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A prominent private bank, 29 insurance businesses, five non-banking financial organizations (NBFCs), and more than 100 suppliers would get show-cause notices from the GST authorities. These organizations were involved in funding bogus services so that the insurers could pay a bank fee that exceeded the legal limit. A renowned private bank received a commission from […]
According to a statement made on Wednesday by the Income Tax Department, businesses must ask workers specific questions regarding their preferred tax structure for the current fiscal year in order to properly calculate TDS deductions. According to the new, updated tax system presented in Budget 2023–24, if an employee does not provide information to their […]
Easy to Understand ITR Filing Status When you file and validate your ITR then the income tax department shall execute functioning your tax return. At the time of processing the tax department shall verify if there would be any differences between the shown income in the Income-tax return via the person with the available data […]
Due to underreporting of income on tax returns compared to the Annual Information Statement for the fiscal year 2019–20, the income tax office has reportedly identified some 68,000 instances of e-verification. The e-verification technique comprises notifying taxpayers of any anomalies between their financial activity and the Income Tax Returns filed. In around 56% of the […]
The self-assessment presented was illegal, according to the Jharkhand High Court, which dismissed the writ suit. Jay Prakash Singhania, the writ petitioner, is an income tax department regular taxpayer. In order to declare unreported income in accordance with the mode and manner specified under Section 183 of the Income Tax Act, the Government of India […]
The deadlines for several financial duties are approaching as the current fiscal year comes to a conclusion on March 31. By March 31, 2025, all deadlines will end, including those for tying PAN to Aadhaar, paying advance tax, and submitting updated Income Tax Returns (ITR). If you miss these deadlines, you will have to deal […]
The Delhi High Court (HC) has ruled that the ruling made in accordance with section 148 of the Indian Constitution without taking the assessee’s response into account is invalid. Under Section 148A(d) of the Income Tax Act, 1961 [“the Act”] Ashok Kumar Garg, the applicant has ordered on 30.03.2022 passed and the resulting notice of […]
The new Forms 10B and 10BB that charity or religious trusts, institutions, universities, or other educational institutions must file in line with Sections 10(23C) and 12A of the Income Tax Act have been released by the Central Board of Direct Taxes (CBDT). Latest Update The income tax amendment (3rd Amendment) rules 2023 would have been […]
The filing of your Income Tax Return (ITR) is only the first step in the process. It is equally important for the Income Tax Department (ITD) to verify your ITR before processing your return. You can only receive a refund for verified returns. In such circumstances, a belated return will be required if you did […]
