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In a case where, the taxpayer, Roshni Sharma’s PAN card was used by a fraudster to claim exemption. Most interestingly, she has never rented out any property throughout her life. However, during a recent review of the income tax portal, she discovered that her Permanent Account Number (PAN) had been misused by an individual to […]
The Income Tax Department lacks the authority to impose late fees and interest related to Tax Deduction at Source (TDS) as per the notification under Section 200A of the Income Tax Act, 1961, before the amendment of the law, the Income Tax Appellate Tribunal (ITAT), Jodhpur bench, has ruled. In this case, Dinesh Infrastructure Private, […]
Non-resident Indians (NRIs) need to get a Tax Deduction at Source (TDS) certificate to avoid having taxes deducted on income generated in India. NRIs cannot utilise Form 15G/H to excuse themselves from TDS on their income, as residents may. Instead, they must submit an application to the assessing officer to get a certificate that either […]
The Kerala High Court invalidated the intimation order issued under the Income Tax Act, 1961 regarding the imposition of late fees under Section 234E of the Income Tax Act, 1961 for the delayed submission of previous Tax Deducted at Source (TDS) returns. The petitioner, Sutheepan Sowmini, contested the notice related to the late fees imposed […]
To facilitate the process of the income tax payment and address any errors in the income tax challans, an online challan correction feature has been introduced by the income tax department on the ITR portal. To increase the efficiency and precision in the procedure of the income tax payment, the same feature has been implemented. […]
Here’s a simple method to understand ITR processing time. In addition, we provide types of notifications that are sent after the successful processing.
The Income-Tax Department has recently issued notification notices to 22,000 taxpayers, which include both salaried individuals and high-net-worth individuals as well as trusts. These notifications were sent because there were inconsistencies detected between the deductions declared in their Form 16 or Annual Information Statement (AIS) and the data available in the possession of the Income […]
What is New Income Tax E-form 71? The Central Board of Direct Taxes (CBDT) via notification number G.S.R. 637(E) on 31st August 2023, has introduced a new electronic application Form 71 for the objective of crediting Tax Deduction at Source (TDS) by amending the Income Tax Rules, 1962. These rules are called the Income-tax (Twentieth […]
Despite companies having already paid the TDS along with the imposed penal interest, they are still receiving show-cause notices from the Income Tax Department, which may lead to prosecution. Additionally, directors are being implicated in these cases. While departmental sources argue that this isn’t a widespread phenomenon and prosecution is only pursued in cases involving […]
