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The Pune Bench of the Income Tax Appellate Tribunal (ITAT) condoned a delay of 38 days in filing an appeal, attributing the delay to a change in the taxpayers’ tax consultant. The taxpayer Sujit Arun Taware does not submit an Income return for the assessment year 2014-15. On the grounds of the data obtained via […]
The Income Tax Department, in its updated release, states that more than 9.11 crore registered users have submitted their income tax returns for FY 2024-25 as of February 28, 2025. This figure is significant, considering that the total number of registered users stands at 13.96 crore, meaning that over 65% of registered users have filed […]
As of March 16 of the current financial year, net direct tax collections have surged by 13.13% to ₹21.3 trillion, driven by a rise in advance tax collections, according to the Income-Tax Department. Compared to ₹9.11 trillion the year before, advance tax receipts in the current fiscal year have increased by 14.6% to ₹10.4 trillion […]
The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the gross deposits of a retail business are taxable at 8% under Section 44AD of the Income Tax Act, 1961, rather than treating the entire amount as undisclosed income. During the Assessment Year (A.Y.) 2011–12, Santosh Kumar, a taxpayer who traded Kota Stones […]
In recent months, the Central Goods and Services Tax (CGST) officials have scrutinized more than 2 dozen textile manufacturing companies in the nation concerning misclassifying textile processing activities and subsequently paying lesser tax. As per the officials, the CGST department has noted that various textile manufacturers are recording activities that involve ‘changing the nature of […]
It was cited by the New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) that there is no service tax on the services via the organizer concerning the business exhibition held outside India. It was noted by The Bench of Dr. Rachna Gupta (Judicial Member) and Hemambika R. Priya (Technical Member) that […]
The Dehradun Bench of the Income Tax Appellate Tribunal (ITAT) has set aside the rejection of a tax exemption registration under Section 12AB of the Income Tax Act, 1961, and ordered a fresh hearing. The Uttarakhand Civil Aviation Development Authority is a taxpayer engaged in developing tourism infrastructure, constructing helipads, and conducting emergency rescue operations […]
A warning has been issued to the taxpayers by the Income tax department, making them aware of the bogus calls and messages about the income tax refunds. Scammers impersonate the tax authorities and get the data of the individual’s bank accounts by deceiving them, which leads the individuals to face financial losses. Beware of Fraudulent […]
The Delhi High Court has ruled that Section 260A of the Income Tax Act, 1961, which relates to appeals to High Courts, does not envisage the filing of cross-objections by the opposite party, unlike Order XLI Rule 22 CPC. A division bench of Justices Yashwant Varma and Harish Vaidyanathan Shankar stated that “The Legislature appears […]
