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 Indian Income Tax department on Monday told the division bench of the Bombay High Court that it has the jurisdiction to levy tax on the $11-billion acquisition of Indian telecom major Hutch-Essar by Vodafone. The division bench has been hearing a petition filed by Vodafone against the Income tax department
Tax deducted at source (TDS) has become a problematic issue with the income tax department as in more than 50% TDS refund cases it is facing an uphill task in matching the data provided in the assessee’s income tax returns with the TDS deductor’s information available with the NSDL.
Haven’t got your income tax (I-T) refunds? Here is the reason – the department has not processed close to 20 lakh returns filed by taxpayers in Mumbai. The issue was taken up by Chief Commissioner of Income Tax, Mumbai, P. P. Srivastava, who recently took charge, during a meeting with senior officials on Thursday.
The taxman does not have claim over the bank overdraft facility of a defaulter since the lender does not owe money, but has promised a loan for business, the Bombay High Court has ruled. By taking an overdraft facility, a taxpayer becomes a debtor to the bank and hence, no authority has the right to attach overdraft facility for recovering tax dues, the court said in an order dated July 8.
Mumbai : Nowadays Income Tax Department is issuing letters to taxpayers demanding them to pay tax which they already paid. These letters being sent out as a result of the income-tax department moving on to a computerised system, wherein taxes cut by your employer and those with whom you share a business relationship get listed under your name. The problem arises at the last link — where tax deducted by any organisation against your name has to appear. The system is not being able to connect the two fields, and hence, thinks you have not paid tax.
The employees of the Income-Tax Department will strike work on Thursday to stress the various demands including filling up vacancy and stop outsourcing at the Central Processing centre in Bangalore.The two major employees associations Income-Tax Gazetted Officers Association and Income-Tax Employees Federation will participate in the strike.
Section 50C containing very harsh and controversial provisions is one more attempt by the Government to bring to revenue the unaccounted portion of the property transactions. Earlier, we had Chapter XXA from 5-11-1972 to 30-9-1986 providing for acquisition of immovable property by the Government when it was found that fair market value was higher than the consideration stated in instrument of transfer.
The new Citizens’ Charter will be a guiding rule book for the I-T department and its officials.Taxpayers whose premises have been searched or raided by the Income Tax (I-T) department can now expect to get possession of their sealed properties and assets in two months as compared to the usual duration of over a year.
Corporate earnings from trading in certified emission reduction or carbon credits has caught the eyes of income-tax department. Tax authorities plan to closely look at companies found active in carbon trading after finding non-payment of taxes on such earnings.
The Income Tax Department has carried out search operations at companies engaged in real estate business, I-T department sources said here today. Over 50 premises including business and residence of five builders are being searched by more than 250 I-T sleuths, sources said, adding some of the business premises in Ahmedabad are also being searched.
