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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, […]
The Central Government has released a notification regarding the amendment of Rule 11AA of the Income Tax Rules, 1962. The Rule concerned with the requirements for an institution or fund approval under Section 80G of the Income Tax Rule, 1962. The Central Board of Direct Taxes (CBDT) announced a few Rules amending the Income Tax […]
The Central Board of Direct Taxes (CBDT) has announced the e-appeals scheme, in 2023. The scheme shall apply to appeals involving persons or classes of persons, incomes or classes of incomes, cases or classes of cases covered by Section 246, the cases under Section 246(6) are excluded. In relation to any procedures under the scheme, […]
The Income Tax Appellate Tribunal (ITAT)’s New Delhi Bench ruled that all interest income, including that generated on bank fixed deposits, qualified for a deduction under Section 80IA of the Income Tax Act of 1961. M/s. Viramgam Mahesana, the appellant assessee, claimed to be qualified for a deduction of 100% of earnings and gains from […]
In this article, we have discussed the new tax regime that allows you to set zero tax liability if you earn up to 10 lakhs from rental income. Under the new tax regime the tax-free income limit– The latest tax regime has been incorporated in India which allows people to optimize their tax savings with […]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the fine under Section 271B of the Income Tax Act because the NLU-Delhi is not engaged in business and functions with the intention of giving education only. If the assessee university can supposedly be engaged in business as defined under Section 2(13) of the […]
In a recent decision, the Income Tax Appellate Tribunal (ITAT), Ahmedabad disallowed a deduction under Section 80P because of the late submission of the return. The assessee, Parabada Co-op. Milk Producers Society Limited, a Co-operative Milk Producers Society, filed its income tax return for Assessment Year 2019–20 on November 5, 2019, exceeding the extended due […]
The finance ministry has issued a notification dated May 24, 2023, in line with the budget 2023 proposal, to announce an increased ceiling for the encashment of earned leave exempt from income tax. This change will be implemented from April 1, 2023. Following the powers granted by sub-clause (ii) of clause (10AA) of section 10 […]
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 […]
