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The demand for Service Tax only based on form 26 AS given via the income tax department has been set aside by the Kolkata Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT). The Appellant, Shri. Rajeshwar Prasad Choudhari contested the impugned order passed through the Commissioner (Appeals), CGST & CX Ranchi, wherein […]
Learn how can you improve your tax planning strategies with these important 5 essential habits. By using these habits, you can get a better understanding of all your income tax laws and regulations, optimize your tax deductions and credits, and reduce your tax burden. If you believe that tax planning solely revolves around settling taxes […]
The service tax has been paid with the accrued interest even before the show cause notice reached the review applicant, the Karnataka High Court ruled. The show cause notice specifies that there was a payment of service tax including interest by the review applicant, a bench of Justice P.S. Dinesh Kumar and Justice V. Srishananda […]
Generally, individuals are unaware of sources of non-taxable income while filing their income tax returns. These income sources have no tax liability and must be included in your Income Tax Return (ITR) to provide accurate proof of your financial status and claim deductions. Understanding these sources can save you time and avoid redundancy. The following […]
The Income Tax (IT) department has reached out to approximately 3 million salaried taxpayers nationwide via text messages and emails, pinpointing disparities between their claimed refunds in revised tax returns and the TDS (Tax Deducted at Source). An official mentioned, “Given that December 31, 2023, marked the deadline for revised returns, we’ve issued alerts probing […]
Once Tax Deducted at Source (TDS) is deducted then liability for non-deposit of TDS by deductor cannot be fastened on the deductee the Kolkata bench of the Income Tax Appellate Tribunal (ITAT) ruled. The taxpayer is a salaried employee employed with M/s. Falcon Tyres Ltd. at its Kolkata office and in the year received a […]
The National Company Law Tribunal (NCLT) in Ahmedabad, India, recently made a decision. The bench comprised of Mrs Chitra Hankare (Judicial Member) and Dr Velamur G Venkata Chalapathy (Technical Member), stated that when a company is being liquidated, the income tax paid by the buyer in an auction should be considered as a recovery of […]
In an unexpected turn, the IT Department has stirred confusion among taxpayers by sending notices for filing returns, even to those who responsibly completed the process on time. Chartered Accountants have raised their voices in response, pinpointing an error and urging authorities to swiftly address the issue. The attachments in the emails received from the […]
Form 10 under Income Tax Rules, 1961 supplied after limitation but before completion of assessment has to be considered, Allahabad High Court has stated. M/S Maa Bhagwati Shiksha Samiti, a registered society, obtained its registration (No. 1398/2005-06) under the Societies Registration Act, 1860, in Uttar Pradesh. Its primary objective revolves around charitable endeavours in education, […]
