Category: Income Tax Cases

Clipped from: https://www.thehindubusinessline.com/economy/covid-relief-delhi-hc-asks-i-t-dept-to-give-3-weeks-notice-to-assessee-before-taking-any-coercive-action/article34508991.ece Petitioners plead for issuance of directions for waiver of charges towards tax payment delay The Delhi High Court has asked the Government to

Clipped from: https://taxguru.in/income-tax/cash-transaction-income-tax-act-1961.html A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counteracting money

Clipped from: https://www.business-standard.com/article/economy-policy/crackdown-on-tax-evaders-i-t-notices-to-holders-of-foreign-assets-121041000067_1.html Seek action under black money and benami laws for non-disclosure The notices have been issued ahead of the April 30 deadline, which has

Clipped from: https://economictimes.indiatimes.com/news/economy/policy/i-t-dept-starts-issuing-reassessment-notices-for-time-barred-fys/articleshow/81965947.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis “The IT department has started issuing notices seeking to reassess income tax liability of taxpayers for these financial years, scrutinizing the income tax

Clipped from: https://economictimes.indiatimes.com/nri/invest/the-types-of-nri-incomes-that-are-taxable-in-india/articleshow/81964110.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis ​Tax on an individual’s income depends on the source of such income and the residential status in India. The residential status of an

The Central Board of Direct Taxes (CBDT) notifies CBDT notifies Extension of time barring Assessments to 30th April 2021 and Penalty to 29th June 2021. The Board

Clipped from: https://www.thehindubusinessline.com/news/national/over-80-legacy-i-t-cases-resolved-through-faceless-assessment-scheme/article34265746.ece As many as 3,130 tax personnel, including 600 IT officers, are involved in implementing the faceless e-assessment scheme   –  Getty Images/iStockphoto As many

Clipped from: https://www.business-standard.com/article/pf/can-t-use-itr-1-if-tds-paid-on-high-cash-withdrawal-say-experts-121040600045_1.html Taxpayers now need to provide quarterly break-up of dividend income earned From AY 2021-22, the taxpayer has to choose between the new and

lipped from: https://www.business-standard.com/article/economy-policy/glitch-free-faceless-assessment-addressed-industry-fears-p-c-mody-121040701520_1.html Of the 57,985 cases picked for assessment during its pilot last year, orders have been passed in 46,822 cases CBDT Chairman P C

Clipped from: https://www.financialexpress.com/money/income-tax/faceless-tax-assessment-60-of-allocated-cases-settled-in-a-year-says-cbdts-mody/2228892/ Out of the total 4,12,046 cases assigned to National Faceless Assessment Centre (NFAC) after the faceless appeal scheme was launched in September 2020,

Clipped from: https://economictimes.indiatimes.com/wealth/tax/when-can-i-claim-deduction-on-short-term-capital-gains/articleshow/81927861.cmsSynopsis As per the Income Tax Act, deductions allowed against the sale of shares resulting in short term capital gains, are the cost of

Clipped from: https://www.mondaq.com/india/income-tax/1035508/income-escaping-assessment-a-revamped-law-on-reassessment-proceedings As the dust settles and the excitement subsides over Budget 2021 announcements, it is now an opportune time to examine the fine print

Clipped from: https://economictimes.indiatimes.com/wealth/tax/can-capital-gains-from-sale-of-unlisted-stocks-be-adjusted-against-loss-from-house-property/articleshow/81926836.cmsSynopsis As per the Income-tax Act, 1961, provisions, the brought forward a loss from house property can be set off only against income from