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...
There is a great necessity of Integration of Income E-filing Portal with GST portal. The step taken by Central Government with respect to linking and integrating E-filing portal with GST portal is one of the most welcoming step towards the growth of tax revenue of Central Government which will ultimately lead to growth of economy, […]
1. Recently (mainly December 2020) spate of show-cause notices (SCN) have been issued seeking to demand the service tax on the differential amounts as determined based on the values reported in the service tax returns (nil if not filed) and the values reported in Form 26AS filed under the Income Tax Act reflecting the TDS […]
The Form 26AS displays the various taxes deducted/paid on individual’s income from/through various sources. It includes details of, ♦ Tax Deducted at Source (TDS) ♦ Tax Collected at Source (TCS) ♦ Advance Tax/ Self-Assessment Tax paid ♦ Regular Tax ♦ Tax Refund details for an Assessment Year, etc. Perform the following steps to view or […]
What is Form 26AS? ♦ Every individual or company that has deducted taxes must credit that amount to the government via banks. ♦ Form 26AS is an annual consolidated tax statement generated by the Income Tax Department. ♦ It can easily be accessed from the income-tax website by all taxpayers using their Permanent Account Number (PAN). […]
Recently, one of the major changes implemented in the Income Tax system. Now in Form 26AS, the Turnover as per GSTR-3B will be reported. Now, let’s discuss the implication of the same by going through some logical sequence. JOURNEY OF GSTR – 3B Originally, GSTR-3B was introduced as temporary replacement of GSTR–3. It was not […]
Lal Construction Company Vs DCIT (ITAT Hyderabad) During the assessment proceedings u/s.143(3) of the of the Income Tax Act [Act], the Assessing Officer (AO) noticed that there is a difference between the total receipts offered to tax by the assessee and the receipts reflected in Form-26AS. The AO after hearing the assessee, considered the turnover […]
Director-General of Income-tax (Systems) to upload information relating to GST return, which is in his possession, in the Annual Information Statement in Form 26AS, within three months from the end of the month in which the information is received by him.
However, the new revamped form 26AS will, in addition to these, also contain information which the Income Tax Department has obtained from various other sources such as Banking Company, Insurance Company, other listed Company, property registrar, GST department etc.
Form 26AS is a consolidated annual tax statement that earlier included information on tax deducted/collected at source, advance tax, self-assessment that was available on the Income Tax website against a taxpayer’s Permanent Account Number (PAN) and was known as the tax credit statement.
New Form 26AS – The Game-Changer In Income-Tax IMPLICATIONS TO ASSESSEES AND PROFESSIONALS IN THE FACELESS SCENARIO It seems to be a human trait not to divulge financial information to anybody outside their inner-circle.The experience of many tax professionals has been that similar restraint is observed by clients even in their consultations in tax affairs. […]
