First-time taxpayers should know these things before filing ITR
For salaried individuals, the first step to file ITRs is to get hold of their Form-16 from employers. This document…
Tag: incometax
Determination of Sales, turnover, gross receipts for purposes of Tax Audit
The provision relating to tax audit under section 44AB of the Income Tax Act, 1961 applies to every person carrying…
ITR Filing Due Date Extension : Will govt extend the deadline
Taxpayers are rushing to file their income tax returns in India before the July 31 deadline, with over 4 crore…
Tax Calculator to check tax saving in new Tax Regime as proposed by FB, 2023
FM said, while presenting the Union Budget, 2023 that we are also making the new income tax regime as the…
Income Tax employee uses seniors’ login credentials to generate fake TDS Refund of Rs 263 cr
A mid-level income tax employee gained access to the computer systems of his superiors and managed to generate fake tax…
Supreme Court ends large tax evasion in land, property deals
The Supreme Court has put an end to a rampant tax dodge, going on for decades, where land parcels, properties,…
Same PAN allotted to two persons, HC asks income tax deptt. to respond
The Delhi High Court has sought response of the Income Tax Department on a peculiar case where a man claimed…
CBDT relaxes quoting of PAN-Aadhaar No. in certain transactions
The cash withdrawal and deposit system was subjected to a change from May 26,2022. From said date the Centre had…
Rectification u/s 154 cannot be invoked by AO in case of Debatable Issues: ITAT
ITAT Delhi in its recent ruling in the case of M/s. Avisha Credit Capital Ltd has held that rectification proceedings…
Income Tax Department to soon make e-verification operational
The Income Tax Department will soon operationalise the already notified e-verification scheme intended to verify information received from various reporting…
‘Reason to Believe’ sufficient to issue Notice u/s 148 of IT Act: Delhi HC
The Delhi High Court has observed that the sufficiency or correctness of the material is not a thing to be…
Belated deposit of Employees PF/ESI contribution can’t be added to employer’s taxable income: ITAT Delhi
The Single Bench of Delhi ITAT, consisting of judicial member Kul Bharat, has ruled that belated payment of employees’ contribution to the Provident…