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The Income Tax Department recently issued an important message to taxpayers, emphasising the importance of safeguarding personal information such as PAN numbers on social media platforms to prevent potential misuse. Responding to a taxpayer’s query on Twitter regarding difficulties encountered while filing income tax returns through the official e-filing system, the department advised against sharing […]
In a ruling, the Income Tax Appellate Tribunal (ITAT), Raipur bench has instructed the Income Tax Department to allow the delayed filing of Form 10B. However, the condition was provided by the bench that it should be filed before the “due date” of filing of return of income under Section 139 of the Income Tax […]
Recently, the Government of India released a notification and mentioned that a 20% tax will be levied as TCS on international usage of credit cards. As per the notification, usage of international credit cards will be included under the Liberalised Remittance Scheme (LRS). It was cleared by the Finance Ministry in the notification that Foreign […]
A notification has been issued by the Central Board of Direct Taxes (CBDT) which specifies that the TDS shall be subject to be applied to the interest made on the Mahila Samman savings scheme. According to the latest notifications, the tax shall get deducted on the interest that has been made via the Mahila Samman […]
The Goods and services tax authorities would be asking for near real-time access to the banking transactions of the assessees that render to fetch the bogus invoices and more use of the ITC through the businesses sections. The same procedure complies with the recent investigations that show that the undue tax credits collected via the […]
Simple Intro About the Depreciation Depreciation is a concept that is used to write off the cost of an item over its usable life. Depreciation is a necessary deduction in an entity’s profit and loss statements for depreciable assets, and the Act enables deduction using either the Straight-Line technique or the Written Down Value (WDV) […]
The insurance industry, which is now facing penal actions by tax officials for violating input tax credit rules for the goods and services tax (GST), and the finance ministry had refused to mediate in the plea made for relief in this matter. According to those with knowledge of the situation, the ministry has sent the […]
From the official e-filing portal, the income tax department would have informed the assessees that the Excel utilities of ITR-1 and ITR-4 for AY 2023-24 are available for filing. The e-filing portal stated that “Excel utilities of ITR-1 and ITR-4 for AY 2023-24 are available for filing,” The ITR-1 is for the person who is […]
Soon the start of ITR e-filing for FY 2022-23 is anticipated. The experts would have anticipated that the assessees could initiate filing their returns from the former week of April or May first week. A new FY 2023-24 would get started from 1st April 2023. The assessees are obligated to file their ITR by 31st […]
