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The Income Tax Appellate Tribunal (ITAT), Pune bench consists of Shri Inturi Rama Rao, Accountant Member, And Shri S.S. Viswanethra Ravi, Judicial Member has ruled that oversight to submit the data for the income shall not draw the tax penalty beneath section 271(1)(c) of the Income Tax Act, 1961. The taxpayer, Anmole Singh Ghuman is […]
In the current times, the reduction in the time limits towards furnishing the belated or amended income tax return (ITR) gives assessees a short duration to amend the accidental glitches or meet these timelines in the difficult positions. Until now, the former day to furnish the amended or belated return was Dec 31 of the […]
The revenue department has initiated the search beneath anti-tax avoidance law, General Anti-avoidance Rule (GAAR), for companies and entities who uses bogus methods to prevent furnishing the taxes. A Hyderabad-based firm, Ekge retail has obtained a notice where the department has applied section 96(1)(d) of the Income-tax Act, which is concerned with prohibited agreements undertaken […]
Income tax laws near the world acknowledge the incidence of marriage and divorce, and Indian tax laws are not the only ones. This impact affects the tax liabilities. Mentioned below is the discussion about how the Indian tax laws impact your tax liability. Tax Treatment of Gifts Accepted During the Wedding Let us begin with […]
In this post, we aim to clear up any confusion or doubts surrounding income tax return filing and other tax-related queries. We have provided answers to some commonly asked questions to give taxpayers a better understanding of the process and potential tax benefits. Query: I am a 55-year-old individual covered by my employer’s group health […]
Inside the case of the taxpayer-friendly ruling, the Calcutta High Court questioned the assessing officer to do new assessment proceedings as the taxpayer can not furnish the answer to notice because of the technical issues on the income tax portal. The applicant, Bhadrish Jayantilal Sheth, has challenged the impugned assessment order on 30th March 2022 […]
The Central Board of Direct Taxes (CBDT) has issued income tax circular number 10/2022. The department has reported the rules to comply to use the functionality made to simplify the compliance for tax deductors/collectors (TDS/TCS) as mandated under Section 206AB and Section 206CCA of the Income-tax Act, 1961 Finance Act, 2021 inserted two new sections […]
The Delhi High Court has refused a notice under section 148A of the Income Tax Act, 1961 towards the assessee favouring the ruling by observing that the department has not been able to furnish a minimum of 7 days to answer to this notice and driving serious prejudice to the assessee. The department has passed […]
The income tax department said to the field offices to not provide the reassessment notices for 2012-13, 2013-14, and 2014-15 financial years to the small assessee in which the income preventing the tax is lower than Rs 50 lakh. Circulating an instruction on the execution of the judgment of the supreme court for the notices […]
