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Inside the case of the taxpayer-friendly ruling, the Calcutta High Court questioned the assessing officer to do new assessment proceedings as the taxpayer can not furnish the answer to notice because of the technical issues on the income tax portal. The applicant, Bhadrish Jayantilal Sheth, has challenged the impugned assessment order on 30th March 2022 […]
The Central Board of Direct Taxes (CBDT) has issued income tax circular number 10/2022. The department has reported the rules to comply to use the functionality made to simplify the compliance for tax deductors/collectors (TDS/TCS) as mandated under Section 206AB and Section 206CCA of the Income-tax Act, 1961 Finance Act, 2021 inserted two new sections […]
The Delhi High Court has refused a notice under section 148A of the Income Tax Act, 1961 towards the assessee favouring the ruling by observing that the department has not been able to furnish a minimum of 7 days to answer to this notice and driving serious prejudice to the assessee. The department has passed […]
The income tax department said to the field offices to not provide the reassessment notices for 2012-13, 2013-14, and 2014-15 financial years to the small assessee in which the income preventing the tax is lower than Rs 50 lakh. Circulating an instruction on the execution of the judgment of the supreme court for the notices […]
ITR consists of a form that a person every year submits to the income tax department mentioning the income of the individual and the tax amount subjected to pay towards the government. Related to a specific year that is beginning from 1st April and finishes on 31st March every year. The income could be posted […]
The income tax department has provided the rules for the selection of income tax returns for complete scrutiny in the present financial year and mentioned these investigations shall be subjected in the matters where the information of the tax theft is available from any other council. Latest Update in Returns Scrutiny CBDT (Central Board of […]
The Bombay high court (HC) ruled that a salary slip that mentions a standard deduction of the professional tax was enough proof of an employee salary slip if there is no income certificate given by the heads. state governments and Union territories impose the professional tax on all the salary-earning people and are restrained to […]
A new form for filing updated IT returns has been announced by the Income Tax Department. In this form, taxpayers should provide the reason for filing and the portion of income to be allowed for taxation purposes. ITR-U is a new form that taxpayers can use to file updated income tax returns for the Assessment […]
Some of the passive incomes are said to be the income from Youtube, blogging, money from sharing video apps, and others. The same is essential to note the tax treatment from both the income tax and the GST point of view in India. The taxability of GST on YouTube and blogging income-earning shall be discussed […]
