Search results for: Income Tax Act

The advance tax does not subject to be paid through the taxpayer when his age is more than 60 years and poses zero business income, Delhi Bench of Income Tax Appellate Tribunal (ITAT). The data obtained elaborates that an immovable property would have been sold in FY 2009 by the taxpayer Vikram Singh. Under Section […]

Due to underreporting of income on tax returns compared to the Annual Information Statement for the fiscal year 2019–20, the income tax office has reportedly identified some 68,000 instances of e-verification. The e-verification technique comprises notifying taxpayers of any anomalies between their financial activity and the Income Tax Returns filed. In around 56% of the […]

The Income Tax Appellate Tribunal (ITAT) Delhi Bench has ordered re-adjudication after the assessee passed away during the income tax assessment process. The taxpayer Salochna Devi is the legitimate heir of Rakesh Kausik (Rakes Kosik), Chanda Kosik. Under Section 147 of the Income Tax Act, of 1961, the taxpayer’s case was reopened on the grounds […]

According to a recent ruling by the Income Tax Appellate Tribunal (ITAT) Amritsar Bench, cash deposits of agricultural income are not taxable. The assessee’s case was reopened under Section 148 of the Income Tax Act on the basis of reasons recorded after receiving joint commissioner of income tax approval, to sum up, the situation briefly. […]

The Chennai branch of the Income Tax Appellate Tribunal (ITAT) recently ruled that submitting the audit report required by section 44B of the Income Tax Act of 1961 together with the Income Tax Return will not result in a penalty. The amount specified in subclause 2 of the aforementioned section shall be deemed to be […]

Recently, the Income Tax Appellate Tribunal (ITAT) disallowed capital gains tax exemptions on the sale of land in two separate cases heard by its Chennai and Pune benches. The cause was that no agricultural work had been done. A capital gain on the transfer of agricultural land may be exempt from taxation under section 54B […]

NRIs (non-resident Indians) are Indian citizens who reside outside of India yet still have close ties to the country. They must pay taxes and submit their income tax returns if they plan to keep earning money in this nation. This important article will give you information about taxable income with income tax return filing conditions […]

Under section 10(46) of the Income Tax Act, 1961, the Central Board of Direct Taxes (CBDT) notified the Income Tax exemption to the Insolvency and Bankruptcy Board of India (IBBI). As per section 10(46), certain income accruing to anybody, authority, board, trust, commission (or a class thereof) that was established or created in accordance with […]

Governments all throughout the world deal with the serious problem of tax evasion. From the beginning of the liberalization and globalization of the Indian economy, it has grown more and more typical in India. Any action intended to conceal, understate, or fraudulently report income to reduce one’s tax burden is referred to as tax evasion. […]