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The administration has taken the high pitched scrutiny into consideration and will take care of the taxpayers who are getting tortured by the assessment officers in the matter of evaluating taxes.
The income tax department has furnished 10,000 reopening notices to the companies and individuals in major cities asking for explanations for the differences in their notified incomes. Alongside the Central Board of Direct Taxes’ (CBDT) current directive to track rampant cash transactions in sectors like hotels, luxury brand sales, hospitals, and IVF clinics, suggesting the […]
The Delhi High Court, the deduction u/s 80-IA(7) of the Income Tax Act cannot be denied for the mere failure of the taxpayer to digitally file an audit report. It was noted by the bench of Justice Yashwant Varma and Justice Ravinder Dudeja that the audit report was duly provided to the AO and was […]
The issuance of the process has been quashed by the Bombay High Court which is served on the directors of the company, M/s. Hubtown Ltd., for offences punishable u/s 276B and 278B of the Income Tax Act for the delay in depositing the TDS as the TDS deducted by the company had already been deposited […]
The Finance Bill 2024 includes changes to Section 148A of the Income-Tax (I-T) Act, which relates to the time limits for issuing notices to reopen assessments. Currently, the Income-Tax Department can reopen assessments under Section 148A for up to 10 years (equivalent to 11 financial years) if the income exceeds Rs 50 lakh. In contrast, […]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the AO failed to specify whether the penalty was for concealment or inaccurate particulars in the notice issued under Section 274 and Section 271(1)(c) of the Income Tax Act. The bench of Suchitra Kamble (Judicial Member) and Makarand V. Mahadeokar (Accountant Member) has […]
The rent received from renting out the building to the Department of Social Welfare for running the boys’ hostel for the weaker section is waived from the GST (Goods and Services Tax), Karnataka Authority for Advance Rulings (KAAR) noted. The petitioner, K.A. Sujith Chandan, leased a building to the Department of Social Welfare, Government of […]
As the ITR due date is approaching various troubles on the tax filing portal and issues during the procedure have been encountered by the netizens at the time of filing the ITR. Nearly half the taxpayers have not filed their ITR. The percentage of assesses who have not filed Income Tax Returns till now is […]
At present the income tax portal is undergoing issues related to payment which prevents the assesses, CAs, and tax filers from finishing their transactions. Filers are prompted with error messages when trying to make any payments. ICAI has addressed the problems of the CBDT. Representations have been sent by the ICAI before the finance ministry […]
