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Since the National Company Law Tribunal (NCLT) had not yet approved the settlement plan, the Delhi High Court dismissed the appeal. The Income Tax Appellate Tribunal’s ruling in favour of the respondent, Jubilant Energy Kharsang (P) Ltd, was contested by the appellant/revenue. On November 20, 2017, the court scheduled the appeal’s initial hearing. The item […]
The Indian income tax system has provisions for individuals and businesses to claim relief when they have paid taxes in a foreign nation. This relaxation is given under Section 90 of the Income Tax Act. To seek this assistance, Form 67 is used. This article explains the concept of relief under Section 90, emphasizes the […]
The Income Tax Department (ITD) uses various methods to assess income. Initially, taxpayers must declare their income, providing accurate and comprehensive information from different sources like salary, business, house property, capital gains, etc. This declaration facilitates the income tax assessment process. After the taxpayer completes and confirms their return, the Income Tax Department (ITD) takes […]
The Income Tax Department has announced a significant achievement with over 7.85 crore Income Tax Returns (ITRs) filed by the October 31 deadline, setting a new record. These ITRs were filed for various assessment years during the fiscal year 2023-24, surpassing the previous record of 7.78 crore filings in the fiscal year 2022-23. It is […]
In a nation as diverse and economically vibrant as India, comprehension and adherence to income tax compliance are crucial factors in fostering financial stability and making a positive contribution to national development. Being the second-most populous country globally, India heavily relies on a robust taxation system to finance essential services and infrastructure initiatives. Effects of […]
With 3.5 million tax refund cases currently in a state of delay, the Income Tax (IT) department is contemplating the organization of campaigns to aid taxpayers. Additionally, they are actively exploring alternative methods to expedite the refund processing. The manual processing of income tax refunds was fraught with challenges in the past. To streamline this, […]
A joint Tax Awareness Programme was conducted in Shopian, organized by the Shopian District administration in collaboration with the Income Tax Department. A team of officers and officials from the Income Tax Department, led by Shakil Ahmad Ganie, Deputy Commissioner of Income Tax Srinagar, visited Shopian to interact with local taxpayers, Drawing and Disbursing Officers […]
Following investigations into mobile phone manufacturers, laptop companies have come under scrutiny by tax authorities. According to credible sources, both income tax and indirect tax enforcement units are accusing laptop companies of evading taxes. Insiders familiar with the matter have revealed that intelligence agencies, including the Directorate of Revenue Intelligence (DRI), Directorate General of GST […]
According to recently released time series data from the Income-tax department, the combined number of income tax returns (ITRs) submitted by personal income tax filers (PIT), which includes both individuals and Hindu Undivided Family (HUF), experienced a substantial 94% increase during the initial nine years of the Narendra Modi government, spanning from FY15 to FY23. […]
