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As for yourself or as a company If you look to furnish the ITR then the term known as Form 26AS under which all the tax is filed on your grounds through your employer or customers. What is Form 26AS? The Form 26 AS is also called a tax credit statement. It is your yearly […]
The ITR furnishing season has comes to an end most of the people are just aware of the amendment along with the correct process. Some employers have not updated the salaried employees about the tax deducted at source (TDS) which is April-June and July to December quarters for FY 2020-21 (Financial Fear 21) in Form […]
The Central Board of Direct Taxes released notifications on 29th September and 30th September and made some important announcements. Through a notification issued on September 29, the CBDT empowered the Principal Director General of Income Tax (System) or the Director General of Income Tax (System) to upload information related to GST returns, which is in […]
As per the recent update from the income tax department, the department has notified about the revised form 26AS which is mainly utilized for collection of the tax collected or basically tax deducted at source under which there will be details such as property and share transactions. The revised form 26AS is now a detailed […]
The Mumbai branch of the ITAT decided to partially support a plea after finding that there was a difference between the income declared in the 26AS Form and the actual income obtained. They supposed that this problem required further research to clarify the facts. The taxpayer, Dattani Construction, a partnership firm, is in real estate […]
The Central Board of Direct Taxes (CBDT) Chairman, Ravi Agrawal, stated that the income tax department, under the facilitated Income Tax Act 2025, shall notify the new ITR forms and pertinent rules by January. From 1 April 2026, these updated regulations will come into force, marking the transition from the nearly six-decade-old Income Tax Act […]
The Ministry of Finance, in a bid to ease the process of tax compliance, has launched distinct initiatives that have the motive to facilitate both the income tax and Goods and Services Tax (GST) procedures, for targeting small taxpayers. Such measures simplify the tax filing, lessen operational complexities, and promote compliance among small businesses and […]
An addition cannot be made solely based on a mismatch between sales reported in the books and the figures in Form 26AS, particularly when the discrepancy arose due to double deduction of Tax Deducted at Source (TDS) by the client, Wockhardt Hospitals Ltd (WHL), the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has […]
The Madras High Court has addressed the GST (Goods and Services Tax) demand that arose due to discrepancies in the Income Tax Return (ITR) Form 26AS, inconsistencies in the Input Tax Credit (ITC) shown in GSTR-2A, and ITC reversals resulting from received credit notes. The court has directed the petitioner to seek resolution from the […]
