Clipped from: https://taxguru.in/income-tax/capital-gain-tax-exemption-property-redevelopment.html 1. Redeveloping old buildings and societies is gaining momentum in major cities like Mumbai, Delhi-NCR, Surat, Bengaluru etc. Mumbai, India’s financial capital, is
Category: Income Tax
👌👌👌ITR forms–Recheck-Perplexity
Types of ITR Forms Choosing the Right Form Filing Process You can file your ITR online through the Income Tax Department’s e-filing portal or through
👌👌👌👌👌Punjab and Haryana HC Invalidates S.148 Notices for Non-Compliance
Clipped from: https://www.taxscan.in/punjab-and-haryana-hc-invalidates-s-148-notices-for-non-compliance-with-faceless-assessment-procedure-read-order/453750/ The Court determined that the notices issued by the Jurisdictional Assessing Officer were not compliant with statutory requirements, leading to a lack of
👌👌👌👌👌Employees’ Provident Fund: A look at withdrawal, taxation, TDS applicable on EPF – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/employees-provident-fund-a-look-at-withdrawal-taxation-tds-applicable-on-epf-453174-2024-11-10 It is important to comprehend the tax implications of EPF withdrawals to prevent any unforeseen tax liabilities. Withdrawals made before completing five years
👌👌👌Key Income Tax Deadlines You Can’t Afford to Miss: Only a few days left! Avoid heavy penalties – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/key-income-tax-deadlines-you-cant-afford-to-miss-only-a-few-days-left-avoid-heavy-penalties-3661726/?ref=money_hp If you fail to pay taxes on time, it might lead to penalties as well as many problems. Being aware of income tax
👌Reduce need for year-end refunds – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/reduce-need-for-year-end-refunds-3654621/ Employees now have a formal method to present their full tax obligation to employers, ensuring greater accuracy in TDS deductions. The submission of
👌Dismissal of appeal merely because appeal was filed manually instead of e-filing unjustified: ITAT Ahmedabad
Clipped from: https://taxguru.in/income-tax/dismissal-appeal-appeal-filed-manually-e-filing-unjustified-itat-ahmedabad.html Mayursinh Jayandrasinh Jadeja Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that dismissal of appeal by CIT(A) on technical/ procedural aspect merely because the
👌👌👌👌👌Industry bodies urge Finance Ministry to ease TDS rate structure | Finance News – Business Standard
Clipped from: https://www.business-standard.com/finance/news/simplify-tds-rate-structure-to-reduce-compliance-burden-industry-bodies-124110701839_1.html Proposal seeks to lessen compliance burden on taxpayers and avoid litigation With the Budget to be presented in February next year, the Federation
👌👌👌👌👌👌👌Why Income Tax Notices Are Issued: Reasons and Compliance Tips
Clipped from: https://taxguru.in/income-tax/income-tax-notices-issued-reasons-compliance-tips.html Let’s understand why notice under income tax issued : Key Reasons, Types, and Best Practices for Compliance Summary: The rise in income tax notices
👌👌👌👌👌P&H HC Sets Aside Section 148 IT Notices Without Faceless Assessment
Clipped from: https://taxguru.in/income-tax/ph-hc-sets-section-148-it-notices-faceless-assessment.html Sai Vinayakka Education Society Through Ashwani Sood Vs ACIT (Punjab and Haryana High Court) In the case of Sai Vinayakka Education Society Through Ashwani
👌Order u/s. 153A quashed as assessment not based on any incriminating material found during search
Clipped from: https://taxguru.in/income-tax/order-u-s-153a-quashed-assessment-based-incriminating-material-search.html Dynamic Infraprojects Private Limited Vs DCIT (ITAT Delhi) ITAT Delhi held that assessment order under section 153A of the Income Tax Act quashed
👌👌👌👌👌New tax rules: CBDT fixes limit to waive, cut interest on pending tax dues – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/new-tax-rules-cbdt-fixes-limit-to-waive-cut-interest-on-pending-tax-dues-452583-2024-11-05 As per rules, failure to pay the tax amount specified in a demand notice will result in the taxpayer being charged interest at
👌👌👌👌👌How your residential status affects income tax in India
How your residential status affects income tax in India https://www.msn.com/en-in/money/news/how-your-residential-status-affects-income-tax-in-india/ar-AA1pl2kh?ocid=msedgntp&pc=DCTS&cvid=2d49208de5bf4146abcbba5b6db2ac5d&ei=28Indian residents are taxed on worldwide income, while non-residents are taxed only on India-sourced income. Residential
👌👌👌👌👌CBDT notifies Monetary Limits for Interest Waiver under Section 220(2)
Clipped from: https://taxguru.in/income-tax/cbdt-notifies-monetary-limits-interest-waiver-section-2202.html The Central Board of Direct Taxes (CBDT) issued Circular No. 15/2024 on November 4, 2024, establishing monetary limits for income-tax authorities concerning the
👌👌👌👌👌👌👌Understanding Income from House Property under Income Tax Act, 1961
Clipped from: https://taxguru.in/income-tax/understanding-income-house-property-income-tax-act-1961.html Summary: The Income Tax Act of India classifies income into five categories, one of which is “Income from House Property.” This category applies to
Income Tax Rules Change– Interest can be waived or reduced by Income Tax authorities
Income Tax Rules Change: Now Authorities Can Waive Or Reduce Interest Due On Late Payment Of Taxes https://www.msn.com/en-in/autos/photos/income-tax-rules-change-now-authorities-can-waive-or-reduce-interest-due-on-late-payment-of-taxes/ar-AA1ty2FV?ocid=msedgntp&pc=DCTS&cvid=454bff12ca84490ea1a622606a3b3e0c&ei=57The income tax authorities have made changes in
👌Reforms on anvil? FM Nirmala Sitharaman reviews the Income Tax Act 1961 with senior officials – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/reforms-on-anvil-fm-nirmala-sitharaman-reviews-the-income-tax-act-1961-with-senior-officials-452496-2024-11-04 During the meeting, the Revenue Secretary apprised the finance minister that 6,500 suggestions have been received through the portal since it was opened
👌Income tax dept receives 6,500 suggestions on review of income tax act | Finance News – Business Standard
Clipped from: https://www.business-standard.com/finance/news/income-tax-dept-receives-6-500-suggestions-on-review-of-income-tax-act-124110401230_1.html Public inputs and suggestions were invited in four categories simplification of language, litigation reduction, compliance reduction, and redundant/obsolete provisions Last month, the CBDT’s
👌👌👌👌👌👌👌LTCG exemption cannot be denied for mere suspicion without concrete evidence
Clipped from: https://taxguru.in/income-tax/ltcg-exemption-denied-mere-suspicion-concrete-evidence.html Bhavna Lalit Jain Vs ITO (ITAT Mumbai) In a recent ruling, the Income Tax Appellate Tribunal (ITAT) in Mumbai reversed the additions made
👌ITAT Upholds Deletion of Additions u/s 68 Due to Sufficient Cash Balance
Clipped from: https://www.taxscan.in/itat-upholds-citas-deletion-of-additions-u-s-68-citing-sufficient-cash-balance-and-lack-of-evidence-for-accommodation-entries-read-order/453097/ The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax (Appeals)[CIT(A)]’s decision to delete additions made under Section
aniltikotekar4sme.com 