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Income Tax : Discover essential updates on the e-filing portal for ITR 2024-25, including changes in forms, bank validation, refund status, sta...
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Income Tax : Delhi High Court dismisses Income Tax Department's appeal in PCIT Vs Satya Prakash Gupta case, finding no evidence of commission r...
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Income Tax : Chennai ITAT ruled that incorrect classification in ITR cannot deny genuine deductions. Learn about the National Contracting Compa...
Income Tax : Explore the ITAT Mumbai's decision on payments to retiring partners by Deloitte Haskins and Sells LLP. Understand why it's not con...
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Income Tax : Understand the time limit for income tax return verification after uploading. Learn the implications of late verification and the ...
Income Tax : Explore amendments in ITR form V & Acknowledgement for A.Y 2024-25 as per Income Tax Act, 1961 & Rules, 1962. Understand filing pr...
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Income Tax : CBDT notifies ITR-7 [For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 13...
Major Achievements of CBDT in Current Financial Year 2016-17 so far include among others Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessment Year 2018-19;
In the present article, efforts have been made to analyse drawbacks in present ITR / TAR and to suggest some measures to eliminate them.
The Income Tax Department has conducted the fifth cycle of data matching which has identified an additional 67.54 lakh potential non-filers who have carried out high value transactions in the financial year 2014-15 but did not file return of income for the relevant assessment year i.e. A.Y 2015-16.
To study the existing ITR Forms and suggest modifications to the same with a view to align the forms with latest provisions, simplification of forms for the benefit/ convenience of the taxpayers;
In the recent past the Income Tax authorities have blocked the e- filing accounts of the members who either have not submitted their PAN details to the Institute or of those, in whose cases discrepancies have been found between records as available with the Institute and the database of the Income Tax Department on account of the mismatch in ‘Name’/ ‘PAN No.’ / ‘Date of Birth’.
CBDT has further released data relating to distribution of income and tax payable in respect of returns filed for Assessment Years 2013-14 and 2014-15.
CBDT, hereby extends the ‘due date’ for filing income tax returns and reports of audit under the provisions of Income-tax Act pertaining to Assessment Year 2016-2017 for all categories of taxpayers in the State of Jammu & Kashmir to 31st December, 2016
It is further clarified that the extension of ‘due-date’ of 17.10.2016 would apply to all assessees who are required to file their return of income by 30th September, 2016 as per clause (a) of Explanation 2 to sub-section (1) of section 139 of Income-tax Act, 1961.
The issue of deactivating of the e-filing accounts of the members of the ICAI by the Income Tax Department on account of the mismatch in ‘Name’/ ‘PAN No.’ / ‘Date of Birth’ in the Income Tax records and the records available with the ICAI was taken up with the Income Tax Authorities on 26th August 2016.
The facility of e-verification of IT returns has been used by over 75.3 Lakh taxpayers till 5th August, 2016 as compared to 32.95 Lakh taxpayers last year till 7th September 2015. Of these Aadhar based E- verification was used by 17.68 lakh taxpayers during the current year as against 10.41 lakh taxpayers during the same period in 2015-16.
