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The Gujarat High Court in a ruling held that a future amendment disallowing depreciation on goodwill, which will come into force on April 1, 2021, could not be used as a basis to reopen the assessment for the fiscal year 2017-18. The taxpayer GTPL Hathway Limited, has furnished its income tax return for the AY […]
The Karnataka High Court rejected to quash the prosecution started via the income tax department against the taxpayer who has intently failed to file his income tax return (ITR) within the said time for the Assessment years 2012- 13 to 2015-16 and thereby committed the alleged offence. A single judge, Justice S Vishwajith Shetty dismissed […]
A tax demand order against M/S Jain Medicals has been set aside by the Allahabad High Court quoting the refusal of a chance for an oral hearing as obligated Under Section 75(4) of the U.P. GST Act, 2017. On 05.12.2023, M/s Jain Medicals filed a writ petition contesting an order issued via the income tax […]
When a business has no tax deductions during a specific period, filing a Nil TDS Return is a way to comply with legal and regulatory requirements related to tax withholding. Top Reasons Why Businesses Should File Nil TDS Returns If a business hasn’t had any Tax Deducted at Source (TDS) during a certain period, it […]
The IT Form 49B must be submitted either online or offline to the NSDL department by those who deduct taxes and are looking to obtain a Tax Deduction and Collection Account Number (TAN). This number is essential for processing tax deductions. All individuals obligated to deduct tax at source on behalf of the Income Tax […]
The Income Tax Department in an update to the taxpayer has declared the availability of utilities for filing ITR-5, ITR-6, and ITR-7 starting today, January 01, 2025. The process will streamline taxpayers, including firms, companies, trusts, and other entities, in complying with their annual tax filing obligations. The updated utilities will initiate all necessary amendments, […]
The due date of Vivad Se Vishwas Scheme 2024 has been extended by the income tax department from December 31, 2024, to January 31, 2025. The scheme assists the taxpayers in settling the current dispute via filing a lesser income tax. If the due date does not get extended then the taxpayer would be required […]
EEPC India with the successful start of the faceless assessment via the income tax department has asked the government to start a faceless GST audit concentrating on empowering the MSME sector. Through the use of technology and obscurity, the faceless GST audit system will lessen the costs of compliance. A faceless system shall ease the […]
A new feature has been launched by the Income Tax Department on its e-filing portal to allow rectification requests to the AO for incorrectly filed ITRs. This option enables taxpayers to submit rectification applications for assessment orders issued by the AO under Section 154 of the Income Tax Act, 1961, directly to their Assessing Officer […]
