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The Income Tax Appellate Tribunal (ITAT) Mumbai Bench has recently ruled that the Assessing Officer (AO) must provide the assessee with the full Tax Deducted at Source (TDS) credit amounting to ₹14,78,140 for the Assessment Year (AY) 2011–12. This decision highlights the importance of correctly applying TDS credits in tax assessments. According to the Tribunal, […]
A rising number of taxpayers in India reported that they are getting surprising interest demand notices from the income tax department post-filing the updated ITRs. The Gujarat Chamber of Commerce and Industry (GCCI), concerned about the rising grievances, asked the centre to revise the provisions of the Income Tax Act to remove the uncertainty in […]
Businesses need to manage their cash flow as it assures financial stability and supports growth. Among the major expenses of the company, one is payroll, which comprises the salaries of employees. If a company manages payroll manually, then it could be directed to mistakes and delays that can disrupt cash flow. Here, the payroll software […]
The Supreme Court of India has rejected a public interest petition that called for stricter checks in the Goods and Services Tax (GST) registration process. This petition, brought by lawyer Rudra Vikram Singh, aimed to prevent the misuse of stolen Aadhaar and PAN details, which people were using to create fake companies. The bench, including Chief Justice of India […]
The Finance Ministry is inviting companies and trade bodies to share their suggestions on possible changes to tax rates and measures to simplify tax compliance. These inputs will be considered for the Union Budget for FY 2026-27, which will be presented on February 1, 2026. In a customary communication to trade and industry associations ahead […]
The Income Tax Department has rolled out new tools to enhance transparency and compliance in recent years. These include the Annual Information Statement (AIS) and the Taxpayer Information Summary (TIS). While they are useful for reducing mismatches between taxpayer disclosures and third-party data, they have their own issues. Taxpayers often face confusion from the mismatched […]
A major update has been rolled out by the Income Tax Department for its e-filing portal, proposing that taxpayers have enhanced transparency in faceless assessments and appeals. The same decision is anticipated to carry effective clarity and facilitate tracking for millions of taxpayers in the nation. Taxpayer from this update can see when their submissions […]
In the existing business world, companies increasingly require managing much more data of their employees; moreover, salary details are extremely essential. The same data can impact how much trust employees have in their workplace and is crucial for complying with the tax norms, subject to Tax Deducted at Source (TDS). The manual management of all […]
Tax experts are facing issues due to the delay in the release of income tax utilities this year. Pressure is rising from the persistent portal issues, in which from frequent session timeouts to mismatches between the Annual Information Statement (AIS) and Form 26AS. Compliance will be streamlined if, in every tax season, there is a […]
