Income Tax : The FAQs explain that FAST-DS, introduced through the Finance Act, 2026, offers eligible taxpayers a one-time opportunity to discl...
Income Tax : The Income Tax Department explains how faceless assessments under Section 144B operate through the e-Filing portal without requiri...
Income Tax : The case highlights denial of TDS credit after an incorrect TAN was reported in the income tax return, even though the correct TDS...
Income Tax : The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ulti...
Income Tax : Learn what TAN is, who must obtain it, how to apply, and where it must be quoted under the Income-tax Act. The guide also explains...
Income Tax : A government official was arrested for demanding and accepting ₹1.5 lakh to wipe off outstanding tax liabilities. The key takeaw...
Income Tax : The C&AG’s audits ensure proper assessment, collection, and allocation of direct taxes, identifying evasion risks and improving ...
Income Tax : CBDT’s 2024-25 APA report details 174 new agreements, including record bilateral deals, advancing tax certainty and reducing cro...
Income Tax : All Odisha Tax Advocates Association requests due date extensions for AY 2025-26 ITRs and Tax Audit Reports citing portal glitches...
Corporate Law : Professionals request an amnesty scheme for partnership firms in Maharashtra to regularize past lapses and ease compliance with Re...
Income Tax : Having regard to the gravity of the allegations, the ongoing investigation, the requirement of further probe into digital and fina...
Income Tax : ITAT Bangalore restored the issue of consultancy fee deduction to the Assessing Officer after noting that additional evidence rela...
Income Tax : The Gujarat High Court held that revisional powers under Section 263 cannot be invoked merely because the Commissioner prefers ano...
Income Tax : Delhi High Court held that seized amount is prima facie proceeds of crime and not lawful income hence to treat such amounts as tax...
Income Tax : Mumbai ITAT allowed Mahindra & Mahindra's appeal, holding that advertisement and sales promotion expenses of ₹3.26 Cr for 'Mahin...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : Nirmala Sitharaman Minister of Finance and Corporate Affairs Government of India Dy. No. 1759745 FM/FMP/2021 22/07/21 Message My h...
DGFT : Following DGFT services will not be available from 1 st June 2021 to 6th June 2021: i. Application for a new IEC ii. Application f...
Income Tax : A note said to be written by Shri. V G Siddhartha (VGS) of CCD is doing the rounds. Among others it was mentioned in the note abou...
Income Tax : The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total...
The Income Tax Department’s E-Filing Web Portal Will Not Be Working from June 1 to 6, Finish Your Tax-Related Work in Advance The Income Tax Department is preparing to launch a new e-filing web portal for taxpayers in June second week. Therefore, the existing income tax department’s e-filling web portal will be closed from June […]
Following DGFT services will not be available from 1 st June 2021 to 6th June 2021: i. Application for a new IEC ii. Application for Amendments/Modification in an IEC iii. One-time linking of Aadhaar for e-sign purposes. In view of the above, all stakeholders may therefore plan their activities accordingly.
Additional representation by Tax Bar Association, Nizamabad in respect of the Extension of Due date in filing the Return of Income under Income tax act for the Asst year 2020-21 [Financial year ending 31st of March 2020] and timelines for TDS/TCS compliances for AY 2021-22. TAX BAR ASSOCIATION Nizamabad President Secretary Treasurer CA.D. Venkataramana CA. Gopaldas Jhawar […]
Learn about CHALLAN Cum RETURNS under TDS provision: types, forms, and rates. Understand the process of deducting TDS on property transactions and payments to contractors and professionals.
The Faceless Assessment Scheme is one of the biggest Direct Tax reforms in India based on Key Principles of Efficiency, Transparency and Accountability. The Income Tax Department is bringing about a pardigm shift in building the future with technology by pioneering an ecosystem of assessments and appeals founded on Data and AI. Faceless Assessment is […]
Learn how to rectify an Income Tax order or intimation with easy steps. File a Rectification request online and correct any mistakes in the filing process.
1. What is e-tax payment? Ans. This is a facility provided to the taxpayers to make income tax payments through internet using net-banking facility. 2. Can I use this facility to pay income tax? Ans. You can, if; a) You have a bank account with net-banking facility, and b) Your bank is amongst the banks that provide the e-tax payment facility.
If there is one area in the income-tax administration which has remained perennially incurable, it is the Refunds, we shows you an easy way to solve the problem. In a Press Release dated April 19, 2007, the Central Board of Direct Taxes stated: “It has been reported in some sections of the media that a large number of taxpayers are awaiting refunds from the income-tax department for up to three years. These reports are factually incorrect and based on incomplete appraisal of facts”. As per the statement made by Minister of State for Finance, there have been instructions to issue refunds within four months from the date of receipt of return and dispatched within 30 days from the date of signing the refund order. I am sure most readers would doubt the correctness of the above Press Release and Statement. You may not have received refunds for one or more earlier years despite many reminders, personal visits, and grievance-cell applications. It is a helpless and hopeless situation.
As per instructions issued by the Central Board of Direct Taxes (CBDT), it is mandatory for deductors to file TDS/TCS statements with a threshold limit of Permanent Account Number (PAN) of deductees. To facilitate deductors who face problem in filing TDS returns because of insufficiency of PAN of the deductees and also to accommodate the deductees who have intimated their PAN, the Income Tax Department (ITD) has specified the following procedure for filing TDS/TCS returns
It has been proposed under the IT Circular 3/2009 that if the return is electronically furnished under a digital signature, the tax-payer is not required to furnish the Form ITR-V with the Income-tax Department as a follow up to the electronic transmitting of data in the return. Similarly, any return which is digitally signed by the assessee and filed with an E-Return Intermediary (ERI), who, in turn, submits the return to the Income Tax Department under his digital signature, will also be deemed to have been filed under a digital signature of the assessee and no Form ITR-V is required to be submitted. In such cases, the date of electronic transmission of the data in the return shall be the date of furnishing the return.
