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The High Court of Kerala in a ruling carried that the income tax refund application u/s 119(2)(b) of the Income Tax Act, 1961 filed after 9 years is not condonable. The income tax department has furnished the plea against the ruling of the Single Judge. The respondent/writ petitioner, K.C.Antony had approached the writ court impugning […]
An electronic campaign has been launched by the Central Board of Direct Taxes (CBDT) to support assessees in solving the mismatches between the income and transactions notified in the Annual Information Statement (AIS) and those shown in the ITR for the financial years 2023-24 and 2021-22. Indeed the same campaign has the objective for the […]
The Bombay High Court in a case ruled that the Goods and Service Tax (GST) department could not furnish the tax demand against the corporate debtor and set aside the demand order without the applicant claiming the other remedy provided in the odd facts and the violation of natural justice. The applicant Prestige Mulund Realty […]
The Mumbai ITAT has mentioned that an industrial undertaking was not mandated to set off the losses made by it in one qualified unit against the profits made from the other qualified unit for the objective of computing the deduction under section 80-IB. As per Section 80-I of the Income-tax Act, 1961, the gross total […]
It was carried by the Allahabad High Court that the finding of the Income Tax Appellate Tribunal and Commissioner of Income Tax (Appeals) that when an agreement between parties establishes a direct transfer of money, accomplishing so indirectly by holding the funds in a distinct account before sending them to the final account, does not […]
Various experts cited the Centralised Processing Centre (CPC) of the income tax department as making errors in the ITR processing. A representation has been sent by the Karnataka State Chartered Accountants Association (KSCAA) to the CBDT in the same concern. The representation of the KSCAA cited that the CPC has made a mistake in acknowledging […]
Recently, the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the PAN 2.0 project. Rs. 1,435 crore has been allocated for the same project by the government, which aims to overhaul the existing PAN/TAN system to rectify the efficiency and assessee convenience. As per Union Minister Ashwini Vaishnaw, a PAN […]
A new campaign was launched by the Income tax department on November 17 warning the assessees of a Rs. 10 lakh penalty if they lose to reveal the foreign-held assets or income made from abroad in their ITR, as per the PTI report. The motive of the compliance-cum-awareness campaign is to ensure that the assessees […]
The owners of the land who are in joint development agreements (JDAs) with builders are facing intensified scrutiny for bypassing capital gains taxes. The Income Tax Department’s investigation wing has been directed by the Central Board of Direct Taxes (CBDT) to review the matter which comprises engaging the individuals and Hindu Undivided Families (HUFs) who […]
