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Income Tax

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Jan 05 2022

Financial consequences for late filing of ITRs

Filing of Income Tax Returns (ITRs) is one of the tedious but mandatory tasks that an assessee has to do every year before the due date of filing. This fin...

Jan 01 2022

All about Condonation of Delay under Section 119(2)(b)...

In India, under section 139 of the Income Tax Act, each assessee is expected to file his or her income tax return within the time frame specified. However,...

Dec 30 2021

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

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...

Dec 24 2021

Assessing Officer cannot ignore the Valuation Report an...

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...

Dec 23 2021

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

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...

Dec 17 2021

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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Dec 15 2021

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

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...

Dec 14 2021

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...

Dec 13 2021

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

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...

Dec 10 2021

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

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...

Dec 09 2021

Interpretation of the word ‘Deductible or Collectible...

In a recent case of Director of Income Tax, New Delhi Vs. M/s. Mitsubishi Corporation, the Supreme Court (SC) ruled that for years prior to the fiscal year...

Nov 30 2021

ITAT directed Lease Income to be considered as Business...

The Income Tax Appellate Tribunal has held in a case that lease income from sub-lease shall be deemed to be business Income because it was generated by the...

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