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 …
The Congress party has received a ₹ 1,800 crore notice from the Income Tax Department, a day after the Delhi High Court dismissed the party’s petition challenging the tax notices. The fresh notice on congress party is for assessment years …
CBDT Notification No.37/2024 dated 27 March 2024: Income Tax (Fifth Amendment) Rules 2024 The Central Board of Direct Taxes (CBDT), vide its Notification No. 37 of 2024 dated 27th March 2024, notifies about the amendments brought in the Income Tax …
Today, the last trading day before the market closure, is the final opportunity to invest in ELSS for tax Exemption ELSS Tax Exemption: As the financial year draws to a close, investors are reminded that today marks the deadline for …
The ITAT dismissed the revenue’s petition, finding that the AO failed to establish a clear link between the tangible material and the conclusion of escaped income. In a significant ruling, in case of Surender Dalai vs ITO [I.T.A No.7714/Del/2029], the …
Five Important Income Tax Related Tasks you Need to Complete on or before 31 March 2024 As we approach the end of the current financial year, it’s crucial for taxpayers to complete all income tax-related tasks before March 31 to …
ITAT clarifies that a builder’s mistake in flat allotment will not hinder a taxpayer’s ability to claim tax benefits under section 54 of the I-T Act. In a recent case adjudicated by the Income-tax Appellate Tribunal (ITAT), Mumbai bench, a …
The department claimed that the “escaped” income by the congress party amounted to over ₹520 crore. The Delhi High Court delivered a verdict on Friday, rejecting the Congress party plea challenging the Income Tax (IT) department’s move to initiate reassessment …
The Congress Party stands to face substantial financial repercussions if violations under Section 13(1) of Income Tax Act are proved. The Congress party finds itself embroiled in a series of tax challenges, with the Income Tax Department delving into its …