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The Income Tax department issued advisories to specific taxpayers regarding disparities found between the information disclosed in their filed income tax returns (ITR) and the data received from various reporting entities such as banks, financial institutions, property registrars, etc. Aarti Raote, Partner at Deloitte India, clarified, “After filing tax returns, they undergo initial processing at […]
The Income Tax Department has notified ITR Form 1 and Form 4 for the assessment year (AY) 2024-25. These forms are used by individuals and entities with an annual total income of up to ₹50 lakh. The notification for these forms was issued by the IT Department on Friday. As per a tax expert, the […]
The Delhi High Court has set aside the special judge’s instructions to carry out an extensive investigation by the GST department in the absence of any strict provisions. The panel comprising Justice Vibhu Bakhru and Justice Amit Mahajan noted that, besides the directions given on April 5, 2023, there were no justifications for the respondent […]
The introduction of GST in construction services has wielded significant influence over the industry’s dynamics. Understanding the nuances of GST within construction work is pivotal for ensuring operational smoothness and financial astuteness. Typically, construction services are subject to an 18% GST rate, yet exceptions exist. Affordable housing projects incur a minimal 1% GST rate, while […]
Under section 40 (3) of the Income Tax Act, 1961 the Kerala High Court kept the addition in the absence of the material proof. The order of the Income Tax Appellate Tribunal, Cochin Bench is been contested by the applicant PV Thomas. The appellant who is a dealer in the used car has filed an […]
A senior official recently disclosed plans within the Goods and Services Tax (GST) authorities to potentially introduce a faceless scrutiny assessment for tax returns. This new approach, unlike conventional methods, removes the need for physical interaction between tax officers and assessees, as well as the submission of physical documents. While faceless assessment has proven successful […]
The Orissa High Court clarified that an order by the Income Tax Appellate Tribunal (ITAT) dismissing the department’s appeal due to a low tax effect can be appealed before the High Court under Section 260A of the Income Tax Act, 1961. However, the High Court cannot entertain an appeal against the ITAT’s dismissal of the […]
The Ministry of Corporate Affairs has provided an official update stating that companies and limited liability partnerships (LLPs) can now be incorporated using the National Single Window System (NSWS) established by the central government. This system streamlines the process by consolidating various central and state approvals into a single platform. With the NSWS, businesses can […]
Form 26QB has significant importance in the process of deducting tax at source (TDS) for property sales. However, occasional errors and mistakes may occur during the submission of this form. If you come across any inaccuracies in your Form 26QB, there’s no need to worry, as you can rectify them. This article has been written […]
