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 : Explore the Income Tax Departments Mismatch Campaign, its implications, and the complexities faced by taxpayers. Learn how to resp...
Income Tax : Analyzing the complexities of non-profit sectors globally, this guide on Assessment of Charitable and Religious Trusts and Institu...
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 : CBDT, has introduced a new feature in Annual Information Statement (AIS) accessible via compliance portal on Income Tax Department...
Goods and Services Tax : In March 2024, India witnesses second-highest GST revenue collection at ₹1.78 lakh crore, marking an 11.5% year-on-year growth. ...
Income Tax : CBDT achieves a record 125 APAs in FY 2023-24, marking a 31% increase. Learn about the significance and impact on transfer pricing...
Income Tax : Assessee was engaged in diamond manufacturing, trading, and windmill power generation, had claimed deductions under sections 35DD ...
Income Tax : Chemstar International Vs DCIT (ITAT Mumbai) mere suspicion or cancellation of registration post-donation not invalidate initial e...
Income Tax : Read the full text of the ITAT Mumbai order in DCIT vs. Dilip B. Jiwrajka covering appeals against additions of unexplained income...
Income Tax : Himachal Pradesh High Court quashes reassessment notice for J.B.J. Perfumes Pvt. Ltd. based on 'Change of Opinion'. Learn about th...
Income Tax : Explore the detailed analysis of the ITAT Bangalore decision in Goworamma Lingappa Manjula Vs ITO. Understand the implications and...
Income Tax : CBDT directs DGIT (Systems) to share income tax information with Telangana's Agriculture Department as per Section 138(1)(a) of th...
Income Tax : CBDT order allows delayed tax payments under DTVsV Act conditions, easing compliance for taxpayers. Details on Form-3 modification...
Income Tax : Detailed guidelines from the Central Board of Direct Taxes for the interim action plan FY 2024-25. Learn about key result areas, t...
Income Tax : Understand the time limit for income tax return verification after uploading. Learn the implications of late verification and the ...
Income Tax : Explore the Central Board of Direct Taxes order under section 138(1)(a) of the Income-tax Act, 1961, regarding information sharing...
To ensure impartiality in adjudication of transfer pricing disputes, the Central Board of Direct Taxes (CBDT) has decided that commissioners associated with transfer pricing orders will not be part of the alternate dispute resolution panel. This panel is being set up by CBDT to resolve disputes arising from transfer pricing assessments.
The Finance Act, 2009 inserted a new section 144C in the Income-tax Act providing an alternate mechanism to resolve tax disputes of the foreign companies expeditiously. The Finance Minister, taking cognizance of delays, which take place in any tax litigation, declared in the parliament that “The dispute resolution mechanism presently in place is time consuming and finality in high demanding cases is attained only after a long drawn litigation till the Supreme Court.
The government has decided to crackdown on corporate and individuals that have defaulted on payment of their self-assessment in the year in a bid to boost direct tax collections that are well below the target for the year. Direct tax collections need to grow at 18% over the remaining five months of the fiscal 2009-10 ending March 2010 for the government to achieve its direct tax target for the year.
Cashless hospitalisation schemes offered by health insurers and insurance companies are under the income-tax net.The CBDT has now made it clear that Third Party Administrators (TPAs) must deduct tax at source on payments made to hospitals for settling insurance/medical claims under various schemes including cashless schemes.
This is perhaps the first time an officer arrested for corruption went to office on release from custody—an act considered as violation of rules. On October 25, income tax commissioner Ajoy Kumar Singh was arrested on corruption charges and on October 30, a day after his release on bail, he reported to work at his Nagpur office.
New Delhi: Accounting regulator, Institute of Chartered Accountants of India (ICAI), is planning to introduce a three-month mandatory training course for its students who pass the chartered accountancy and accounting technician examination every year. This would mean that a student after qualifying three year chartered accountancy course and one year accounting technician course will have to undergo an additional three months training programme.
Based on the analysis, the field formations have been asked to send demand notices to companies before December 15, the deadline for the third instalment of advance tax payment. “Most companies have posted better-than- expected second quarter results. So we felt some of them may have paid lesser tax in the first two instalments, which we are now checking up,” a senior finance ministry official explained.
The CBDT has cited that such withdrawal is on account of their interpretation by some taxpayers, seeking to claim relief, which was not in accordance with the provisions of the Indian Income Tax Act (Act) or the intention behind these circulars. Circular No. 23 was issued by the CBDT to provide clarifications regarding taxability of foreign companies and non-residents, engaged in specified business activities.
Last Year, The CBEC, had planned a Third Party Information System (TPIS), a third party information model for excise duty. Now CBEC requires to reproduce the trials with service tax. As per board, it is a very effective and non-intrusive set up to obtain all apposite data to trap the tax evaders.
The I-T department has decided to extend the Refund Banker Scheme that allows refund of excess tax money to taxpayers to nine more cities, including Ahmedabad and Kochi.
