Category: Income Tax

Clipped from: https://www.taxscan.in/dept-failed-to-consider-reply-to-income-tax-notice-delhi-high-court-quashes-penalty/163210/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Income%20Tax%20Notice Top Stories By Taxscan Team – On March 23, 2022 6:30 am The Delhi High Court has ruled that a penalty order passed by the income-tax authority under

Clipped from: https://taxguru.in/income-tax/indiscriminate-income-tax-notices-allowing-reasonable-time.html?utm_source=feedburner&utm_medium=email In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry and CBDT that suitable

Clipped from: https://www.business-standard.com/article/pf/how-to-respond-to-a-notice-for-reassessment-of-income-u-s-148a-of-i-t-act-122031800579_1.html Check the Relied Upon Documents, or RUDs, on the basis of which the assessing officer has started the reassessment proceedings Photo: Shutterstock The Income Tax Department

Clipped from: https://www.taxscan.in/addl-commissioner-is-not-proper-officer-for-re-opening-of-assessment-after-4-years-itat/161474/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Proper%20Officer Top Stories By Rasheela Basheer – On March 17, 2022 10:56 am The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that the Addl. Commissioner

Clipped from: https://www.thehindubusinessline.com/todays-paper/tp-news/unpaid-taxes-prompt-it-raids-at-inframarket/article65235730.ece ‘Officials became suspicious after company raised enormous capital’ Offices of B2B marketplace for construction materials, Infra.Market were subjected to raids by tax authorities

Clipped from: https://www.business-standard.com/article/pf/are-you-paying-rent-to-wife-or-parent-you-can-claim-hra-exemption-on-it-122031600938_1.html Exemption can also be claimed on rent paid despite owning a house, provided a few conditions are met The Income Tax Appellate Tribunal, Delhi, recently

Clipped from: https://www.taxscan.in/date-of-possession-shall-be-considered-to-allow-capital-gain-exemption-itat/159703/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Date%20of%20Possession Top Stories By Rasheela Basheer – On March 10, 2022 9:24 pm The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the date of

Clipped from: https://economictimes.indiatimes.com/news/economy/finance/tax-department-reopening-old-tax-assessments-based-on-algorithm/articleshow/90191453.cms Synopsis The Income Tax (I-T) department has begun the process of reopening old assessments, albeit with a difference this year. The new rule,

Clipped from: https://www.taxscan.in/income-tax-department-issues-annual-information-statement-ais-handbook/160533/ Top Stories By Rasheela Basheer – On March 13, 2022 12:07 pm The Directorate of Income Tax (Systems) has issued an Annual Information Statement (AIS) Handbook

Clipped from: https://economictimes.indiatimes.com/wealth/tax/how-to-get-a-tax-deduction-of-up-to-rs-9-5-lakh-just-by-investing-in-nps/articleshow/81545208.cms Have you used up tax-saving deductions like sections 80C, 80D and 80TTA of the Income-tax Act, 1961? Are you looking for more options

Clipped from: https://www.business-standard.com/article/pf/it-s-time-to-deduct-tds-if-rent-exceeds-rs-50-000-say-analysts-122031001602_1.html Applicable rate is 30% for non-resident landlords, 5% for rest If you live on rent, you could be liable to deduct tax deducted at source

Clipped from: https://www.taxscan.in/deposit-in-no-lien-escrow-account-will-not-constitute-actual-payment-no-income-tax-deduction-allowable-orissa-high-court/159894/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=lien Top Stories By Rasheela Basheer – On March 11, 2022 3:32 pm A division bench of the Orissa High Court has held that deposit of amount