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Central Board of Direct Taxes (CBDT) has provided the updated norms for the compounding of offences under the Income-tax Act, 1961, to facilitate the process as well as accessible for the assesses as per the statement from the Ministry of Finance. The guidelines are in the budget announcement list of the Finance Minister to streamline […]
The Central Board of Direct Taxes (CBDT) has introduced a new tax form called 12BAA, particularly made for the disclosure of non-salary income and inclusion of information on Tax Collected at Source (TCS). As per the guidelines, these forms with the norms emphasized in the Union Budget 2024 will streamline the offsetting of Tax Deducted […]
There shall be a systematic verification of high-risk refund claims in income tax returns for the AY 2024-25 (financial year ending March 31, 2024), following a standard operating procedure (SOP). the purpose is to find out if the wrong refund claim has been incurred in an organized way or via a single person. As per […]
The Chennai Bench of Income Tax Appellate Tribunal(ITAT) supported the ruling of the Commissioner of Income Tax (Appeals) concerning accounting manipulation and tax evasion due to insufficient evidence. An appeal for Assessment Year (AY) 2015-16 has been furnished by the revenue appellant against the CIT(A) order on March 5, 2024, related to the assessment incurred […]
The Madhya Pradesh High Court has stated that the non-operation of the Income Tax Department’s TRACES Portal cannot justify refusing an assessee the benefits provided under the Income Tax Act of 1961. A division bench of Justices Vivek Rusia and Anuradha Shukla carried that an assessee’ TDS refund cannot be rejected only on the ground […]
The Central Board of Indirect Taxes and Customs (CBIC) has given relief for taxpayers required to TDS under section 51 of the CGST Act, 2017, and has furnished central tax GST notification No. 23/2024, dated October 8, 2024. The same notification exempted the late fee for the delays in filing FORM GSTR-7 from June 2021 […]
A complete review of the Income Tax Act has been initiated by the government, inviting public input on major areas for reform. It was notified by the Central Board of Direct Taxes (CBDT) that it has made an internal committee to concentrate on easing the language, decreasing the litigation and compliance loads, and deleting outdated […]
The Income Tax Appellate Tribunal (ITAT) of Delhi in a decision, quashed a reassessment notice issued u/s 148 of the Income Tax Act, 1961 (ITA) to the assessee/ appellant, Natraj Products Pvt. Ltd. for the AY 2010-11, mentioning mechanical approval granted by the Principal Commissioner of Income Tax (PCIT). The reassessment was on the grounds […]
The Chhattisgarh High Court carried an ex-parte assessment u/s 144 of the Income Tax Act, 1961, against a taxpayer who failed to take part in assessment proceedings or describe the cash deposit source of ₹11,44,070 in his bank account. The bench Justices Sanjay K Agrawal and Amitendra Kishore Prasad remarked that under sections 68 and […]
