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Income Tax : Explore India's digital taxation measures like Equalization Levy, Significant Economic Presence, and GST on online services. Learn...
Income Tax : Learn about ITR-U, a form for updating income tax returns. Understand eligibility, filing process, deadlines, and additional tax i...
Income Tax : This article explores the evolution of digital taxation, its implications for businesses and economies, the challenges associated ...
Income Tax : In this blog post here, we would like to address the impact of progressive taxation on income inequality in India with regard to t...
Income Tax : This blog compares the Old Tax Regime and New Tax Regime in detail, highlighting their key features and helping taxpayers make an...
Income Tax : Comprehensive list of 30 banks available at the e-Filing Portal's e-Pay Tax service. Find out the new and migrated banks, along wi...
Income Tax : Learn about advance tax, who needs to pay it, due dates, payment methods, penalties, and exceptions. Understand advance tax instal...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : ITAT Surat remands penalty case under Section 271B to AO, ruling that bank transactions alone cannot determine turnover. Fresh con...
Income Tax : ITAT Mumbai restores MITC Metals case for fresh adjudication, ruling that assessment order was not void ab-initio despite ongoing ...
Income Tax : Explanation to Section 14A has only a prospective effect from April 1, 2022, and cannot be retrospectively applied to earlier asse...
Income Tax : ITAT Ahmedabad dismisses Somnath Kelavni Mandal's income tax appeal due to continuous absence in proceedings. Case pertains to une...
Income Tax : ITAT Delhi held that provision of section 43A of the Income Tax Act not invocable when there is only reinstatement of fluctuation ...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...
Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...
Income Tax : Delhi Building and Other Construction Workers Welfare Board receives tax exemption on cess, fees, and interest income under Sectio...
How to Raise Income Tax Rectification Request on Portal – FAQs Q.1 When do I need to submit a rectification request? Ans. A request for rectification can be submitted on the e-Filing portal if there is any mistake apparent from record, in an Intimation issued u/s 143(1) or order u/s 154 by the CPC or […]
Form 10E FAQs Q.1 What is Form 10E? Ans. In case of receipt in arrears or advance of any sum in the nature of salary, relief u/s 89 can be claimed. In order to claim such relief, the assessee has to file Form 10E. The Form must be filed before filing the Return of Income. […]
We humbly make a revenue friendly as well as taxpayers friendly suggestion for extending dates for furnishing belated/ Revised Returns for AY 2020-21.
You all must be getting some communication from your vendors/suppliers/buyers etc. asking for declaration on whether you have filed your IT Return for the previous two financial years or whether your total TDS deducted exceeds Rs. 50,000/- in the previous two financial years. All this is because there are major changes in TDS Provisions from […]
TAX EXEMPTION Taxpayer Financial help received from employers and well-wishers for meeting expenses incurred for treatment of COVID-19 is exempt from income tax liability in the hands of the taxpayer from Financial Year 2019-2020 onwards. Family of Taxpayer Financial assistance (ex-gratia payment) extended by employers and well-wishers to the family members of the taxpayers who […]
Discover the benefits of the National Pension System (NPS) for regular income post-retirement. Learn about the low-cost structure, tax efficiency, and flexibility of investment.
CBDT on 25 June, 2021 considering hindrances caused by Covid, extended due dates for certain compliance and exempted COVID treatment expenses incurred by employers. Summary: Exemptions: 1. Covid treatment expenses by employers for employees for FY 2019-20 and subsequent years. 2. Ex-gratia payment received by family members of employee deceased due to Covid for FY […]
Income Tax Act has broadly defined taxability of income under five heads of Income. One of them is Capital Gain, where gains arising out of the sale of capital assets are taxable in the hands of the seller of the capital asset. However, with the intention of tax evasion, assesses started entering into an agreement […]
Law Minister Shri Ravi Shankar Prasad launches ‘itat e-dwar’, an e-filing portal of Income Tax Appellate Tribunal. Portal will enable online filing of Appeals, Applications, documents etc. by various parties. Cases of Income Tax Appellate Tribunal should be integrated in National Judicial Data Grid: Shri Ravi Shankar Prasad
The Board of Direct Taxes (Income Tax Department) vide circular No. 12 of 2021 & Press Release dated 25.06.2021, in exercise of its power under section 119 of the Income-tax Act, 1961 (Act) has issued circular w.r.t. Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic […]
