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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The old web portal of the Income Tax Department i.e. incometaxindiaefiling.gov.in has been replaced by a new and more interactive web portal that is assigned the web address of incometax.gov.in.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. […]
The Income Tax Department, yesterday, stated that the news published on the web portal along with the headline ‘IT goes after hospitals over unaccounted cash is unsupported and unsubstantiated. Previously, the portal announced that the Finance Ministry has given direction to the income tax officials to further investigate those cash transactions that have been done […]
Due to the difficulties faced in the prevailing COVID-19 pandemic, The Central Board of Direct Taxes ( CBDT) has extended the deadline/last date for linking the Aadhaar number with Permanent Account Number (PAN) from 30th September to 31st March 2022. Note: PAN and Aadhar linking date extension of 6 months in 45th Council Meet The […]
The income tax returns furnished this year have raised to 5% which is nearer to 6 cr as more businesses along with the entities furnished yearly income statements. Covering of 5.95 crore income tax returns (ITRs) for the financial year closed March 31, 2020 (2019-20) was furnished through January 10, declared by the Income Tax […]
