must not be regarded as an acknowledgement of guilt before being served with a notice under Section 148 of the Income Tax Act, 1961. Consequently, the bench abolished the penalty levied under Section 271(1) of the Income Tax […]
An internal assessment by the income tax department reveals that insurance companies and their intermediaries have allegedly evaded approximately ₹30,000 crore in income tax since July 1, 2017, by underreporting income and fabricating expenses. The department has started taking action by issuing tax demand notices to these entities to recover the outstanding amounts, which may […]
The Central Board of Direct Taxes (CBDT) has issued a clarification concerning the Audit Report Requirements outlined in Section 119 of the Income-tax Act, 1961, applicable to ‘Substantial Contributors’ in the Assessment Year 2023-24 via circular number 17/2023. This clarification primarily emphasizes the necessity of furnishing comprehensive information about ‘substantial contributors’ using either Form No. […]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) renders re-adjudication as the notices to fix the date of hearing sent to the wrong email address. Assessing Officer under Section 144 of the Income Tax Act passes the impugned assessment order. He sees that various chances were provided via providing the show cause notices that […]
