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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 […]
The Bombay High Court in development has asked the Central Board of Direct Taxes ( CBDT to extend the due date to file the Income tax returns to January 15, 2025, following a Public Interest Litigation ( PIL ) filed via The Chamber of Tax Consultants. A division bench Chief Justice Devendra Kumar Upadhyaya and […]
The Karnataka High Court in a ruling has quashed the income tax notice u/s 148 of the Income Tax Act, 1961 and granted the applicant an opportunity to provide the answers to the income tax department as the omission was due to bonafide causes. The writ petition in this matter was furnished via the applicant, […]
The Delhi High Court, ‘capital grant subsidy’ which may be extended by the National Highways Authority of India to its contractors is not accountable to TDS deduction u/s 194C of the Income Tax Act, since such grant cannot be construed as payment for a “work”. Deduction of tax at source (TDS) is needed under section […]
The Central Board of Direct Taxes (CBDT) in an update for the taxpayers via the Directorate of Income Tax (Systems), has issued Notification No. 5/2024 dated October 30, 2024, obligating the submission of certain forms electronically which is listed in Appendix-II of the Income Tax Rules, 1962. The same directive applies to the needed forms […]
The centre in relief to the employers simplified the limitations to the companies for depositing the Tax Deducted at Source (TDS) on salaries of the employee. Starting from October 1, 2024, the employers will have additional time to deduct Tax Deducted at Source (TDS) from their employees’ salaries. An additional time is been provided to […]
The Income Tax Department of India has surged the tracking of high-value credit card transactions according to its efforts to curb tax evasion and assure effective tax compliance. How IT Dept Monitoring High-value Credit Card Transactions? In the section below, we discuss the procedure used by the income tax department to monitor high-value credit card […]
CBDT Circular No. 09/2024-Income Tax Dated: 17/09/2024: Enhancement of Monetary limits for filing of appeals by the Department before ITAT, High Courts, and SLPs/appeals before Supreme Court. Introduction of CBDT Circular No. 9/2024 A series of circulars have been issued by the Central Board of Direct Taxes (CBDT) on distinct occasions that are binding on […]
The Delhi High Court in a judgment ruled that the income tax department could not refuse the refund claim of the assessee as the Tax Deducted at Source TDS is not shown in Form 26AS. The order of the department has been quashed by the court rejecting the application of the assessee to file an […]
