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Both professionals and businesses in the present digital era are looking for efficient ways to handle their tax liabilities. Finding the advance tax is one of the difficult things of filing taxes, which consists of paying a part of your income tax throughout the year rather than all at once when the tax year finishes. […]
In India, managing taxation and compliance is one of the most difficult tasks of running a business. Tax Deducted at Source (TDS) is the main component of the income tax system among these compliance duties. Penalties and interest will be charged for minor errors like late payments, delayed filings, or incorrect deductions. Here, the technology […]
The revisional power under Section 263 of the Income Tax Act cannot be invoked when the Assessing Officer (AO) allows a deduction under Section 32AC after a proper inquiry, the Kerala High Court stated. Justices A. Muhamed Mustaque and Harisankar V. Menon cited that only for the reason that AO extended the deduction claimed after […]
The deduction under Section 80P cannot be denied for belated ITR filing, the Nagpur bench of Income Tax Appellate Tribunal (ITAT) ruled and directed the AO to examine the claim and determine the tax liability. The taxpayer Somalwar Academy Education Societies Employees Co-op. Credit Society Mar submitted its income return for the assessment year under […]
A Mumbai-based taxpayer was in trouble when it was discovered that the TDS credit of Rs 96 lakh (96,12,846) was missing from his Form 26AS. He gets a tax notice demanding Rs 1 crore, which includes interest under Sections 234B and 234C, even after reporting the related income in his ITR and filing the required […]
For businesses and professionals, timely tax compliance is a significant obligation. In between such obligations, the advance tax specifies a unique intricacy as it necessitates accurate income estimation and periodic instalment payments during the financial year. Taxpayers earlier have relied on manual calculations, Excel spreadsheets, or professional advisory services, which take much time and may […]
The Bombay High Court has accepted an appeal for hearing filed by the Principal Commissioner. This appeal challenges a previous decision made by the Pune ITAT, which had ruled in favour of a joint venture involving Subhash and B.T. Patil and Sons, along with N.V. Kharote Construction Pvt. Ltd. The issue is of TDS applicability […]
The Income Tax Practitioners Association (ITPA), along with various legal and tax groups, has expressed strong disapproval of the Central Board of Direct Taxes (CBDT) for not extending the deadline for filing Income Tax Returns (ITRs). This decision comes after many taxpayers reported experiencing technical difficulties and other challenges while trying to file their returns. […]
For both individuals and enterprises, filing Income tax returns is a yearly obligation. Even after having the digitalisation of the process, taxpayers are facing issues that can delay the submissions or cause intricacy. This trend will remain the same due to technical malfunctions on government portals and manual data entry errors. ITR Filing Issues On […]
