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...
The Internal Revenue Service, USA on 10th June 2014 unveiled a ‘Taxpayers’ Bill of Rights’ that groups together the existing rights of taxpayers of America into 10 broad categories, which are as follows :- The Taxpayer Bill of Rights This publication explains your rights as a taxpayer in America . 1. The Right to Be […]
Our immediate challenging tasks include reaching the not so easy’ target for Revenue collection without undue harassment and high handedness; improving the overall image of our department as a friendly, professional, non adversarial and competent organization focused on Revenue collection, tax payers services and ensuring strict compliance with direct tax laws.
Finance Minister Asks Officers of Income Tax Department to Maximise the Use of Non Intrusive and Innovative Methods of Investigation; Calls for Training for Upgradation of Skills and Need for Capacity Building The Union Finance Minister, Shri Arun Jaitley exhorted the officers of the Income Tax Department to maximize the use of innovative and non-intrusive […]
Executive Summary Partnership Firms (Firms) along with Association of Persons (A0Ps) and Body of Individuals (B0Is) constitute one of the major businesses apart from the corporate sector in India. Firms are governed by India Partnership Act, 1932. The Income Tax Act, 1961 (Act) provides various exemptions and deductions to the Firms. Income Tax Department (ITD) […]
HighlIghts of CAG Report on Direct Taxes This Report discusses trends, composition and systemic issues in direct taxes using data from Finance Accounts, departmental accounts, departmental MIS and findings of compliance audit. Gross tax receipts (GTR) of Union Government in FY 2012-13 was RS. 10,36,460 crore which represented 10.25 per cent of the GDP. Share […]
Information has been received from several quarters that emails are being received by taxpayers claiming to be sent by the Income Tax Department asking the taxpayers to download file containing payable tax details. Such phishing mails are being sent from email addresses like “[email protected]”.
The announcement made by the Finance Minister that the Government will not ordinarily bring in any retrospective amendments” is a welcome move and will bring in much needed comfort to foreign and domestic investors. However, the uncertainty surrounding the existing litigations has been left unanswered as compared to market expectation of relief in this area
A valid Email ID and Mobile Number has to be registered/updated on the e-filing website of the Income Tax Department so that direct communication with taxpayer can be possible. The Department will send separate One Time Passwords (OTP) also referred as PIN on the mobile and email provided by the taxpayer. The OTPs have to […]
Analysis of Income Tax Circular Requiring updation of Email address Mobile Number The Income Tax Dept. has mandated pre-filling of Mobile No. & Email ID before filing of return of an assessee vide its press release dated 26.06.2014. Further one Mobile No. and Email ID can not be used for more than 4 times for […]
Recently CBDT has initiated Process of Validating Contact Details of Assessee and in the process it requires each assessee to furnish his/her Mobile Number and E-mail ID with an condition that a Mobile and Email Id can be used by not more than 4 assessee.
