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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 Central Board of Direct Taxes (CBDT) has introduced modifications in the income tax regulations concerning the assessment of benefits related to employer-provided rent-free or discounted housing for employees. These amendments, effective from September 1, 2023, will result in reduced tax liability for employees receiving rent-free accommodations, which will be subject to higher take-home pay. […]
In India, Income tax forms 60 and 61 serve specific roles in financial transactions. Form 60 is utilized when an individual lacks a Permanent Account Number (PAN) and engages in specific transactions necessitating PAN. It functions as an affirmation of identity and location. For instance, if someone intends to open a bank account without possessing […]
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 […]
To rectify the experience of the assessee the income tax department would have opted a significant step through initiating the newly updated national website, www.incometaxindia.gov.in. The website secures an upgraded user interface, helpful additional features, and new modules to uphold growing technology. Nitin Gupta, the Chairman of the Central Board of Direct Taxes (CBDT), launched […]
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. […]
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. […]
