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Income Tax : Income tax updates effective 1st April 2025 include higher TDS thresholds, extended startup benefits, increased rebates, and simpl...
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 : Allahabad HC quashes GST demand against Solvi Enterprises, ruling that the selling dealer was registered at the time of transactio...
Income Tax : PCIT Vs Greenply Industries Ltd (Gauhati High Court) The Gauhati High Court’s recent judgment in “The Principal Commis...
Income Tax : ITAT Mumbai held that Sai Baba Sansthan Trust being both charitable and religious trust falls within exceptions provided under sec...
Income Tax : ITAT Mumbai held that developer is entitled for deduction under section 80-IA of the Income Tax Act for carrying out development w...
Income Tax : ITAT Raipur held that assessment framed by AO u/s. 143(3) r.w.s. 147 of the Income Tax Act without issuance of notice under sectio...
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...
The issue under consideration is whether deduction u/s 54F can be denied for the reason that assessee had later on let out new property for commercial purpose to run restaurant?
Why do I get an error message at the time of submission/uploading of return ? What is to be done if taxpayer get NULL error, while uploading the xml file ? I have saved the xml file in my computer but while uploading system is giving the error “Cannot read the xml file? What should I do ? What to do when there is an Error in uploading the xml? Validate button is not working in Return Preparation software provided by the Department.
Currently CPC is unable to process over 2 lakhs returns which have been classified as defective under CPC’s business rules. Assessees are requested to avoid errors mentioned below which are among the top reasons for the return to be classified as defective: 1. ITR 4 – The assessee has not filled Part A P&L or Balance Sheet or both and gross receipts as per and has entered a positive value in Schedule BP serial no1. This is the single largest reason for returns being classified as defective
31st July is approaching fast which is the last date for filing of Income Tax Return for the Assessees who are not required to get there books of account audited under the provisions of Income Tax Act, 1961. CBDT has recently vide notification NO. 14/2012 dated 28.03.2012 made it mandatory to file Income Tax Return online for Individual & HUF who are having Total Income Exceeding Rs. 10 lakh. In this article we have given below the steps to be taken to file online Income tax Return for Assessment year 2012-13 :-
Our Income Tax law allows all persons to self-assess their income and pay taxes. However, to protect the revenue base, unearth concealed income and to act as a deterrent, tax authorities have been vested with powers to conduct surveys and searches (commonly referred to as ‘raids’). These raids are made the basis of information available by the department’s investigation wing and after obtaining requisite internal approvals.
Vijay Kumar Jain Vs ITO (ITAT Jaipur) At the outset, we note that this Tribunal has taken a consistent view that the turnover in respect of derivative transactions has to be computed by taking the total sum of positive and negative outcome of the transactions instead of the total amount of transaction. Accordingly, when the […]
The mutual exchange procedure was invoked in the Kenya France DTA in the case analysed below. This is an interesting remedy that taxpayers in Kenya should adopted regularly. This is especially taxpayers making payment to a country which Kholds a Doubel Tax Agreement with Kenya. Kenya has 15 effective Double Tax Agreements. This includes Kenya […]
1) Rationale behind introduction of Section 142 in the Act: ♦ Assessee fails to file the ROI within due date u/s 139(1) is expose to risk of Best Judgment Assessment us 144 of the Act. ♦ It would be unfair for him if after the due date revenue directly proceed for assessment us 144 without […]
Nations around the world engage in many kinds of agreements related to financial matters. Such treaties and agreements prove to be beneficial for the residents (individuals as well as business entities) of those countries who are active parties in the agreement. They can provide a tax credit, tax exemptions, and an overall cut in the […]
The issue under consideration is whether the issue of notice u/s 147 for re-opening of assessment on the basis of difference in valuation report is justified in law?
