Search results for: income tax department

The income tax department permitted the trusts and institutions, which filed audit reports for the AY 2023-24 in wrong forms, to file documents in valid forms by March 31. As per section 119 of the IT act, the income tax department has extended the due date for filing audit report forms 10B/10BB such as trust, […]

There has been an alert given by the government of India regarding a counterfeit income tax notice that has been circulating from the online process. The tax notice, allegedly from the Income Tax Department, asks for payments for audited balance sheets through February 15, 2024. This notice, however, has been deemed fraudulent by the govt, […]

Section 44AD Streamlines Presumptive Taxation: Enhanced Requirements for Enterprises The income tax department in an action objecting to easing the process of tax for businesses has waived the criteria for the presumptive taxation under section 44AD. A new ‘receipts in cash’ column has been presented, showing the cash turnover or gross receipts. To Rs. 3 […]

This article will explain the process of filing a request to condonation under section 119(2)(b) through online and offline methods. As we are aware, every taxpayer is required to submit their Income Tax Return within the stipulated timeframe, either by 31st July or 31st October, as per the provisions outlined in sections 139(1) and 139(4) […]

In a notable advancement focused on bolstering security and user convenience, the Income Tax portal has introduced the innovative feature known as ‘Authenticate Insight DIN.’ This latest addition enables taxpayers to effectively verify communications from the income tax department, thereby adding an extra layer of security and authenticity to the notifications they receive. Available directly […]

In a recent update, the Income Tax Department has introduced a new prerequisite for non-individual entities receiving refunds exceeding Rs. 50 crore. As per the RBI notification, effective refund processing now necessitates the inclusion of a Legal Entity Identifier (LEI) number. Entities are strongly encouraged to promptly submit their LEI information through the designated portal […]

In a legal development, the Income Tax Assessment Order, citing violations of Section 144B of the Income Tax Act was invalidated by the Gujarat High Court. The applicant is an individual taxpayer primarily aimed for the following reliefs: The individual seeking the writ had asserted consistent filing of income tax returns and underwent income assessments […]

The Income Tax Department has introduced an updated Excel-based feature for submitting Income Tax Returns (ITR). This utility covers various forms from ITR-1 to ITR-7 and is specifically designed to meet the diverse filing requirements of taxpayers for the Financial Year 2022-23, corresponding to the AY 2023-24. ITR 1: This form is for resident individuals […]

The Income Tax Department’s utilization of data analytics and advanced technology has resulted in the recovery of ₹36,000 crore in outstanding tax demands this fiscal year, while also uncovering disparities in Income Tax Returns (ITR). Of this sum, ₹27,000 crore came from corporate taxes and ₹9,000 crore from personal income tax as of December 20. […]