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The Pune bench of the Income Tax Appellate Tribunal (ITAT), the interest on income tax cannot be permissible as a deduction under section 40(a)(ii) of the Income Tax Act, 1961. The taxpayer, Rajendra Sukhdev Mirgane, is a Builder and Contractor who filed the income return showing a total income of Rs 2.18 cr. At that […]
In this article, we are giving a deep explanation about intimations under income tax section 245 for outstanding tax demand. Through the assistance of E-filing of income tax returns (ITR), it is simpler for the assessee and the tax department to file the taxes. The processing of ITRs, providing intimation under Section 143(1), furnishing the […]
Supporting the impact of higher import duties on solar modules and cells, the government has started providing incentives to the domestic solar industry. But it seems that there is no intention of the government to provide tax relief to the importers of solar modules, for support, the government is open to validating the workable plans […]
What is the New Foreign Tax Credit (FTC)? Furnishing relief to the assessee for the case of claiming the Foreign Tax Credit (FTC), the Central Board of Direct Taxes (CBDT) has changed Rules 128 of the Income Tax Rules 1962. Before the revision, the assessee can exclusively avail of FTC, via furnishing Form 67 including […]
The CBDT extended the due date for filing of online ITR for the individual assessment year 2025-26 till 15th September 2025, according to circular 06/2025. The assessee qualified for a refund in the case of surplus tax payment. The same might comprise the instances in which employers deduct higher income tax from salaried employees because […]
As per a recent update, several banks have communicated with the Central Board of Direct Taxes (CBDT) seeking clarity on the purview of Section 194R of the Income Tax Act, as they fear that the newly presented provision will empower them to deduct 10% tax at source on incentives given to the big business customers […]
The National Faceless Assessment Centre (NFAC) provided a Standard Operating Procedure (SoP) for the Assessment Unit (AU), Verification Unit (VU), Technical Unit (TU), and Review Unit (RU) beneath the Faceless Assessment provisions of Section 144B of the Income Tax Act, 1961. SOPs are used to furnish assistance to the units and specify the procedure to […]
The income tax department would diminish the time duration for the e-verification or hard copy submission of the ITR-V, after furnishing the returns by the assessee from the current 120 days to 30 days at the start of August 1. The council would be provided with a notification on July 29 mentioning the amendment in […]
ITR furnishing would say to be the yearly activity, all the Indian citizens liable, and in the current times, we are near to it since July 31, 2022, is approaching which is the last date. Submitting the income tax return the tax department verifies the declarations along with the taxes furnished to see if all […]
