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Under Section 195 of the Income-tax Act, 1961 (ITA), when you have bought the property from a non-resident Indian (NRI) then you are required to deduct tax (TDS). The tax should be deducted while performing any payment to NRI for buying the property. The same would indeed get applied for the case when the advance […]
Towards the exemption for individuals who have not yet received long-pending insurance claims with interest, the Punjab and Haryana High Court ruled that TDS does not get deducted by the insurance companies on the interest on the compensation amount till 1.06.2015. Justice Arvind Singh Sangwan acknowledged a modification plea by the New India Assurance Company […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench, during deleting the addition under section 69A of the income tax act 1961 held that the cash gift through the brother and sister does not be treated as “unexplained.” The taxpayer, Ms. Ritu Jain claimed that towards the poor health of her husband, the taxpayer’s sister had […]
It is your problem if you forgot to file your tax within the due date i.e July 31, also CA would not be liable for that, pay attention to it along with the Form 16 bills and various other documents. Choosing a revision, these professionals who work more and are busy with the numbers and […]
The income tax department has mentioned the latest Income tax return forms for the assessment year 2022-23. The assessee needs to show the pension source, interest received from the EPF account, date of purchase or sale of land, and additional things. Below is the list of 6 additional things which taxpayers need to save before […]
For the taxpayer ruling the Bangalore bench of the Income Tax Appellate Tribunal (ITAT) comprising Shri N. V. Vasudevan, Vice President, and Shri Chandra Poojari, accountant member sees that the fact that taxpayer losses to answer to income tax notices because of pandemic situation is a reason for the delay and hence rendered the income […]
The Central Board of Direct Taxes (CBDT) has notified the JSON scheme for the filing of ITR-7. The Income Tax Department had given the free tax return preparation software on the downloads page that is obedient to the data quality needs. But, there are some commercially available software or websites that provide the return preparation […]
What is an Online e-Dispute Resolution Scheme(e-DRS)? The Central Board of Direct Taxes reported the e-Dispute Resolution scheme, 2022 to settle tax disputes. Under section 245MA in the Income-tax Act, 1961 (hereinafter directed to as “the Act”), the Central Board of Direct Taxes (CBDT) notified the e-Dispute Resolution Scheme, 2022 (e-DRS) to decrease litigation and […]
No law has been given in the said section of section 271(1)(c) of the Income Tax Act, 1961 and is deemed incorrect by The New Delhi bench ITAT on the penalty notice under income tax issued. Penalty orders are being obtained by the taxpayer via the income tax department. Attacking the orders, the taxpayer said […]
