Income Tax News
CBDT notifies Income Tax Return Forms for the Assessment Year 2024-25
ITR-4 (SUGAM) is for resident individuals, HUFs and Firms (other than LLP) having total income upto Rs. 50 lakh and...
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Reassessment notice for AY 2013-14 cannot be issued after 31.03.2021 by taking relief of TOLA [Read order]
We are unable to comprehend the contention raised that if the notice dated 30th May 2022 under Section 148A(b) of...
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Investment by Foreign companies in Indian companies cannot be considered as undisclosed income of foreign companies [Read order]
An investment made by a foreign company in an Indian company is a capital account transaction and such transaction cannot...
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No deduction of expenses under Income tax Act if payment is not made till 31st March: 43B amendment [MSME]
Any sum payable by an assessee to a micro and small enterprise in respect of an expenditure, beyond the time...
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Income Tax Department conducts search operations in Mumbai
Credible evidences recovered during the search have established that the flagship company has made unaccounted cash sales of around Rs....
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Income tax department has issued guidelines in relation to TDS u/s 194-O of the Act [Read circular]
fees charged by the seller-side ECO (Rs 3 charged to the seller) and buyer-side ECO (Rs 1 charged to the...
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Income tax notice for High value transaction received from Income tax department
Hence, it is advisable to check the information or data available on E-filing portal and it is advisable but not...
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Last chance to declare foreign assets in income tax return for AY 23-24 or you can face Rs. 10 lakh penalty
if a person does not discloses foreign asset in it's income tax return it could result in a penalty under...
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What is the fees for filing Appeal before CIT(A) under Income tax Act?
The assessee has to file Appeal within 30 days from the date of service of order or demand as the...
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TCS at 20% under Income tax Act on sending money outside India under LRS. Applicable on non-resident?
Thus, after 01.10.2023, any remittance made outside India for any purpose i.e. maintenance of family or investment etc. 20% TCS...
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Assessment order in name of deceased is not valid and void ab initio [Read order]
Reassessment initiated in the name of deceased person and since no response was received from assessee Ld. AO passed order...
Read moreWhat is 133C notice being received by Assessee under Income tax in relation to TDS?
The notice is being served on the deductor for AY 2021-22 or AY 2022-23 in relation to the feedback being...
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Procedure, format and standard for filing an application for lower deduction of TDS by deductee u/s 197 [Read notification]
For making an application in Form 13 with Annexure II the tax-payer/Deductee shall login into the TRACES website (www.tdscpc.gov.in), for...
Read morePenalty of Rs.10 lakh per year for not disclosing foreign asset under Schedule FA in ITR [Read order]
Hon'ble Mumbai ITAT has passed an order in case of Ms. Shobha Harish Thawani for AY 2016-17, 2017-18 and 2018-19...
Read moreWhat is short stay exemption available under Indian Income Tax Act?
there are other conditions prescribed under section 10(6)(vi) which needs to be fulfilled to get the above exemptions by foreign...
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GSTR 9/ 9C due date to be extended to 31.10.2020 | E-invoicing will be voluntary in the beginning
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How to pay Membership and COP fees of ICAI for 2020-21 |
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Code/ Nature of payment 6CR updated by NSDL in challan 281 for paying TCS on sale of goods
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Are all the due dates of tax audit and Income tax return for FY 2019-20 extended to 31.03.2021 by the bill presented in Lok sabha Dt. 18.09.2020
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SFT transaction mentioned in Form 26AS | What does it mean? | Who reports it? | SFT codes transaction type
- Default under TDS for 20% TDS or short deduction? Here is a relief from non-linking of Aadhar-PAN
- Received Notice Under Section 143(2) of Income Tax Act? Here’s Why You Got It and How to Tackle It Effectively?
- Statutory Compliance Calendar for June 2025 | Income tax, GST and various other laws
- Statutory Compliance Calendar for May 2025 | Income tax, GST and various other laws
- ITAT Mumbai: Capital Gains on Indian Mutual Funds Not Taxable in India for Non-Residents under DTAA [Case law]
- Statutory Compliance Calendar for April 2025 | Income tax, GST and various other laws
- No relief under section 87A for capital gain even after date extended to file revised return for AY 2024-25?
- Statutory Audit of Cash and Cash Equivalents in Indian Companies [Company Law]
- Statutory Audit of Trade Receivables in Indian Companies [Company law]
- Statutory Compliance Calendar for February 2025 | Income tax, GST and various other laws
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