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There have been Consecutive Appeals for allowing Provision of Ground Rent in next year but the answer has always been no. The Delhi Bench of Income Tax Appellate Tribunal in a recent ruling held that the provision of the ground rent shall not be allowed as per section 43B of the Income Tax Act 1961. […]
The Central Board of Direct Taxes (CBDT) revised the Income Tax laws on return of income compatible to revise beneath section 148 Get o know the legal mechanism of how to respond to the assessment and the reassessment notice as per section 148 of the Income Tax Act 1961 of the Income Tax Act. CBDT […]
Good news for the Government and common men! This time there are indications of Positive economic sentiment in the market that shall ultimately result in the welfare of the people of the country. The direct tax These types of taxes are directly imposed and paid to the government of India. Example of Direct Tax is […]
Delhi High court held that the furnished notices towards the name of the deceased individual are void and all reasonable assessment orders are subjected to be canceled. Under Section 148 of the Income Tax Act Know all about the section 269su prescribed electronic mode & rule 119AA under Income Tax Act 1961. Also, we have […]
We are living in the Digital Era. Given the aforesaid fact, The Government of India has recently launched a mobile app through which you can file your Income Tax Returns. So, all the features of the web portal of Income Tax that are available on the desktop are also available on the income tax return […]
Details Need by AO for Reopening Not Reasons to Believe If any income taxable for the case of the taxpayer has gone without assessment for any assessment year. The assessing officer might be liable to the act under sections 148 to 153 to assess or re-assess this income or re-complete the loss or depreciation allowance […]
There are various companies and people who might avoid furnishing the taxes has come beneath the taxman’s lens mentioning an explained investigation upon the grounds of the application of the data analytics and machine learning and robust information sharing amid different tax councils. The government practised the statistics of the last 2 fiscal years to […]
Since July 2017, the One Nation One tax i.e. Goods and Services Tax (GST) has been introduced in India. Apparently, it looks simplified; however, the entire accounting mechanism has been overhauled. Nevertheless, the concept of GST has its own advantages in the long run. As Per the Indian Accounting Standards State-based Registration and Consequent Accounting […]
The Mumbai bench of the income tax appellate tribunal (ITAT) has freshly stood that the penalty beneath section 271(1)(c) of the IT act 1961 shall not be imposed towards the cause that the taxpayers had wrongly availed the tax deduction of the yearly exchange service cost looking for the corresponding as revenue expenditure. The taxpayer […]
