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 : Discover penalties and prosecutions under the Income Tax Act, 1961, including default conditions, quantum of penalties, and potent...
Income Tax : All about interest under sections 234A, 234B, 234C, and 234D of the Income Tax Act, including when it is charged, rates, and calcu...
Income Tax : Missed the ITR filing deadline? Learn the penalties, interest charges, and restrictions. Understand the consequences and how to fi...
CA, CS, CMA : Discover the complexities of tax compliance for freelancers and gig workers, from understanding income sources to navigating legal...
Income Tax : All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition...
Income Tax : Representation for relaxation from levy of interest u/s. 234A on payment of self-assessment tax for A.Y. 2020-21 within extended d...
Income Tax : The Government is planning to specify a certain category of taxpayers to pay their entire tax liability for FY 2019-20 in advanc...
Income Tax : At the end of May the Income Tax Return forms are released for the Assessment Year 2015-16 and same been held back by finance mini...
Income Tax : Claim of the assessee for deduction for education cess was on a bonafide belief that it was allowable expenditure u/s. 37(1) and h...
Income Tax : In the recent ruling HC of Telangana have held that assessee is eligible to claim capital gain after observing that the possession...
Income Tax : ITAT Delhi held that advertisement and distribution revenue earned by Discovery Asia Inc. is taxable as per Mutual Agreement Resol...
Income Tax : ITAT Ahmedabad affirms CIT(A)’s deletion of ₹12.92 crore tax addition under Section 40A(3), relying on past gross profit rates...
Income Tax : ITAT Ahmedabad held that services do not qualify as Fee for Technical Services [FTS] under India-Netherlands tax treaty since depa...
Income Tax : The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of s...
Income Tax : CIRCULAR NO. 2/2015 The Board has decided that no interest under section 234A of the Act is chargeable on the amount of self-asses...
The Central Board of Direct Taxes after considering the severe continuing COVID-19 pandemic situation in the country, vide Circular No. 9 of 2021, dated 20 May 2021, has extended the deadlines of certain compliances for the Assessment Year 2021-22
In the wake of the pandemic Covid-19 and in the interest of taxpayers, the Central Board of Direct Taxes (CBDT) extended time limits for various compliances as under: 1. Statement of Financial Transactions (SFT) & Statement of Reportable Account (SRA):Due Date of SFT and SRA for the FY 2020-2021 has been extended from 31st May 2021 […]
सरकार द्वारा कोरोना महामारी को देखते हुए आयकर से सम्बंधित विभिन्न तिथियों को बढ़ा दिया है जिससे करदाताओ को राहत मिलेगी आयकर से सम्बंधित बढाई गई मुख्य तिथिया निम्न है 1. वित्तीय लेनदेन से सम्बंधित स्टेटमेंट जिसे (एस.एफ.टी) भी कहा जाता है वित्तीय वर्ष 2020-2021 जिसे 31 मई 2021 तक भरना था वह अब 30 […]
The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of section 139 of the Act, is extended to 30th September 2021; 10) The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September 2021, is extended to 31st October 2021;
CBDT issued Income Tax circular No. 09/2021 dated 20.05.2021, in exercise of its power under section 119 of the Income-tax Act, 1961 w.r.t. Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic and spike in Covid-19 cases: Extended Income Tax Due Date Chart after Considering circular […]
Formerly while notice under section 148 is received from the department to assess the income that has escaped the assessment, by the Assesses, who have already filed the returns of income, it has been the accepted practice that they would send a letter stating that they had already filed the return of income on a […]
Any assessee who has tax payable and don’t file his/her Income Tax Return within the due date specified u/s 139(1) is liable to pay interest u/s 234A. Meaning of Due Date U/s 139(1) Non Audit Cases : 31st July Audit Cases : 31st Oct, Due to Covid 19 CBDT on 24th June 2020 extended the […]
DCIT Vs Zorawar Vanaspati Ltd. (ITAT Delhi) The issue under consideration is whether the cross objection filed by the revenue regarding levying penalty u/s 234A and 234B of the Act on returned income is justified in law? ITAT states that as far as Revenue’s appeal is concerned, an undisputed fact that the Revenue’s appeal is […]
The issue under consideration is whether disallowance u/s 36(1)(iii) made by AO forming an opinion that interest bearing funds were withdrawn from the firm being capital withdrawn by the partners and interest free advances is justified in law?
Whether A.O. is right in dismissing the claim of the assessee u/s. 54F of the Act on the ground that residential flat was not constructed after the date of transfer and they were constructed alongwith saleable flats?
