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The due date to furnish your ITR for the incurred income in the fiscal year 2023-24 (the assessment year 2024-25) has circulated. However, in some cases, you are enabled to furnish your income tax return. For example, when you have already furnished your ITR however you revealed the mistakes or missed reporting of any income […]
The Supreme Court (SC) rendered the Centre and the Goods and Services Tax Council to provide the advisory to states for executing a digital system for all communication sent by GST officers to the assessee. This decision, if executed would draw clarity and accountability to the indirect tax administration and ensure that the assessee would […]
The Income Tax Appellate Tribunal (ITAT), Pune bench, S S Godara, Judicial Member, and Dr Dipak P Ripote, Accountant Member gave tax exemption to trust who does study programs for university’s registered students. The books of Chanakya Mandal Pariwar(assessee) which comprises 368 pages recommend that they are running several study centres according to its agreement […]
The Kolkata Bench of the ITAT has refused the revisionary order that the Income Tax Authority is passing without quoting Document Identification No. (DIN) in the mentioned order, as required by the CBDT Circular No.19/2019, on 14.08.2019. The Bench, consisting of Mr Sanjay Garg (Judicial Member) and Mr Girish Agrawal (Accountant Member), ruled that since […]
The Income Tax Appellate Tribunal (ITAT) Ahmedabad bench rendered that the assessing officer revamp the order passed without acknowledging the TDS statement beneath Form 16 by enforcing section 154 of the income tax act, 1961 and ruled that the employer is obligated for the lower TDS deduction. The taxpayer MarkandIndraprasad Bhatt shows the income of […]
The clarifications seek the applicability of the demand and the penalty provisions on the transactions invoicing the bogus invoices. The GST officials in their next week’s meeting seem to acknowledge a proposal to draw clarity on the actions with respect to the entities engaged in Input Tax Credit claims that becomes a bigger source of […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) which consists of Shri Saktijit Dey, Judicial Member Shri Pradip Kumar Kedia, Accountant Member has allowed TDS credit to the assessee in the assessment year when the credit accrued subject to conditions that the assessee had not claimed the same in the past years and […]
Beneath the Income Tax Act, a new return is an updated concept, this would draw voluntary compliance instead of following a longer adjudication process. No matter, if an income tax return would be furnished for a specific assessment year, a taxpayer is qualified to furnish a new return for that assessment year within 24 months […]
Covid-19 makes the employees suffer from a salary cut. However, when this gets rectified, the salaries of various employees were restored, and some of them even obtain bonuses. Tax experts specified that “Salary is taxed in the hands of an individual on due or receipt basis, whichever is earlier. However, if an individual receives a […]
