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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, […]
An internal assessment by the income tax department reveals that insurance companies and their intermediaries have allegedly evaded approximately ₹30,000 crore in income tax since July 1, 2017, by underreporting income and fabricating expenses. The department has started taking action by issuing tax demand notices to these entities to recover the outstanding amounts, which may […]
The Central Board of Direct Taxes (CBDT) has issued a clarification concerning the Audit Report Requirements outlined in Section 119 of the Income-tax Act, 1961, applicable to ‘Substantial Contributors’ in the Assessment Year 2023-24 via circular number 17/2023. This clarification primarily emphasizes the necessity of furnishing comprehensive information about ‘substantial contributors’ using either Form No. […]
A procedure, format, and standards for filling an application for grant of certificate under sub-rule (4) and its proviso of Rule 28AA of Income Tax Rules, 1962 (“the IT Rules”), for deduction of Income-tax at any lower rate or no deduction of Income-tax under sub-section (I) of section 197 of the Income-tax Act, 1961 (“the […]
The CBDT announced an extension for filing Forms 10B/10BB until October 31, 2023, and a one-month extension for ITR 7 form. The Government of India’s Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (CBDT) has issued Circular No. 16/2023 dated September 18, 2023, providing relief to taxpayers and other stakeholders by extending […]
On April 1st, 2024, the income tax department released the latest common offline utility for Form 3CA-3CD and 3CB-3CD. On the date 10th September 2021, the department has listed the first version of the form utility. Under Section 44AB of the Income-tax Act, 1961, Form 3CA-3CD is an audit report for the case in which […]
The Income-Tax Department has recently issued notification notices to 22,000 taxpayers, which include both salaried individuals and high-net-worth individuals as well as trusts. These notifications were sent because there were inconsistencies detected between the deductions declared in their Form 16 or Annual Information Statement (AIS) and the data available in the possession of the Income […]
The Central Board of Direct Taxes (CBDT) has, through notification, S.O. 3865(E) dated 1st September, granted income tax exemption to Real Estate Regulatory Authorities (RERA) in four different states, as detailed in the attached table at the end of this article under Section 10(46) of the Income Tax Act, 1961. Under Section 10, clause (46) […]
Between April and August this year, around 500,000 taxpayers received intimations from the Income Tax department regarding their advance tax payments. The notifications were related to either zero or lower advance tax payments. After reviewing the significant transaction data for the former fiscal year and the first quarter of the current financial year the council […]
