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The Income Tax Department has made several major changes in the measures to catch the tax evaders and in the actions against them in the last few days. Now instead of raids in the country, the Income Tax Department will take direct action by setting the target. According to the senior officials of the IT […]
It is a very arguable question by every taxpayer as to how his income tax paid is getting utilized by the government. It is well known that the government only receives income tax from 1-2 per cent of the population while it contributes to only 14 per cent of total expenditure done by the central government.
The Income Tax Department has commenced taking actions against unidentified /nameless property and black money.
CBDT (Central Board of Direct Taxes) Chairman Sushil Chandra said that the IT department has proposed an extra investigation to stop the outlay of money towards the fraud repay claims which are based on the corrupt investments as shown in the tax return forms.
The matter of Laxmi Meena Vs Union of India & Ors. before the Rajasthan High Court is concerned with the legality of proceedings initiated u/s 148A(d) of the Income Tax Act, 1961, established on facts proposing differences in reported income from a property transaction. Below is a detailed case summary: A Summary of the Arguments […]
Tax Penalty u/s. 271D and 271E of the Income Tax Act, 1961 cannot be charged if the assessment proceedings are quashed. Under section 147 of the Act, the matter of the taxpayer was reopened on the grounds of the data obtained from the office of, ACIT, Central Circle-2(4), Ahmedabad. An investigation was performed at the […]
Like every year, SAG Infotech brings exclusive discounts on its wide range of software solutions designed for CA professionals and experts. On the occasion of CA (Chartered Accountant) Day on July 1, 2024, the company offers a flat 50% discount on select tax, ROC/MCA, and payroll software, except GST. The company product portfolio includes Genius, […]
The Madhya Pradesh Cabinet decided that state ministers shall pay their income tax on salaries and allowances, striking down a 1972 rule under which the state government paid it for them. Urban Administration Minister Kailash Vijayvargiya expressed the proceed was proposed by Chief Minister Mohan Yadav at the time of the Cabinet meeting. “The Chief […]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has ruled that submission of Form-67 is not obligatory to claim foreign tax credit (FTC). The bench of Sudhir Pareek (Judicial Member) and S. Rifaur Rahman (Accountant Member) has marked that filing Form-67 is a procedural or directory provision and is not a compulsory requirement. Thus, […]
