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According to a recent ruling by the Income Tax Appellate Tribunal (ITAT) Amritsar Bench, cash deposits of agricultural income are not taxable. The assessee’s case was reopened under Section 148 of the Income Tax Act on the basis of reasons recorded after receiving joint commissioner of income tax approval, to sum up, the situation briefly. […]
The Chennai branch of the Income Tax Appellate Tribunal (ITAT) recently ruled that submitting the audit report required by section 44B of the Income Tax Act of 1961 together with the Income Tax Return will not result in a penalty. The amount specified in subclause 2 of the aforementioned section shall be deemed to be […]
Recently, the Income Tax Appellate Tribunal (ITAT) disallowed capital gains tax exemptions on the sale of land in two separate cases heard by its Chennai and Pune benches. The cause was that no agricultural work had been done. A capital gain on the transfer of agricultural land may be exempt from taxation under section 54B […]
NRIs (non-resident Indians) are Indian citizens who reside outside of India yet still have close ties to the country. They must pay taxes and submit their income tax returns if they plan to keep earning money in this nation. This important article will give you information about taxable income with income tax return filing conditions […]
Under section 10(46) of the Income Tax Act, 1961, the Central Board of Direct Taxes (CBDT) notified the Income Tax exemption to the Insolvency and Bankruptcy Board of India (IBBI). As per section 10(46), certain income accruing to anybody, authority, board, trust, commission (or a class thereof) that was established or created in accordance with […]
Governments all throughout the world deal with the serious problem of tax evasion. From the beginning of the liberalization and globalization of the Indian economy, it has grown more and more typical in India. Any action intended to conceal, understate, or fraudulently report income to reduce one’s tax burden is referred to as tax evasion. […]
Tax deducted at Source (TDS) and Tax Collected at Source (TCS) are the most popular methods of tax collection. To guarantee correct adherence to the tax regulations, it is crucial to recognize the difference between TDS and TCS under the Income Tax Act 1961 since these are some big ones. Let’s get into it in […]
What is an Email Functionality? Email functionality refers to the features and capabilities of email systems that allow users to send, receive, and manage email messages. Genius Software E-mail/WhatsApp Functionality Genius software is a comprehensive tool that streamlines and enhances business operations. One of its main features is its email functionality, which offers a number […]
In a recent decision, the Chennai Bench of the Income Tax Appellate Tribunal (ITAT) found that a 7-day delay in filing an appeal might be excused since the CA was preoccupied with income tax and GST compliance. Chennai ITAT has made the observation, when appeals were preferred to it by the taxpayer, as against the […]
