Income Tax : India's Income Tax Department shifts to a taxpayer-friendly approach, prioritizing silent recoveries, refund adjustments, and redu...
Income Tax : Learn about different types of income tax notices, letters, and orders issued by the Income Tax Department to individual taxpayers...
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 : Received an SMS about Section 80GGC deductions? Learn why the Income Tax Department is scrutinizing claims and what steps to take ...
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 : CBI arrests two Income Tax employees in Silchar for accepting Rs. 4,000 bribe as part of a Rs. 10,000 demand for PAN card closure....
Income Tax : The PAN 2.0 Project simplifies PAN/TAN management with a unified platform, paperless processes, and faster services. Approved by C...
Income Tax : Over 34 lakh Audit Reports filed on the e-filing portal by October 7, 2024, showing a 4.8% increase from last year, according to t...
CA, CS, CMA : KSCAA addresses glitches in the Income Tax portal, highlighting challenges faced by taxpayers and professionals, in a representati...
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...
Corporate Law : CAT directs CBDT to review transfer policies for Group B & C employees, ensuring fairness and alignment with Group A guidelines. D...
Income Tax : Kerala High Court rules that an income tax appeal filed with delay cannot be dismissed without considering the delay petition. App...
Service Tax : Bombay High Court rules that service tax cannot be imposed solely on income tax return data. The department may issue a fresh noti...
Income Tax : Calcutta High Court stays Section 148 notice issued by jurisdictional assessing officer citing procedural non-compliance with Sect...
Income Tax : Calcutta High Court stays Section 148 notice citing procedural irregularities under Section 151A and faceless assessment rules. Fu...
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...
Income Tax : On or about 12th January 2010, an officer in the Income Tax department, Mumbai, noticed that refunds had been issued from his juri...
Right to Information is a fundamental right – Income Tax Department to furnish information sought within two weeks – serious note taken of lackadaisical approach of Department in releasing information – Delhi High Court
The Income Tax Department is planning to extend the Refund Banker Scheme to the entire country as a move aimed at expediting refund of excess tax. The scheme, launched in Delhi and Patna in March this year, was later extended to Kolkata, Chennai, Bangalore and Mumbai. It will now be extended to the entire country for the non-corporate category of taxpayers. This will facilitate quick and correct issue of refunds, an income tax official said.
In a ruling which could affect tax payments of thousands of employees of Indian IT companies earning mega bucks on overseas assignments, the Authority of Advance Rulings (AAR) has said that that there was no escape from paying tax on the amount earned during a stint with the employer’s foreign affiliates.
Data from service tax department and state value-added tax (VAT) departments may now come handy for the I-T sleuths to catch those evading taxes. Traders have to register with the state VAT departments once their annual turnover crosses Rs 5 lakh. Similarly, service providers register themselves once they reach Rs 7 lakh in annual turnover. […]
The Applicant, an informer of the department, filed a RTI application seeking inspection & copies of all records available with the income tax department including assessment orders of Escorts Ltd, Dr. Naresh Trehan and connected parties. The application was rejected by the PIO on the ground that there was no overriding public interest in disclosing the information relating to third parties and the disclosure would lead to an invasion of privacy of the assessees. On appeal by the applicant, HELD allowing the appeal:
The Income-tax Department is required to give credit for TDS based on the annual information in NSDL site. The assessee can register his PAN and view the status of TDS, advance tax and self-assessment tax (annual tax statement AS 26). Credit for TDS is given to deductees based on the returns submitted by the deductor. In the event of the returns being rejected for mismatch of challans or non- quoting of PAN numbers of some of the deductees, assessees have no remedy to get credit for TDS in the absence of rectification of returns by the deductor.
Income Tax Department has notified the file format (data structure) for preparation of Annual Information Returns. Filers can prepare the AIR as per the file format using in-house software or any other third party software or the return preparation utility developed by NSDL (AIR RPU) and submit the same to any of the TIN-FCs established by NSDL or directly upload through the NSDL-TIN website.
1. What Is PAN? Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department. Why Is It Necessary To Have PAN? It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. From 1 January 2005 it will be mandatory to quote PAN on challans for any payments due to Income Tax Department.
The Supreme Court has ruled that the companies have statutory obligation to deduct tax at sources (TDS) on interest payments for the loans taken in the name of its directors. The revenue department is empowered to impose interest on such a company for not deducting tax by declaring it assessee in default, the apex court said.
Fixed deposit holders will not be allowed to avail any credit against taxes paid on their interest earnings if banks do not quote their PAN numbers. Many fixed deposit holders could be left in lurch as income tax department has tightened rules on TDS or tax deducted at source. Banks are supposed to cut tax at source for interest income above Rs 10,000. But in 2005-06 less than half of non-salaried income had PAN numbers and in future these will not be eligible for refunds.
