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The CBDT’s order has been quashed by the Bombay High Court rejecting the application filed by CG Power and Industrial Solutions Ltd asking for the condonation of delay in filing income returns based on the recast of accounts under NCLT’s order. Any assessment order passed u/s 143(3) or 144C as well as the resulting notices […]
A 48-year-old IRS officer with the Income Tax Department fell victim to an online reward points fraud, resulting in a loss of Rs 48,902. The victim, Nishi Padma, reported the incident to the Central Division Cyber Crime Police, leading to the registration of a case under various sections of the Information Technology Act, 2000. Must […]
A new feature has been introduced by the income tax department within the Annual Information Statement (AIS) to enable assessees to track the status of the information confirmation process. The same development has the objective of increasing the clarity and preciseness in tax reporting by furnishing the assessees with insights into their financial transactions that […]
For filing income tax return-3 (ITR-3) for the financial year 2023-24 (assessment year 2024-25) the income tax department has released offline, online, and Excel utilities. It directed that the taxpayers who come beneath the ambit of ITR-3 for FY 2023-24 (AY 2024-25) have the flexibility to choose between offline (Java), online, or Excel-based utilities to […]
The due date for the charitable and religious trusts to file the registration application with tax authorities has been extended to June 30 by the income tax department. Previously the Central Board of Direct Taxes (CBDT) extended the last date for filing Form 10A, and Form 10AB by trusts, institutions, and funds multiple times and […]
While finding a taxpayer guilty of the offence of filing delayed income tax returns, “mens rea“ is a crucial ingredient, the Rajasthan High Court ruled. In the absence of mens rea, an accused could not be held guilty, and his conviction u/s 276 CC of the Income Tax Act cannot be supported, the bench of […]
The income tax department is on a drive to target the individuals and entities who are liable to file their ITR however they haven’t done it yet. As per the reports, the department fetched a staggering 1.52 crore these people who even after secures the taxable income or tax deducted at source (TDS), have losses […]
The Jharkhand High Court in its ruling has allowed the filing of an application for revocation of cancelled GST registration, despite the expiration of the limitation period. The decision derived from a petition furnished via a proprietor aggrieved by the dismissal of their petition u/s 107 of the Central Goods and Services Tax Act, 2017 […]
W.e.f 1st April MP Singh, 1990 batch of Indian Revenue Service (IRS) has been promoted as Chief Commissioner of Income Tax J&K and Ladakh headquarter at Srinagar by the Department of Personnel and Training and Central Board of Direct Taxes, New Delhi. Singh was posted as Principal Commissioner of Income Tax, J&K, and Ladakh for […]
