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Income Tax : Received an HRA exemption notice from the Income Tax Dept? Understand the TDS on rent rule and steps to resolve it without stress....
Income Tax : Many taxpayers who have claimed an HRA deduction exceeding ₹5 lakh in their income tax returns have received an email from the I...
Income Tax : Confused about TDS on rent? Understand Section 194-IB, its implications, penalties, and solutions to rectify non-compliance. Find ...
Income Tax : Understand amendments in Section 200(3) of the Income Tax Act, effective via Finance Act 2024, impacting TDS correction deadlines ...
Income Tax : Learn about the Lower Deduction Certificate under Sections 197 & 206C(9) of the Income Tax Act. Understand eligibility, applicatio...
Income Tax : Learn about new rules restricting TDS/TCS correction statements under Income-tax Act Section 200(3) from April 2025. Key dates and...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : ITAT Delhi held that re-assessment proceedings under section 147 of the Income Tax Act initiated due to change of opinion without ...
Income Tax : Delhi High Court held that reassessment order is liable to be set aside as it was based on information that was fully examined in ...
Income Tax : Delhi HC confirms Section 40A(3) inapplicable to property investments, affirming ITAT's ruling in PCIT Vs Sanskar Homes Pvt. Ltd. ...
Income Tax : ITAT Ahmedabad held that penalty u/s.271AA of the Income Tax Act cannot be levied without specifying the required documents failed...
Income Tax : ITAT Jaipur held that invocation of revisionary proceedings u/s. 263 of the Income Tax Act not sustainable since AO duly verified ...
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Section 192 of the Income Tax Act, 1961 is applicable to all employers who are responsible for deducting tax at source from the salaries of their employees. This section applies to all types of employees, including full-time, part-time, and contractual employees, as long as they are earning a salary.
Ensure sufficient time for compliance with Section 143(2) notice and the mandatory issuance of valid notices under Section 142(1)(ii). Understand the legal implications and the possibility of nullifying the assessment if proper procedures are not followed. Stay informed to protect your rights in tax assessments.
Delhi High Court directed the concerned officer to revisit the application preferred under section 197 of the Income Tax Act as the concerned officer simply by-passed the Supreme Court judgement in Engineering Analysis by observing that revenue has preferred a review petition. Such approach of officer is untenable.
Stay updated on the recent amendment to Section 43B of the Income Tax Act related to MSME. Explore the impact on expense deductions, payment timelines, and compliance with the MSMED Act, 2006. Ensure timely payments to Micro and Small Enterprises to avoid disallowances and interest implications.
Learn the updated process of filing Form 26QB for TDS on the purchase of immovable property under section 194-IA from April 1, 2023. Understand rates, due dates, and steps for seamless compliance. Stay informed and avoid penalties.
Stay informed about the TDS rates for the Financial Year 2023-24 (Assessment Year 2024-25) in India. Understand the rates applicable to different payments, thresholds, and considerations. Ensure compliance with the TDS Rate Chart for the new financial year.
Notification No. 17/2023-Inome Tax Dated: 6th April, 2023- CBDT notifies revised jurisdictions under sub clause (ii) of clause (D) of the Explanation to clause (6) of rule 114F of the Income Tax Rules 1962 by amending principal notification no. 78/2018 dated 5th November, 2018. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New […]
ITAT Ahmedabad held that penalty under section 271(1)(c) of the Income Tax Act not leviable on account of human error committed by the accountant as the same is not willful attempt to conceal income.
ITAT Delhi CIT(A) directed to accept the additional evidence and submission and pass the order after granting adequate personal hearing as there was reasonable cause of ailment that prevented assessee to supply documents and replies.
Explore the amended Professional Tax Schedule in Karnataka effective from 01/04/2023. Understand the tax liabilities, exemptions, and consequences for GST-registered persons, individuals paying income tax, and entities engaged in various professions, trades, and employments. Stay informed about the latest changes, due dates, and compliance details. Prakasha & Co. provides a comprehensive guide to navigate the Karnataka Tax on Profession, Trades, Callings, and Employments (Amendment) Act, 2023.
