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What is the New Foreign Tax Credit (FTC)? Furnishing relief to the assessee for the case of claiming the Foreign Tax Credit (FTC), the Central Board of Direct Taxes (CBDT) has changed Rules 128 of the Income Tax Rules 1962. Before the revision, the assessee can exclusively avail of FTC, via furnishing Form 67 including […]
The amended guidance Note on Tax Audit assists its members to release their responsibilities, within time, under the income tax law, circulated by the CA institute. The new guidance Note the eighth edition was approved, during the meeting of the central council of the Institute of Chartered Accountants of India (ICAI) at Siliguri. Debashis Mitra, […]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) ruled that amount filed through the purchaser of property to the tenant does not get taxed in the capital asset of the owner. The 4 taxpayer belongs to the same family. Smt. Halima received the property which has an area of 4400 sq ft from […]
The CBDT extended the due date for filing of online ITR for the individual assessment year 2025-26 till 16th September 2025(revised). The assessee qualified for a refund in the case of surplus tax payment. The same might comprise the instances in which employers deduct higher income tax from salaried employees because of wrong calculations or […]
The major purpose of incorporating GST was to digitise tax compliance to make the process simpler and attain an effective rise in the collection of tax. With the execution of GST in July 2017, it would have delivered better developments. Similar to thinking over real-time reporting and e-invoicing, let’s see the issues that the tax […]
As per a recent update, several banks have communicated with the Central Board of Direct Taxes (CBDT) seeking clarity on the purview of Section 194R of the Income Tax Act, as they fear that the newly presented provision will empower them to deduct 10% tax at source on incentives given to the big business customers […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT), ruled that a domestic transaction through an affiliated party does not a described domestic transaction under section 92BA. The petitioner, Giraffe Developers Pvt Ltd has a construction business. While in the investigation assessment, the assessing officer assessed the total income of Rs NIL post to set […]
The National Faceless Assessment Centre (NFAC) provided a Standard Operating Procedure (SoP) for the Assessment Unit (AU), Verification Unit (VU), Technical Unit (TU), and Review Unit (RU) beneath the Faceless Assessment provisions of Section 144B of the Income Tax Act, 1961. SOPs are used to furnish assistance to the units and specify the procedure to […]
ITR furnishing would say to be the yearly activity, all the Indian citizens liable, and in the current times, we are near to it since July 31, 2022, is approaching which is the last date. Submitting the income tax return the tax department verifies the declarations along with the taxes furnished to see if all […]
