Category: Income Tax

https://www.thehindubusinessline.com/news/cbdt-issues-guidelines-for-re-opening-cases-post-supreme-court-judgement/article67234001.ece Clipped from: https://www.thehindubusinessline.com/news/cbdt-issues-guidelines-for-re-opening-cases-post-supreme-court-judgement/article67234001.ece No action is required to be taken under Section 147/148 of the Income Tax Act in cases, where decision of appellate authorities

https://www.financialexpress.com/money/31-lakh-itr-filers-are-not-yet-eligible-for-income-tax-refund-and-they-have-themselves-to-blame-3220865/ Clipped from: https://www.financialexpress.com/money/31-lakh-itr-filers-are-not-yet-eligible-for-income-tax-refund-and-they-have-themselves-to-blame-3220865/ Income Tax Return Verification and Refund News (August 24): Many taxpayers submit their returns on the e-filing portal of the Income Tax

https://www.thehindubusinessline.com/opinion/the-way-to-analyse-i-t-returns-data/article67220491.ece lipped from: https://www.thehindubusinessline.com/opinion/the-way-to-analyse-i-t-returns-data/article67220491.ece Number of tax filers should not be looked at in isolation. Income tax revenue has shown a satisfying trend in the last

https://www.financialexpress.com/money/received-income-tax-refund-or-intimation-you-can-still-file-revised-itr-to-rectify-mistakes-know-how/3215505/ The deadline to fill out original income tax returns (ITR) concluded on July 31. While it is crucial to submit your ITR on time,

https://www.financialexpress.com/money/your-queries-income-tax-income-from-gift-by-relative-taxable-in-hands-of-receiver/3215271/ By Chirag Nangia —Mangalaprasad Patnaik There are no provisions for deductions / exemptions for the person giving a gift to mother and sister as

https://www.financialexpress.com/money/tax-talk-key-data-points-to-compute-capital-gains-on-property-sale-you-can-claim-deduction-for-interest-paid-during-the-construction-phase/3214099/ Receipts for direct sale-related expenses Expenses directly incurred in relation to the purchase and sale are allowed as a deduction when calculating capital gains.

https://www.financialexpress.com/industry/draft-tax-form-for-firms-to-report-inventory-valuation-out/3214201/ To prevent the deferral of taxes through undervaluation of inventory, the income tax department has come out with a draft form for various categories

https://www.business-standard.com/economy/news/cbdt-issues-detailed-guidelines-on-taxation-of-traditional-policies-123081600836_1.html The Central Board of Direct Taxes (CBDT) has released detailed guidelines concerning the alterations in the taxation of life insurance policies under clause (10D)

https://www.thehindubusinessline.com/economy/cbdt-issues-guidelines-on-life-insurance-policy-related-taxation-tweak-of-finance-act-2023/article67202672.ece The Central Board of Direct Taxes (CDT) has issued guidelines on the recent Finance Act 2023 which introduced changes in taxation of life insurance

https://www.financialexpress.com/money/tax-talk-omitting-additional-income-in-itr-may-get-you-tax-notice/3211488/ By Neeraj Agarwala Recent reports of the income tax department issuing notices to salaried employees have sparked concerns in all individual taxpayers’ minds. These

Read more at: https://www.deccanherald.com/business/explained-what-to-do-about-income-tax-notices-on-under-reportingmisreporting-of-income-2648092 https://www.deccanherald.com/business/explained-what-to-do-about-income-tax-notices-on-under-reportingmisreporting-of-income-2648092 Credit: There is much celebration about the widening taxpayer base. Out of the 6.77 crore income tax returns (ITRs) filed for

Presumptive Taxation under section 44ADA for professiona Read more at: https://taxguru.in/income-tax/presumptive-taxation-section-44ada-professional.htmlCopyright © Taxguru.in

Taxation on Gifts under Income Tax Act, 1961- An In-depth Summary Giving and Receiving gifts are an integral part of India’s cultural heritage and are