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The Kerala High Court has upheld the validity of proceedings conducted under Section 153C of the Income Tax Act, emphasizing that there is no mandatory requirement for a Director Identification Number (DIN) in the satisfaction note documented by the Assessing Authority. Justice Dinesh Kumar Singh’s bench has dismissed the writ petition, stating, “It cannot be […]
The Income Tax Appellate Tribunal (ITAT) in Ahmedabad, in a recent ruling, determined that Tax Deduction at Source (TDS) under Section 194C of the Income Tax Act, 1961, should not be applicable to purchase expenses that were categorized as “contract expenses.” The taxpayer in question, Shubh Infra JV, operates as an Association of Persons (AOP) […]
The count of individuals reporting zero-tax liability for their income from the prior year continued to rise. According to data provided by the income tax department, 44.6 million tax returns, constituting two-thirds of all filings for the 2021-22 assessment year, made this declaration. This reflects a 4% increase in zero-tax returns compared to the previous […]
The Madras High Court has ordered the income tax department to release the attachment on the pension account of the taxpayer, taking into account the individual’s age and health condition. This directive was issued by the bench composed of Justice R. Mahadevan and Justice Mohammed Shaffiq. They issued the order after observing that the entire […]
The introduction of modern online tax payment systems in India has brought about enhanced accessibility, efficiency, and empowerment for both taxpayers and the government in fulfilling their civic duties. This transformation has revolutionized the way taxpayers and governmental bodies interact, simplifying the process of paying taxes and rendering it faster and more secure. In this […]
The Jharkhand High Court has determined that, according to Section 234B of the Income Tax Act, interest should be applied to the assessed income rather than the returned income. In a ruling by Justices Rongon Mukhopadhyay and Justice Deepak Roshan, it was clarified that Section 234B mandates charging interest based on the assessed tax amount […]
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, […]
A joint Tax Awareness Programme was conducted in Shopian, organized by the Shopian District administration in collaboration with the Income Tax Department. A team of officers and officials from the Income Tax Department, led by Shakil Ahmad Ganie, Deputy Commissioner of Income Tax Srinagar, visited Shopian to interact with local taxpayers, Drawing and Disbursing Officers […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has determined that the Fee for Technical Service (FTS) and interest income received from the joint venture Indian company must be taxed by the directive issued by the Tax Deduction at Source Officer, as per Section 195 of the Income Tax Act, 1961. The taxpayer […]
