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The Supreme Court (SC) rendered the Centre and the Goods and Services Tax Council to provide the advisory to states for executing a digital system for all communication sent by GST officers to the assessee. This decision, if executed would draw clarity and accountability to the indirect tax administration and ensure that the assessee would […]
The Kolkata Bench of the ITAT has refused the revisionary order that the Income Tax Authority is passing without quoting Document Identification No. (DIN) in the mentioned order, as required by the CBDT Circular No.19/2019, on 14.08.2019. The Bench, consisting of Mr Sanjay Garg (Judicial Member) and Mr Girish Agrawal (Accountant Member), ruled that since […]
It is your problem if you forgot to file your tax within the due date i.e July 31, also CA would not be liable for that, pay attention to it along with the Form 16 bills and various other documents. Choosing a revision, these professionals who work more and are busy with the numbers and […]
As per the Cochin Chamber of Commerce and Industry (CCCI), the government’s decision to mandate the deduction of the income tax at source (TDS) towards the debt amount which is waived by the banks via one-time settlement (OTS) policy beneath section 194R of the income tax act would have bad outcomes. According to section 194R […]
What is the Income Tax Form 10EE for Pensioners? The income tax portal has updated the system towards Form 10EE pensioners form (‘Taxation of income through retirement benefits account maintained in a reported country’) to get furnished in following the rule 21AAA for Financial Year 2023-24 would be available to file upon the portal of […]
The Central Board of Indirect Taxes and Customs (CBIC) will circulate a standard operating procedure (SOP) for serving summons along with the notices under the goods and services tax (GST) regime, to limit the harassment of businesses. The latest SOP would permit the board to track the GST probe, along with its progress and the […]
This article elaborates on the income tax, the administrative framework of Income-tax, the Return Filing Period, who is subjected to furnish the tax, what is the method to furnish the tax, precautions in tax payment, when to furnish the tax, advance tax computation, Income Tax Challans, Exempt Income Taxable, Income, Form 26AS under income tax, […]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench, Shri Mahavir Prasad, JM & Shri Waseem Ahmed, AM held that the AO can convert the Limited to Comprehensive scrutiny on some needs exclusively with the approval of PCIT in writing. The petitioner is a doctor who runs a hospital in Ahmedabad. The taxpayer has brought an […]
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 […]
