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Under section 147 of the Income Tax Department, The Income Tax Department is empowered to reassess an individual’s previous/privately filed income tax returns. The assessing officer possesses the power to pick the income tax return for the reassessment keeping in consideration some predefined criteria by sending the notice under section 148 for the purpose of […]
Now new Income Tax Compliance has been brought into effect by the Central Board of Direct Taxes that shall be applicable retrospectively with effect from October 1, 2020. In an attempt to widen the tax net, the government of India has stretched the scope of the Tax collected at Source (TCS) by adding a new […]
It has been a month since the launch of the new web portal of the Income Tax Department which has been designed and developed by software giant Infosys, but technical glitches are still persisting while accessing the web portal of the I-T Department and that too after the finance minister has headed the meeting on […]
It has been held by The Income Tax Appellate Tribunal, Bangalore Bench that the disallowance of the item ‘depreciation on software purchase’ cannot be done by invoking section 40(a)(i) of the Income Tax Act 1961. Here, in this case, the assessee, ‘Messrs UKN Properties Private Limited’ is in the Real Estate Industry and involved in […]
When it comes to tax compliances don’t procrastinate. The end date to link your Permanent Account Number (PAN) with your Aadhaar number is nearby i.e. The last date to link Permanent Account Number (PAN) with Aadhaar Card has been stretched to June 30, 2021. As per the sources, the government shall opt for the stringent […]
The income tax department has designed and developed a new functionality ‘Compliance check for sections 206AB and 206CCA‘ that shall ease the compliance burden. The income tax department has released a circular regarding this issue. Help tax deducted at source (TDS) deductors and a tax collected at source (TCS) collectors identify/pinpoint those ‘specified persons’ on […]
The income tax department launched the new website of Income Tax on June 7th, 2021. The website has had various technical problems since its launch. One of these is the problem related to ITR. Let’s know it in detail here. Various Errors Related to ITR People were excited about the new Income Tax website, but […]
As for yourself or as a company If you look to furnish the ITR then the term known as Form 26AS under which all the tax is filed on your grounds through your employer or customers. What is Form 26AS? The Form 26 AS is also called a tax credit statement. It is your yearly […]
The old web portal of the Income Tax Department i.e. incometaxindiaefiling.gov.in has been replaced by a new and more interactive web portal that is assigned the web address of incometax.gov.in. The new web portal has been launched from June 7 onwards. Here are the changes that have made the new website more interactive and appealing. […]
