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Form 10 under Income Tax Rules, 1961 supplied after limitation but before completion of assessment has to be considered, Allahabad High Court has stated. M/S Maa Bhagwati Shiksha Samiti, a registered society, obtained its registration (No. 1398/2005-06) under the Societies Registration Act, 1860, in Uttar Pradesh. Its primary objective revolves around charitable endeavours in education, […]
Section 69A of the income tax act could merely be invoked in which the books of accounts are been maintained, Delhi High Court mentioned. The bench consisting of Justice Rajiv Shakdher and Justice Girish Kathpalia noted that the individual in question, a non-resident Indian, derives income in India from bank interest and income tax refunds […]
Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that the cash availability with distinct firms is enough to elaborate on the cash revealed at the time of the investigation. The assessing officer assessed the 9 group references and firms as well as accepted the in-hand cash availability in the respective books of accounts, the […]
When comparing the data shown in GSTR 9/9C Vs GSTR 3B, the council has initiated issuing the notices and has urged for the data. This blog acknowledging different changes in the GST law has the objective of furnishing clarity on the filing of the annual returns (Form GSTR 9) and the reconciliation statement (Form GSTR […]
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 […]
The Jharkhand High Court has determined that, according to Section 234B of the Income Tax Act, interest should be applied to the assessed income rather than the returned income. In a ruling by Justices Rongon Mukhopadhyay and Justice Deepak Roshan, it was clarified that Section 234B mandates charging interest based on the assessed tax amount […]
The payments made to gateway providers are not brokerage and TDS under Section 194H of the Income Tax Act,1961 is not liable to be deducted, the Bangalore Bench of Income Tax Appellate Tribunal (ITAT) said. The taxpayer M/s. Knowledge Hut Solutions Pvt. Ltd filed its income return for Assessment Year (A.Y) 2018-19 showing the total […]
After the completion of an income tax audit, it’s essential for individuals to verify certain aspects to ensure the accuracy of the audit report. This verification is crucial to prevent potential penalties imposed by the income tax department due to inaccuracies in the report. Additionally, rectifying any errors may necessitate rehiring an auditor for a […]
