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Kerala High Court ruled that employees cannot claim income tax exemption without government notification fixing the income limit for earned leave salary. Balan Panicker Ramesh Kumar, an applicant asked for the guidance of the respondent department to examine the income limit for tax purposes on earned leave salary u/s 10AA(ii) of the Income Tax Act, […]
Gross Direct Tax collections for the Financial Year (FY) 2024-25 register a growth of 22.19% Net Direct Tax collections for FY2024-25 grow at over 20.99% Advance Tax collections for FY2024-25 stood at Rs. 1,48,823 crore with a growth of 27.34% Refunds aggregating to Rs. 53,322 crore issued in the current fiscal The provisional numbers of […]
In the matter of Sumit Maheshwari vs. Income Tax Officer (ITAT Delhi), the appeal emerged from a penalty levied u/s 271(1)(b) of the Income Tax Act, 1961 for non-compliance with a notice issued u/s 142(1) of the Act. The issue was whether the penalty was explained given the possibilities covering the service of notices by […]
With the full budget for FY25 set to be revealed next month, there is growing anticipation about significant announcements sought to furnish relief to the salaried class. The government is regarding changes to the existing income tax framework, with a focus on lower income brackets to boost consumption. Quoting two government officials, the report shows […]
The petitioner in the matter of Bheemaneni Projects v. Deputy Assistant Commissioner ST III, heard by the Andhra Pradesh High Court under Article 226 of the Constitution of India, asked for relief against the rejection of their appeal contesting an adjudication order and subsequent rejection by the 2nd respondent. The applicant, a firm headed by […]
The Kerala High Court has dismissed the writ petition contesting the assessment order and notice of demand based on the fact that they were issued in violation of the principles of natural justice. The bench of Justice Murali Purushothaman has noticed that when the applicant/taxpayer is at fault, as they did not update or revise […]
By requesting the Centre to redress the grievances concerning Goods and Services Tax (GST), the Tamil Nadu Food Grains Merchants Association has written to the Union Finance Minister Nirmala Sitharaman. The president of the association S. V. S. S. Velshankar, said that when GST was incorporated, Finance Minister Arun Jaitley had expressed that when GST […]
By March 2025 the income tax department is designated to finalize the reassessment of 170,000 notices, concentrating on the undisclosed income from the past assessment years. Between March 2021 and March 2024, such notices were being issued targeting the differences in declarations of income. Reassessments Scene The reopening of nearly 600,000 matters has been initiated […]
If a person has income from business in India then he must understand ITR filing requirements for business income to avoid interest and penalties. Business Income and ITR Filing: What You Must Learn In this blog post, we’ve broken down the key points into an easy-to-follow checklist below. Income Tax Return (ITR) Form Using the […]
