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) …
ITAT concluded that the AO had failed to record proper satisfaction before issuing the notice under Section 153C of the Income Tax Act. The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has nullified an assessment order due to …
New Tax Regime under Income Tax Act The Budget 2020 introduced a new tax regime under section 115BAC, offering individuals and Hindu Undivided Families (HUFs) the choice to pay income tax at reduced rates with fewer exemptions and deductions. This …
CBDT Notification No. 2/2024 dated 31 March 2024 In a recent update on March 31, 2024, the Central Board of Direct Taxes (CBDT) has issued Notification No. 2 of 2024 to provide clarity on the verification of income tax returns …
Significant Changes Effective from April 1 of Financial Year 2024-25 As we step into the new financial year FY 2024-25 starting April 1, several significant changes in governance rules related to taxation, National Pension Scheme (NPS), mutual funds, and other …
The student received notices from both the Income Tax and GST departments concerning a company registered under his PAN card, purportedly conducting business activities in Mumbai and Delhi during the year 2021. A startling incident has shaken 25-year-old college student …
This HUF Tax saving trick is not exclusive to the Hindu community but also extends to the Jain, Baudh, and Sikh communities. As we approach the end of the financial year 2023-24, many individuals are seeking ways to optimize their …