Income Tax : This FAQ guide explains the applicability of ITR forms, filing methods, due dates, penalties, and taxpayer obligations for AY 2026...
Income Tax : This comprehensive FAQ guide explains the basics of income tax, including taxable income, previous year, assessment year, tax paym...
Goods and Services Tax : The article questions the use of Section 74 for mere reconciliation differences between Form 26AS and GSTR-1. The key takeaway is ...
Income Tax : Recent ITAT rulings clarify that presumptive taxation depends on statutory classification under the Income Tax Act. The key takeaw...
Income Tax : ITR-1 has evolved from a self-declaration return to a data-reconciliation exercise backed by AIS, TIS, and Form 26AS. Salaried tax...
Income Tax : All Odisha Tax Advocates Association requests due date extensions for AY 2025-26 ITRs and Tax Audit Reports citing portal glitches...
Income Tax : The Tax Bar Association of Bhilwara requests an extension for the FY 2024-25 income tax return and audit report deadlines, citing ...
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...
Service Tax : The Gauhati High Court held that a service tax demand based only on Form 26AS, without examining the nature of services or taxabil...
Income Tax : ITAT Delhi held that professional fees claimed for raising working capital limits could not be fully allowed as the taxpayer faile...
Service Tax : The service tax demand arose from differences between income tax records and ST-3 returns. The Tribunal ruled that Form 26AS, whic...
Income Tax : The Delhi High Court held that RTI replies showing tax return filings and bank entries did not establish that specific payments we...
Income Tax : Mumbai ITAT held that once receipts reflected in Form 26AS are assessed as taxable income, corresponding TDS credit cannot be deni...
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...
Faceless hand-holding of the Taxpayers Government of India, Department of Revenue, Ministry of Finance and Central Board of Direct Taxes has came out with a New Form 26AS which is the Faceless hand-holding of the Taxpayers to provide full details of their financial transactions. Aim is to prevent suppression of information by taxpayers. The taxpayers tax […]
The new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. From this Assessment Year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers’ financial transactions as specified in the Statement of Financial Transactions (SFTs) in various categories.
On verification of Form No. 26AS, if there is any inconsistency between the TDS details as provided by the deductor and TDS details available with the Government records (i.e. mismatch) then the deductee should intimate the same to the deductor. Mismatch in tax credit status of a deductee is because of : Non-quoting of PAN […]
Form 26AS -Annual Information Statement- Section 285BB of Income Tax Act 1961 The Government of India has introduced new section 285BB vide Finance Act, 2020 replacing existing section 203AA of the Income Tax Act, 1961 which mandates the prescribed income-tax authority or the person authorized by such authority to upload in the registered account of […]
1. Income Tax New disclosures asked in the new ITR forms 1 to 7 are: i. House ownership: Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR4. ii. Passport: One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in ITR […]
We all have been familiar with form no. 26AS where we verify details of tax deducted by our employer. Likewise for retired and pensioners the details of tax deducted by the bank also reflect here. The form no. 26AS has the details of all the tax deducted and collected from our income. It also has […]
On filling income tax return, one of the crucial part is to fill the TDS claim during the relevant financial year which should be match with TDS Credit reflects in Form 26AS. On non-matching of TDS claimed with TDS credit reflected in Form 26AS, demand will be raised by IT department on processing of return under section 143(1) of Income Tax Act. Further, interest under section 234B & C is also added up in the aforesaid demand.
The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor. Form 26QB is an internet based PAN challan( minor head 800) containing details of buyer, Seller, property being sold, sale consideration, tax deposit details etc.
Income Tax is one of the most prevalent and the long standing tax in India accumulating more than 50% of revenue from taxes for the Central Government. Income tax is contributed by corporates as well as individuals. Surprisingly, a mere 2-3% of the individual population in India actually pays income tax. However, over the recent […]
Budget 2020-21 introduced section 285BB in the Income-Tax Act to implement revised Form 26AS and include all information concerning taxpayer with the Income Tax during the year (Making it a ONE STOP).
