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The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) has determined that income from sales cannot be added under Section 68 of the Income Tax Act, 1961 unless it is proven to be invalid. This decision was made in response to a case involving Subhash Chand Gupta, the respondent-assessee, who e-filed his income […]
On the grounds of the Annual information statement (AIS) feature which the income tax department utilises the government would be working on the pre-filled consolidation, GST return forms that shall permit assessees to view all their information of transactions and e-invoices to attain the precise tax liabilities. The consolidated pre-filled form, which the Central Board […]
Income Tax SFT return filing 2023: Given that some filers experienced difficulties filing SFT due to heavy traffic on the reporting portal. So the Income Tax Department has given some relaxation and provided a couple of more days for filing SFT (Statement of Financial Transaction) returns. The Income Tax Department has tweeted regarding the same, […]
Income tax authorities have been instructed to mandatorily find out the cases wherever they detect any suspicion of tax evasion on returns for thorough scrutiny during the current financial year, according to the instructions released by the Central Board of Direct Taxes (CBDT). Additionally, the board encouraged them to identify any cases that involved an […]
The Income Tax Department, taking a move to make sure companies do not adjourn their tax liabilities for the financial year, so it has been decided to monitor advance tax payments by assessing India Inc’s annual and quarterly balance sheets along with sectoral growth trends. As per the IT department’s central action plan for 2023-24, […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) agreed with the assessee’s arguments and came to the conclusion that there were relevant grounds for violating sections 269SS and 269T of the Income Tax Act, 1961. In rejecting the penalty order, the two-judge bench of Shamim Yahya and Asta Chandra noted that they did […]
The existing notes will remain legal tender, the RBI announced on Friday, and ₹2000 notes will be removed and added. According to sources aware of the move, sudden significant deposits in numerous Jan Dhan accounts may also be examined in an effort to uncover tax evaders using third-party bank accounts to hide their income while […]
While upholding the addition, the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled that A.O. did not reject the books of accounts under Section 145 but instead assessed the income on the basis of the Profit Margin Method. While dismissing the department’s arguments, the T.R. Senthil Kumar (Judicial Member) and Waseem Ahmed (Accountant […]
For distinct defaults done by the assessee, the penalties would get imposed under the Income Tax Act. Beyond penalties on defaults such as doing payment of Self Assessment Tax, default in payment of taxes, default on filing income returns, and others, the Income Tax department charges penalties for underreporting and misreporting of income. When a […]
