Income Tax : Analysis of Sections 87A and 115BAC(1A) of the Income Tax Act, 1961, detailing their implications for taxpayers, including rebates...
Income Tax : F&O traders need to know how their profits are taxed. With the ITR return filing date approaching, it is imperative to know how st...
Income Tax : Get answers to common ITR issues and FAQs for filing your tax return for AY 2024-25. Resolve filing errors and understand tax regi...
Income Tax : How to calculate the turnover of Futures & Options (F&O) for taxation purposes, including detailed examples and tax filing require...
CA, CS, CMA : Stay informed with February 2024 legal obligations & updates in India. From Income Tax to GST, understand forms, filing dates, & s...
Income Tax : Discover comprehensive FAQs on filing ITR-4 (Sugam) for AY 2024-25. Learn eligibility criteria, tax regime options, documents need...
Income Tax : Learn who can file ITR-1, who cannot, necessary documents, and precautions. Understand the process of filing ITR-1 (Sahaj) online ...
Income Tax : Understand tax deduction rules for dividends as per Income-tax Act, 1961 amendments. Detailed guide on TDS rates, exemptions, and ...
Income Tax : Read the inaugural address from Ravi Agrawal, the new Chairman of CBDT, outlining his vision for enhancing tax administration in I...
CA, CS, CMA : Discover comprehensive proposals from The Punjab Accountants Association to improve tax compliance, extend filing deadlines, inclu...
Income Tax : In the case of Anil Champalal Jain vs ITO (ITAT Mumbai), learn why Mumbai ITAT ruled that cash deposits during demonetization alon...
Income Tax : Read the detailed judgment of Bombay High Court in ACIT Vs Sociedade de Fomento Industrial Pvt Ltd regarding TDS deduction on retr...
Income Tax : ITAT Jaipur quashes PCIT order in Yesh Dagas case, citing violation of natural justice principles. Key points of the judgment and ...
Income Tax : Gujarat High Court quashes Income Tax reassessment notice against Deepak Natvarlal Pankhiyani HUF, citing lack of fresh evidence s...
Income Tax : PCIT Vs Farmson Pharmaceuticals Gujarat Pvt Ltd (Gujarat High Court): Reassessment cannot be solely based on a reevaluation of exi...
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 : Discover the latest Income Tax Act notification under section 138 for Telangana by the Ministry of Finance. Details on the designa...
Income Tax : Explore the latest amendment in the Income Tax Act 1961 by Notification No. 50/2024 issued by the Ministry of Finance. Detailed an...
Income Tax : RBI exempted from Section 206AB of the Income Tax Act, 1961, via Ministry of Finance notification dated May 27, 2024. Learn more a...
Income Tax : Get insights on Circular No. 7/2024 issued by CBDT, extending due dates for filing Form No. 10A/10AB under the Income-tax Act, 196...
Under various provisions of Income Tax act, Income tax departments calls for the financial information from various sources/reporting entity such as Banks, Registrar appointed under Registration act, 1908, Stock Exchanges, etc. AIS is the collection of information pertaining to taxpayer acquired by the department.
ITAT Mumbai held that when assessee submits the sales to be fictitious sales, the onus is on AO to prove that such sales were cash sales as claimed by him. Addition unsustainable as AO failed to provide any evidence of cash sales.
Draft submissions regarding reasons recorded u/s 148(2) of the Income Tax Act, 1961 provide detailed insights into the legal implications of notice issuance and the necessity of furnishing reasons to the assessee. These submissions, accompanied by relevant case law, highlight the importance of procedural compliance and the consequences of non-compliance, aiming to ensure fair and just assessment proceedings.
Income Tax Department is pacing with technology and now it has launched mobile application for AIS view. Now the taxpayer can view AIS within a click. The assessee can also provide feedback on information reflecting in AIS. The application launched is totally free of cost. AIS is Annual Information Statement in which Significant Financial transactions […]
The article discusses the establishment of the Internal Board of Settlement (IBS) under the Income Tax Act of 1961, its role in resolving tax disputes, and its impact on taxpayers. The article also highlights alternative settlement mechanisms available after the abolishment of the Income Tax Settlement Commission in India.
Learn about the recent communication from the Income Tax Department regarding high-value transactions for previous and current financial years. Understand how to respond to the Annual Information Statement (AIS) and the consequences of not providing a timely reply.
ITAT Amritsar held that provisions of section 115BBE of the Income Tax Act cannot be made applicable where assessee has made a statement that the excess stock was a result of suppression of profit in respect of sales made outside the books of accounts.
On a pilot basis, in about 68,000 cases, information of financial transactions pertaining to FY 2019-20 has been taken up for e-Verification. Details of the transactions have been initially shared with the individual taxpayer through e-campaign. So far, e-Verification has been completed by the designated Directorate in approximately 35,000 cases and remaining are under verification.
Learn about significant financial transactions flagged by the Income Tax Department for FY 2022-23 (AY 2023-24) and the steps to view and reconcile them in the AIS.
Any Profit or gain arising from the transfer of Capital asset is taxable as a Capital Gain u/s 45 of the Income Tax act, 1961. It is relevant to determine whether Capital Gain is short term capital gain or long term capital gain as it affects the rate of Income Tax.
