ITAT Visakhapatnam Ruling in case of Konathala Nooku Naidu verses ITO/ case No. I.T.A. No.269/Viz/2023 In a recent decision, the Visakhapatnam Income Tax Appellate Tribunal (ITAT) has ruled in favour of a taxpayer, directing the deletion of an addition made …
ITAT highlighted that the imposition of penalties under Section 271(1)(c) should not be automatic, but rather based on a careful consideration of the circumstances. ITAT Delhi Ruling: In a significant ruling, the Delhi Income Tax Appellate Tribunal (ITAT) emphasized that …
Tax Exemption on Long-Term Capital Gain on Sale of Jewellery to Purchase a House. Capital Gain Tax Exemption on Sale of Jewellery: Are you considering selling your jewellery to fund your dream home? Understanding the tax implications and exemptions can …
Responding to representations received, CBDT has further extended the deadline for filing Form 10A (Provisional registration) and Form 10AB (Permanent Registration) to 30th June, 2024. The Central Board of Direct Taxes (CBDT) has issued Circular No. 07/2024 dated 25.04.2024, extending …
Circular No. 6/2024 dated 23 April 2023 In a significant update, the Central Board of Direct Taxes (CBDT) has issued Circular No. 6/2024 dated April 23, 2024, stating that deductors/collectors won’t be held liable for short deductions/collections of tax until …
CBDT Notification No. 39/2024 Dated 22 April 2024 In a recent development, the Central Board of Direct Taxes (CBDT), introduces pivotal changes to the Income-tax Act, 1961 vide its Notification No. 39/2024 Dated 22nd April, 2024. This notification reshapes the …
Income Tax Implications of Rising Gold Prices Income Tax Application on Gold Price Rise: In the midst of geopolitical tensions and market uncertainties, gold has emerged as a favoured investment option, witnessing a significant uptrend in gold prices. As of …
Net Direct Tax collections for the FY 2023-24 stand at Rs. 19.58 lakh crore marking a growth of 17.70%. In the fiscal year 2023-24, India witnessed a substantial boost in its direct tax collections, reaching a notable Rs. 23.37 lakh …
Aligning with Modi’s vision for the first 100 days of his third term, the revamp of direct taxes is expected to address current economic imperatives and contribute to India’s aspirations of becoming a developed nation by 2047. In a significant …
The ITAT also clarified that a mere transfer of Property through a registered sale, without the buyer making the payment to the seller, cannot lead to an addition. The Ahmedabad Income Tax Appellate Tribunal (ITAT) recently made a significant ruling …
By scrutinizing data, Artificial Intelligence (AI) can identify anomalies and suspicious activities indicative of fraudulent behaviour. In the ever-evolving landscape of tax administration, the advent of Artificial Intelligence (AI) has brought about a significant transformation. The role of Artificial Intelligence …
Starting next week, from April 15, the Central Board of Direct Taxes (CBDT) has directed its field officers to reach out to these individuals having TDS but failed to file their Income Tax Return. The Income Tax Department is set …
The immediate focus of income tax department is on approving pending refunds, particularly those withheld under section 241A where scrutiny assessments have been completed and necessary orders passed. If you’re waiting for your income tax refund, here’s some good news …
Immediate steps of this Interim Plan includes addressing grievances through e-Nivaran and CPGRAM platforms. The Income Tax Department has unveiled its interim action plan for the fiscal year 2024-25, focusing on crucial areas such as the identification of cases related …
Income Tax officials have not ruled out the possibility of the Enforcement Directorate joining the probe to delve deeper into the alleged conspiracy. In a recent development, Income Tax officials have uncovered a purported plan involving a significant sum of …
CBDT clarifies that apprehensions about retrospective taxation and re-opening of cases on issues pertaining to HRA claims is completely baseless In a recent press release dated April 8, 2024, the Central Board of Direct Taxes (CBDT) has addressed and dismissed …
Kerala High Court: As the appeal has already been heard and final orders are pending, all additional proceedings shall be kept in suspension until the appeal’s final orders are passed. In a recent development in WP(C) NO. 10163 OF 2024 …
New Income Tax Forms: Form 1, Form 10IEA, Form 10IFA and Form 3AF New IT Forms Released: According to a recent update on 5 April 2024 by the Income Tax Department, Form 1, Form 10-IEA, Form 10IFA and Form 3AF …
The Income-tax Department has already made filing functionalities for commonly used segments of ITR available. ITR Filing FY 2023-24: With the Income-tax Department opening its return filing utilities on the first day of the Assessment Year 2024-25 (Financial Year 2023-24), …
According to a press release of Ministry of Finance Dated 4 April 2024, the Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Return (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) …