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Some Reports state that a notable decrease has been noticed in the number of Income Tax Returns (ITR) picked up for scrutiny. Besides the percentage, there is no exact number of such cases, but expert believes that better data collection and digging deep into details are the two key factors that play a huge role in […]
The income which comes through the tenant by providing it on rent with facilities in the industrial park or SEZ has to be called as the business income of the property owner said Madras High Court while holding the order for the tribunal. The problem was raised for the case or the fact, the Income […]
The highest tax collected is from Gujrat in the year 2018-19 as from the proportion of PAN holders. There are a total of 22.3% tax returns from Gujarat itself, with 20.5% filing rates followed by Delhi, then Punjab with 16.74% and Telangana with 16.68%. From the various states, Bihar has seemed to have the lowest […]
The Mumbai branch of Income Tax Appellate Tribunal (ITAT) bench made it clear that the income through the relinquishment of right over a property can’t be considered as the “capital gain” thus it doesn’t come under income tax regime If you think you have made a mistake while selecting between new and old tax regimes […]
The government wants some assessees to pay the taxes even before they have some income and ascertain the TDS (Tax Deducted at Source) on it to pay. Such assessee includes those taxpayers who have to pay self-assessment tax amounting more than Rs. 1 lakh for the financial year 2019-20 and if any assessee fails to […]
The Central Board of Direct Taxes (CBDT) has amended the provision of Income Tax Rules A simple way to understand all major changes under rebates and deductions in income tax rules for the FY 2020-21 (AY 2021-22). Also, we included penalty charges if ITR filing missed. read more, 1962. It will now be called Income […]
Sometimes, the assessees have to face harassment from the tax officials so for the benefit of such assessees, the government has started a faceless Income tax assessment. Previously, the assessee had to visit the office of the I-T department if there was an error in the return and the same was the case if there […]
The Central Board of Direct Taxes (CBDT) has started an e-campaign for voluntary compliance of Income Tax rules on Monday, 20th July 2020. The campaign will be ending on 31st July 2020, after 11 days. The campaign has been started by the department for the convenience of the assesses and will be focused on the […]
A lot of people file their Income Tax Returns (ITR) just to get the refund of excess TDS (Tax Deducted at Source) deducted. But the TDS refunds are only credited if you verify the ITR filed either through EVC/OTP (electronically) or by sending it through the post to Income Tax Department Centralized Processing Centre (CPC), […]
