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Income Tax : Explore the Bombay High Court ruling on reassessments under the Income Tax Act, clarifying jurisdiction between JAO and FAO in the...
Income Tax : The Supreme Court upholds TOLA, validating extended income tax reassessment timelines despite previous High Court rulings on Secti...
Income Tax : The Supreme Court ruling in UOI vs. Rajeev Bansal clarifies reassessment provisions post-April 2021 under Income Tax Act, extendin...
Income Tax : GST amendments introduce a common time limit for demand notices, applicable from FY 2024-25, for both fraud and non-fraud cases un...
Income Tax : Explore key insights on income tax reassessments in light of recent Supreme Court rulings, focusing on changes to procedures and t...
Income Tax : Supreme Court disposes of 573 direct tax cases due to increased appeal limits from the Union Budget 2024-25, reducing tax litigati...
Income Tax : Join our webinar on TDS amendments from Budget 2024 and learn their impact on tax audits, filing procedures, and compliance....
Income Tax : Tax professionals face technical issues on the Income Tax portal, hindering tax audit report submissions before the 30th Sept 2024...
Income Tax : As of September 17, 2024, direct and advance tax collections show significant growth compared to the previous fiscal year....
Income Tax : KSCAA requests review of incorrect TDS credit processing by CPC Bengaluru for AY 2024-25 and urges system corrections and resoluti...
Income Tax : ITAT Mumbai remands case of Aravind Arunachalam Vellore against ITO for lack of proper notice and communication during appeal proc...
Income Tax : Hon’ble ITAT Pune rules that penalties under Section 271(1)(c) should not be imposed for genuine mistakes or debatable claims in...
Income Tax : Present application has been filed on behalf of Taxation Bar Association seeking modification of Para 35(11.17)(iv) of the judgmen...
Income Tax : Bombay High Court remanded the matter of correct treatment of losses arising due to exchange rate fluctuation since order doesn’...
Income Tax : Assessee challenged CIT(A) order before the Bangalore Bench of ITAT arguing that 1450 grams of gold should not be considered unexp...
Income Tax : TDS on agents commission reduced from 5% to 2% as per the Finance Bill 2024. New rate effective from October 1, 2024, under Sectio...
Income Tax : DGIT issues notification on the procedure for filing Form-1 under the Direct Tax Vivad Se Vishwas Scheme, 2024. Learn about the on...
Income Tax : CBDT designates OCAC Chairman for identifying genuine beneficiaries of Odisha's social welfare schemes under Section 138 of the In...
Income Tax : CBDT issues comprehensive guidelines for condonation of delay in filing returns claiming refunds or losses under Section 119(2)(b)...
Income Tax : CBDT extends audit report filing deadline to 7th October 2024 for AY 2024-25, considering taxpayers' challenges. Update applies to...
Order No. 143 of 2016-The following postings / transfers in the grade of Commissioner of Income Tax (Local Change) are, hereby, ordered with immediate effect and until further orders:-
In this article we will explain about the provisions relating to penalty for failure to keep and maintain documents in respect of specified domestic transactions. However, before understanding the penalty provisions, one should have an overview of the basic provisions of transfer pricing in relation to specified domestic transactions.
Protocol Amending The Convention Between The Government Of The Republic Of India And The Government Of Mauritius For The Avoidance Of Double Taxation And The Prevention Of Fiscal Evasion With Respect To Taxes On Income And Capital Gains, And For The Encouragement Of Mutual Trade And Investment, Signed At Port Louis On 24th August 1982
Electronic Verification Code (EVC) can be generated by pre-validating your Bank Account on the e-Filing portal. Punjab National Bank and United Bank of India have launched this facility which will facilitate the account holders, who may not have a NetBanking account, to e-verify their return. Other banks are expected to launch this facility.
Section 79:-According to the income tax provisions, a closely held company is not eligible to carry forward and set off its losses if 51 % or more of the voting power in the year in which the set-off is claimed is not beneficially held by the same shareholders who beneficially held 51% or more voting power on the last day of the previous year in which the loss was incurred.
1. (1) These rules may be called the Income-tax (20th Amendment) Rules, 2016. (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962, in the Appendix II, in Form 10A,—(i) for item 4, following item shall be substituted, namely:—
Qualifications of an e-Return Intermediary.-(c) a firm of Chartered Accountants or Company Secretaries or Cost Accountants or Advocates, if the firm has been allotted a permanent account number; or (d) a Chartered Accountant or Company Secretary or Cost Accountant or Advocate or Tax Return Preparer, if he has been allotted a permanent account number; or”
Indirect Tax Collections up to July, 2016 indicate net revenue collections of Rs.2,71,719 crore as compared to Rs.209217 crore in the corresponding period last year and thereby registering an increase of 29.9% over the corresponding period; 34.9% of the Budget Estimates of indirect taxes for FY 2016-17 achieved till July 2016.
The Chairpersons CBDT has approved the constitution of a committee to draft an amended set of guidelines for regulating the interaction of the Department with the Media. The composition of the committee shall be as follows:
The facility of e-verification of IT returns has been used by over 75.3 Lakh taxpayers till 5th August, 2016 as compared to 32.95 Lakh taxpayers last year till 7th September 2015. Of these Aadhar based E- verification was used by 17.68 lakh taxpayers during the current year as against 10.41 lakh taxpayers during the same period in 2015-16.
