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Nearly 4.4 million “targeted” emails have been sent by the government to the people who have gaps in the transactions on their accounts and the income they reported in last year’s tax filing cycle, as per the senior official, a forewarning has been issued by the tax department to assist the people for preventing to […]
Finance Minister Nirmala Sitharaman said that more than 10 million assessees particularly the small salary earners shall secure the long-due notices for the dues pertinent to the income tax, wealth tax, and gift tax withdrawn. In an amnesty plan, it shall attain the dues of up to ₹25,000 in cases prior to the 2009-10 financial […]
Mumbai bench of Income Tax Appellate Tribunal (ITAT), mandated to validate the documents concerning Form 10-IC in case of dispute in the concessional rate of tax at the time of processing of income return. The taxpayer Traxit Engineers Pvt. Ltd is a private company. Post income return filing for AY 2020-21 on 14.10.2020 declaring a […]
For each assessee filing the income tax returns is important. It ensures compliance with the norms and also assists in transparent financial transactions. Certain individuals have found out that they are in a position where they have not filed their Income tax return in the former years, directing to the income tax notices. The blog […]
Till after the 2024 general elections’ major announcements may be held. The forthcoming interim union budget shows the chance to address the lingering subjects and set the phase for the coming economic growth. This budget seems to prioritize fiscal discipline and prevent populist measures. In the domain of the personal income tax, there is optimism […]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has noted that income derived from educational activities is eligible for exemption under section 10(23C)(vi) of the IT (Income Tax) Act, 1961. The Durgapur Society of Management Science, a registered educational entity under Section 10(23C)(vi) of the Act, underwent scrutiny for the Assessment Year 2018-19 […]
The Finance Minister, Nirmala Sitharaman, unveiled a fresh tax framework in the Union Budget 2020-21, accompanied by specific conditions. The government aims to render the new tax structure appealing to income taxpayers. As of April 1, 2023, the new income tax framework has been designated as the default tax system. Nevertheless, citizens retain the choice […]
On the 23rd of January 2024, the Central Board of Direct Taxes issued Circular No. 01/2024, elucidating the modifications to the Income Tax Act, 1961, introduced by the Finance Act of 2023. The Finance Act, 2023, approved by Parliament, obtained the President’s assent on March 31, 2023, and is now enacted as Act No. 8 […]
The recent ruling from the Income Tax Appellate Tribunal (ITAT) in the matter between Amit Laroya and ACIT (ITAT Delhi) carries significant implications for the taxation of salary income earned by a Korean resident for services provided outside of India. The central issue revolves around the interpretation of Article 15(1) of the India-Korea Double Taxation […]
