Income Tax : Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelin...
Income Tax : Learn about the amendment to Clause 22 of Form 3CD under Section 43B(h) and its impact on reporting requirements for payments to M...
Income Tax : Discover the intricacies of Income Tax Returns (ITR) in India, from types of forms to required documents and compliance measures, ...
Income Tax : Explore Section 119(2)(b) of the Income Tax Act, allowing CBDT to condone delays in ITR filing due to genuine hardships. Learn pro...
Income Tax : Understand the process of condonation under Section 119(2)(b) for filing returns with genuine hardship. Learn about the time limit...
Income Tax : Learn about the tax implications on haircuts taken by banks and creditors for companies resolved under the Insolvency and Bankrupt...
Income Tax : Explore the Lok Sabha query on technical glitches in the IT portal and TRACES. Learn about processing delays, PAN-Aadhaar issues, ...
Income Tax : The CBDT awards the Taxnet 2.0 project to Bharti-Airtel Ltd, enhancing the IT Department’s digital infrastructure with secure, r...
Income Tax : Read the inaugural address from Ravi Agrawal, the new Chairman of CBDT, outlining his vision for enhancing tax administration in I...
Income Tax : Read CAASs recommendations for fair tax audit allocation, ensuring auditor independence and quality. They suggested automated allo...
Income Tax : ITAT Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 2...
Income Tax : ITAT Ahmedabad held the Discounted Cash Flow Method [DCF method] adopted by the assessee for valuing the CCPS is legitimate and in...
Income Tax : Delhi High Court held that once the Tribunal had called upon the AO to examine the issue afresh, the said direction could not have...
Income Tax : Rajasthan High Court held that section 119(2)(b) of Income Tax Act read with CBDT Circular No.09/2015 dated 09.06.2015 clearly ref...
Income Tax : Read the full judgment of Umang Mahendra Shah Vs Union of India by Bombay High Court, ruling that an order under Section 148A(d) w...
Income Tax : CBDT notifies Karnataka State Natural Disaster Monitoring Centre for tax exemptions on specific incomes. Effective for AY 2021-22 ...
Income Tax : Income Tax Circular 08/2024 exempts higher TDS/TCS rates if deductee/collectee dies before PAN-Aadhaar linkage, addressing taxpay...
Income Tax : Read about the latest income tax notification specifying AIMCo India Infrastructure Pension Fund for tax exemption under section 1...
Income Tax : Ministry of Finance amends tax exemption notification, extending the eligible investment deadline to 31st March 2025 under section...
Income Tax : CBDT Notification 91/2024 extends the deadline for Section 10(23FE) tax exemptions to March 31, 2025. Discover the key changes and...
Finance Minister Arun Jaitley will launch an updated version of the existing website of Income Tax Department today to enable taxpayers to file easily their I-T returns or apply for a PAN card. The updated version of the existing website of the Income Tax department– www.incometaxindia.gov.in– will now be acting as a single window for […]
Officers are requested to send their inputs/ suggestions for improving quality of assessment orders, to strengthen the institution of CIT (A) and possible steps that can be taken to reduce litigation by the department before the ITAT to Member Secretary of the Committee through email at [email protected].
V Swaminathan B.Sc. B.L., FCA Recently Member (Income Tax), CBDT Ms. Anita Kapur has commented that government should Draft Tax Laws That Promote Intent Rather Than Litigation. Some of the suggestions, unlike/except the ones such as found a mention in the concluding para of the write-up seemingly well-balanced, are prima facie lop- (one-) sided; leaning […]
The Central Board of Direct Taxes (CBDT) on Thursday suggested that the government should draft the tax laws in a manner so that their intent comes out more forcefully and plug possibilities of misinterpretation of laws to benefit vested interests as also prevent chances for dragging the interpretation of laws to courts and tribunals. The […]
Karniti -Dear Vighnaharta .., what should be first…, Income tax return or Tax Audit report? Please remove the Vighna (Complications). Arjuna (Fictional Character): Krishna, the festival of Lord of Wisdom Shri Ganesha is being celebrated with Joy all over India, but the Income Tax payers under Tax audit are facing the obstacles in their Joy. As per Income Tax Departments recent circular, the due date of income tax return is 30th September 2014, but the extended due date of Tax Audit report filing is 30th November 2014. What mess is going on? Please explain in detail.
As you are aware CBDT vide order no. F.No. 133/24/2014-TPL dt. 20.08.2014 issued order thereby exercising power conferred u/s 119 of the Income Tax Act for extending the due date for obtaining and furnishing of report of audit u/s 44AB of the Act for the Assessment Year 2014-15. In the absence of any reference to section 139 of the Act in that order, a vacuum was created which in turn leads to ambiguity and confusion among the assesses and professionals with respect to the due date for filing of return of income.
It has been brought to the notice of the Board that some of the officers are issuing notices to the taxpayers/witnesses/representatives etc. indicating a standard time of appointment. Thus, many persons called for hearing etc. on a day by an officer are given the same time for appearance. Naturally the persons are made to wait for their turn. Such actions, apart from causing avoidable inconvenience to the taxpayers/witnesses/representatives etc. cause great embarrassment to the Government.
CBDT hereby extends the due date for obtaining and furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15 in case of assessees who are not required to furnish report under section 92E of the Act from 30th day of September, 2014 to 30th November, 2014.
ORDER NO. 127 OF 2014 The president is pleased to appoint the following officers of India Revenue Service (Income Tax) to the grade of Joint Commissioner of Income Tax purely on Ad-hoc basis in the P8-3 Rs. 15,600-39,100 with GP Rs.7,6001- with effect from assumption of charge for a period not exceeding one year.
Notification No. 35/2014-Income Tax Whereas, an Agreement between the Government of the Republic of India and the Government of the Republic of Fiji for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed in India on the 30th day of January, 2014 (hereinafter referred to as the Agreement);
