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Rs 73,500 crore has been successfully recovered by the income tax department in the pending dues for the FY 2023-24 up to March 15. The same recovery shows a rise as compared to the former fiscal year’s collection of Rs 52,000 cr. The corporate tax dues amounted to Rs 56,000 crore, and personal income tax […]
The Kerala High Court in a judgment, directed the Income Tax Appellate Tribunal (ITAT) to regard the petition after condoning the delay in filing the appeal. The Court regarded that the Appellate Authority should pass orders on the stay petitions on merits only if it condones the delay in filing the appeals. Sri K S […]
A network of 232 fake money-changing companies has been excavated by the Income Tax Department and detected tax evasion amounting to ₹1,000 crore via fraudulently generated Input Tax Credits under the Goods and Services Tax (GST) regime. Furnishing the information of the bogus process, the Chairman of the Central Board of Indirect Taxes and Customs […]
In response to an appeal made in the case of Sanjay Kukreja versus ACIT against the rejection of the claim for deduction u/s 80IA by the Income Tax department, the New Delhi ITAT, on Tuesday, reversed the decision, directing the assessing officer to allow claimed deduction on the grounds that filing of audit report with […]
The income tax department permitted the trusts and institutions, which filed audit reports for the AY 2023-24 in wrong forms, to file documents in valid forms by March 31. Income of any fund or institution or trust or any university or other educational institution or any hospital is waived from income tax as per the […]
There has been an alert given by the government of India regarding a counterfeit income tax notice that has been circulating from the online process. The tax notice, allegedly from the Income Tax Department, asks for payments for audited balance sheets through February 15, 2024. This notice, however, has been deemed fraudulent by the govt, […]
Section 44AD Streamlines Presumptive Taxation: Enhanced Requirements for Enterprises The income tax department in an action objecting to easing the process of tax for businesses has waived the criteria for the presumptive taxation under section 44AD. A new ‘receipts in cash’ column has been presented, showing the cash turnover or gross receipts. To Rs. 3 […]
This article will explain the process of filing a request to condonation under section 119(2)(b) through online and offline methods. As we are aware, every taxpayer is required to submit their Income Tax Return within the stipulated timeframe, either by 31st July or 31st October, as per the provisions outlined in sections 139(1) and 139(4) […]
In a notable advancement focused on bolstering security and user convenience, the Income Tax portal has introduced the innovative feature known as ‘Authenticate Insight DIN.’ This latest addition enables taxpayers to effectively verify communications from the income tax department, thereby adding an extra layer of security and authenticity to the notifications they receive. Available directly […]
