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When a business has no tax deductions during a specific period, filing a Nil TDS Return is a way to comply with legal and regulatory requirements related to tax withholding. Top Reasons Why Businesses Should File Nil TDS Returns If a business hasn’t had any Tax Deducted at Source (TDS) during a certain period, it […]
The IT Form 49B must be submitted either online or offline to the NSDL department by those who deduct taxes and are looking to obtain a Tax Deduction and Collection Account Number (TAN). This number is essential for processing tax deductions. All individuals obligated to deduct tax at source on behalf of the Income Tax […]
The Income Tax Department in an update to the taxpayer has declared the availability of utilities for filing ITR-5, ITR-6, and ITR-7 starting today, January 01, 2025. The process will streamline taxpayers, including firms, companies, trusts, and other entities, in complying with their annual tax filing obligations. The updated utilities will initiate all necessary amendments, […]
The due date of Vivad Se Vishwas Scheme 2024 has been extended by the income tax department from December 31, 2024, to January 31, 2025. The scheme assists the taxpayers in settling the current dispute via filing a lesser income tax. If the due date does not get extended then the taxpayer would be required […]
EEPC India with the successful start of the faceless assessment via the income tax department has asked the government to start a faceless GST audit concentrating on empowering the MSME sector. Through the use of technology and obscurity, the faceless GST audit system will lessen the costs of compliance. A faceless system shall ease the […]
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 […]
