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The insurance industry, which is now facing penal actions by tax officials for violating input tax credit rules for the goods and services tax (GST), and the finance ministry had refused to mediate in the plea made for relief in this matter. According to those with knowledge of the situation, the ministry has sent the […]
From the official e-filing portal, the income tax department would have informed the assessees that the Excel utilities of ITR-1 and ITR-4 for AY 2023-24 are available for filing. The e-filing portal stated that “Excel utilities of ITR-1 and ITR-4 for AY 2023-24 are available for filing,” The ITR-1 is for the person who is […]
Soon the start of ITR e-filing for FY 2022-23 is anticipated. The experts would have anticipated that the assessees could initiate filing their returns from the former week of April or May first week. A new FY 2023-24 would get started from 1st April 2023. The assessees are obligated to file their ITR by 31st […]
The JSON Schema for ITR-1 and ITR-4 for the fiscal year 2022-23 or Assessment Year 2023-2024 would have been released by the income tax department. ITR-1 would subject to be applied for individuals being a resident (apart from those not ordinarily resident) securing a total income up to Rs.50 lakh, carrying Income from Salaries, one […]
A prominent private bank, 29 insurance businesses, five non-banking financial organizations (NBFCs), and more than 100 suppliers would get show-cause notices from the GST authorities. These organizations were involved in funding bogus services so that the insurers could pay a bank fee that exceeded the legal limit. A renowned private bank received a commission from […]
According to a statement made on Wednesday by the Income Tax Department, businesses must ask workers specific questions regarding their preferred tax structure for the current fiscal year in order to properly calculate TDS deductions. According to the new, updated tax system presented in Budget 2023–24, if an employee does not provide information to their […]
Easy to Understand ITR Filing Status When you file and validate your ITR then the income tax department shall execute functioning your tax return. At the time of processing the tax department shall verify if there would be any differences between the shown income in the Income-tax return via the person with the available data […]
Due to underreporting of income on tax returns compared to the Annual Information Statement for the fiscal year 2019–20, the income tax office has reportedly identified some 68,000 instances of e-verification. The e-verification technique comprises notifying taxpayers of any anomalies between their financial activity and the Income Tax Returns filed. In around 56% of the […]
The self-assessment presented was illegal, according to the Jharkhand High Court, which dismissed the writ suit. Jay Prakash Singhania, the writ petitioner, is an income tax department regular taxpayer. In order to declare unreported income in accordance with the mode and manner specified under Section 183 of the Income Tax Act, the Government of India […]
