Income Tax

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Income Tax

IT Dept. gives One-time Relaxation for the verification...

IT Dept. gives One-time Relaxation for the verification of e-filed ITRs

The Central Board of Direct Taxes has decided to provide one-time relaxation for the verification of e-filed ITRs for Assessment Year 2020-21 that are pend...

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Income Tax

Assessing Officer cannot ignore the Valuation Report an...

Assessing Officer cannot ignore the Valuation Report and adopt a new method of valuation

In the case of M/s. Innoviti Payment Solutions Private Ltd. Versus ITO (ITAT Bangalore), the assessee filed an appeal against the order of the Assessing Of...

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Income Tax

Additions under Section 68 can’t be made based on mer...

Additions under Section 68 can’t be made based on mere suspicion

In the case of Smt. Tapasi Singh Vs ITO (ITAT Kolkata), the assessee provided new capital, which was explained as a gift. She provided tax information for...

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Income Tax

Amendment in Rule 10DA and Rule 10DB of IT Rules 1962...

Amendment in Rule 10DA and Rule 10DB of IT Rules 1962

India being a member of OECD and BEPS, introduced section 286 in Income tax Act, 1961 to make mandatory for the companies to submit Country by Country Repo...

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Income Tax

Grant of TDS credit to Employee when the same is not de...

Grant of TDS credit to Employee when the same is not deposited by Employer

In Kartik Vijaysinh Sonavane vs. Deputy Commissioner of Income Tax [R/Special Civil Application No. 6193 of 2021 dated November 15, 2021], the Honourable G...

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Income Tax

Ways to do ITR verification

Ways to do ITR verification

ITR Verification (Income Tax Return) is the final step in filing it. If you do not verify your income tax return within 120 days of submitting it, it will...

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Income Tax

Access to an Annual Information Statement (AIS) can hel...

Access to an Annual Information Statement (AIS) can help taxpayers in the tax filing

The Income Tax Department has announced the release of the Annual Information Statement (AIS), which will give you nearly all of the facts regarding your f...

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Income Tax

Ways to save taxes without putting your money in tax-sa...

Ways to save taxes without putting your money in tax-saving investments

Filing income tax returns (ITRs) may be a time-consuming process for individuals. Not only must one guarantee that their taxes are paid on time, but they m...

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