Income Tax : India has moved from a uniform ITR deadline to a category-based system linked to audits and income complexity. The reform improves...
Income Tax : Explains the statutory penalties, interest, and financial losses triggered by belated ITR filing. Highlights real case examples sh...
Income Tax : Highlights the legal obligations of timely ITR filing, penalties for delays, and the benefits of maintaining a clean financial rec...
Income Tax : Breaks down Section 234F penalties, 1% monthly interest, and the hidden loss of tax benefits that arise when returns are filed aft...
Income Tax : Explore the different types of assessments under the Income Tax Act, 1961, including self-assessment, regular assessment, and best...
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 : Chartered Accountants Association, Jalandhar has made a request to FM for Extension of specified date of filing tax audit report a...
Income Tax : Joint representation fo Extension of various dues dates of filing Audit Reports and Income Tax Returns under Income Tax Act, 1961 ...
Income Tax : Request for Extension of the specified date of filing the Tax Audit Report and other forms falling due on or before 15th January 2...
Income Tax : Rajasthan BJP Economic Cell has made a request for extension of due date of furnishing of Report of Audit under provision of the I...
Income Tax : The Tribunal upheld the disallowance of HRA exemption under Section 10(13A) as the assessee failed to submit any supporting docume...
Income Tax : The Tribunal held that once provisions were disallowed and taxed in an earlier year, their subsequent reversal cannot be taxed aga...
Income Tax : The Revenue argued AMP functions required separate compensation under DEMPE principles. The Tribunal rejected this, holding that c...
Income Tax : ITAT Pune held that denial of exemption under section 10(23C)(iv) of the Income Tax Act merely because of inadvertent error of cla...
Income Tax : The ITAT followed its earlier ruling for the German financial institution, confirming that the management/processing fee was a com...
Explore the different types of assessments under the Income Tax Act, 1961, including self-assessment, regular assessment, and best judgment assessment for taxpayers in India.
The ITAT Mumbai has ruled in the case of Dhiren Ramanlal Shah vs. ITO, allowing an individual partner to carry forward losses and get relief from late fees. The ruling hinges on the fact that the partner’s firm had to file an audit report, extending the partner’s own filing deadline.
ITAT Hyderabad held that denial of exemption under section 54F on allegation of more than one residential house unwarranted as one residential house is gifted to his daughter. Accordingly, exemption allowed and appeal of revenue dismissed.
ITAT Ahmedabad sends Nikanth Co-op Society tax case back to AO for re-examination, citing fair hearing need despite prior non-compliance.
ITAT Ahmedabad deletes unexplained investment addition after assessee proves source from spouse’s fixed deposits via banking channels.
ITAT Kolkata held that the surcharge is leviable only when the amount of income tax is computed where the total income exceeds Rs.50 lakhs. Here, surcharge is not leviable since income is less than Rs. 50 Lakhs. Accordingly, appeal allowed.
Since there was no genuine hardships in filing their ITR within prescribed time limit, the application was not maintainable since the ITR was already filed by assessee and the same was taken on record, and thus the issue of condoning delay in filing the ITR would not arise.
Defective ITR not rectified within time is treated as invalid. Filing a new belated return or seeking condonation can avoid penalties under Section 234F.
Discover the complexities of tax compliance for freelancers and gig workers, from understanding income sources to navigating legal consequences. Learn how to mitigate tax non-compliance and optimize financial management.
ITAT Delhi held that in order to claim exemption under Section 13A of the Income Tax Act by the political party it is necessary to furnish return of income by the ‘due date’ as per Section 139 of the Income Tax Act.
