Search results for: Income tax Act

Following investigations into mobile phone manufacturers, laptop companies have come under scrutiny by tax authorities. According to credible sources, both income tax and indirect tax enforcement units are accusing laptop companies of evading taxes. Insiders familiar with the matter have revealed that intelligence agencies, including the Directorate of Revenue Intelligence (DRI), Directorate General of GST […]

According to recently released time series data from the Income-tax department, the combined number of income tax returns (ITRs) submitted by personal income tax filers (PIT), which includes both individuals and Hindu Undivided Family (HUF), experienced a substantial 94% increase during the initial nine years of the Narendra Modi government, spanning from FY15 to FY23. […]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled that making a voluntary tax deposit must not be regarded as an acknowledgement of guilt before being served with a notice under Section 148 of the Income Tax Act, 1961. Consequently, the bench abolished the penalty levied under Section 271(1) of the Income Tax […]

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. […]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) renders re-adjudication as the notices to fix the date of hearing sent to the wrong email address. Assessing Officer under Section 144 of the Income Tax Act passes the impugned assessment order. He sees that various chances were provided via providing the show cause notices that […]

The Income Tax Appellate Tribunal (ITAT) Bangalore bench has ruled that no tax is payable on interest earned from fixed deposits subject to the CBI’s restraining order. The bench, comprising Madhumita Roy (Judicial Member) and Chandra Poojari (Accountant Member), has pointed out that the lower authorities made an error by including the interest from fixed […]

The income tax department has issued an E-Flyer related to cash transactions with limits. Also, we included repayment of loans, digital payments, etc.

At the time of ensuring the additions towards the cost reimbursements as fees for technical services (FTS), the Mumbai Bench of Income Tax Appellate Tribunal observed that the taxpayer does not have any foundation for the allocation or actual cost incurred for affiliates. Aby T. Varkey (Judicial Member) and S. Rifaur Rahman (Accountant Member), presiding […]