Goods and Services Tax : Explore Income Tax systems, from Form 26AS and AIS for tax data to CPC-ITR and faceless assessments ensuring transparency and effi...
Income Tax : Learn about common income tax notices for salaried individuals, their implications, and steps to handle them effectively. Avoid le...
Income Tax : Discover the risks and penalties of submitting fake rent receipts to claim HRA exemptions and learn how to comply with tax regulat...
Income Tax : Comprehensive glossary of key terms and definitions under the Income Tax Act, 1961, aiding taxpayers in understanding essential ta...
Income Tax : Understand key aspects of advance tax, including compliance, payment due dates, revisions, and liabilities. Learn who is exempt fr...
Income Tax : Explore Income Tax Day 2024s history, significance, and key updates from Budget 2024-25, including enhanced deductions and revised...
Goods and Services Tax : Bikaner Tax Consultants Association seeks an extension of the Income Tax Return filing deadline due to ITD portal glitches and iss...
Income Tax : ICAI addresses issues with Form 26AS/TIS/AIS and ITR filing glitches, urging CBDT for timely resolution to aid taxpayers in meetin...
Income Tax : Directorate of Income Tax (Systems) has released Handbook on Annual Information Statement (AIS). This will explain How the new For...
Goods and Services Tax : There is a great necessity of Integration of Income E-filing Portal with GST portal. The step taken by Central Government with res...
Income Tax : ITAT Raipur held that adding entire bank receipts without inquiries from parties is unjustified. Case remanded for further examina...
Income Tax : Addition against unexplained cash deposit of ₹49.50 lakh was remanded back to AO for verification if the deposits were from busi...
Income Tax : Assessee also pointed out that the income from these credits was included in its accounts for the year and taxed accordingly. A cl...
Income Tax : ITAT Ahmedabad directs AO to verify Form 26AS discrepancy after CIT(A) allowed ₹168.61 crore TDS credit. Revenue's appeal dismis...
Income Tax : ITAT Pune remands the case of Prakash Dipchand Kapadnis, instructing NFAC to reconsider the addition of gross receipts instead of ...
Income Tax : ADVISORY NO.: 45 Dated:- 14.07.2022 0/o PCDA(0) Pune, Public Relation office (PRO) Subject: Income Tax Demand Notice under section...
Income Tax : CBDT authorizes Director General of Income-tax (Systems) to upload information relating to Foreign remittance information reported...
Service Tax : Representations have been received from various trade bodies and associations regarding instances of indiscriminate issuance of de...
Income Tax : Director-General of Income-tax (Systems) to upload information relating to GST return, which is in his possession, in the Annual I...
Income Tax : The new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. From thi...
ITAT Chennai held that strict conditions provided in Rule 37BA should be read in the provisions of Section 199(1) to make it workable in genuine cases where department is sure no double credit is allowed or claimed.
ITAT Mumbai held that as no claim of the amount of exempted allowance was made in the return of income, the same cannot be rectified as there was no mistake apparent from record in order passed u/s 143(1)(a) of the Income Tax Act.
Assessee was entitled to claim interest on delayed refund must be payable from the date of deposit till the date of payment.
Understand the significance of Annual Information System (AIS), Taxpayer Information Summary (TIS), and Form 26AS in income tax. Learn how these tools help taxpayers ensure accurate reporting, avoid discrepancies, and stay compliant with tax laws. Accessing AIS and TIS statements online through the Income Tax Department’s portal is essential for maintaining transparency, resolving discrepancies, and avoiding potential issues with tax authorities. Regular monitoring of AIS and TIS statements is crucial for taxpayers in India.
ITAT Delhi held that as per partnership deep, partners shall be entitled to interest on their loan accounts with the firm at the prescribed rates, hence disallowance of the same is unjustified.
Section 199 of Income-tax Act r.w. rule 37BA(3) provide that credit of TDS shall be given for assessment year for which income is assessable
Assessing Officer cannot accept the income for tax purpose and refuse to allow credit of corresponding TDS. Both must go hand in hand.
ITAT Delhi held that disallowances of expenditure on ad hoc basis without specifying particular mistake is untenable and bad in law.
ITAT Mumbai held that income earned from offshore supply of escalators and elevators is not taxable in India as assesse didn’t carried out any operations in India.
Discover surprising elements in your Annual Information Statement (AIS) for Income Tax. Understand the AIS categories, transactions, and how to access, denying incorrect information. Stay informed for accurate income tax filing.
