The scope of inquiry under section 148A(d) is limited to the availability of information indicating that income has escaped assessment. In a particular case, an individual assessee filed his income tax return, declaring purchases of arecanut (supari) from entities ‘K’ and ‘O’. Subsequently, the Assessing Officer issued a notice to the assessee under section 148A(b), …
The Delhi High Court has ruled that the Income Tax Act takes precedence over the MSMED Act in a dispute regarding special audit fees between a Chartered Accountant (CA) firm and the Income Tax Department. The Revenue filed a writ petition challenging the directions for arbitration issued by the Micro and Small Enterprise Facilitation Council …
In the case of Mohamed Ibrahim v. ITO (International Taxation), a non-resident assessee had sold two properties and utilized the capital gains to purchase a new property. The Assessing Officer disallowed the payment made by the assessee for painting the building, installing grills and gates, and undertaking masonry and tiles works due to lack of …
Introduction The deadline for filing your Income Tax Return (ITR) for the year 2022-2023 is fast approaching, with only 23 days remaining until July 31, 2023. As a responsible citizen, it is crucial to fulfill your tax obligations within the stipulated time frame to avoid penalties and unnecessary complications. This article aims to provide you …
Introduction Filing income tax returns (ITR) is a crucial responsibility for every taxpayer. If you reside in Gurgaon, one of India’s rapidly developing cities, understanding the process and requirements specific to your location is essential. This article aims to provide a comprehensive guide to filing ITR in Gurgaon, highlighting the necessary steps, documents, and resources …
Introduction Filing income tax returns (ITR) is an essential obligation for individuals and businesses alike. It ensures compliance with tax laws and contributes to the overall functioning of the economy. However, the process of ITR filing can be challenging, especially for taxpayers with intricate financial situations. From lengthy forms to intricate knowledge of income tax …
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Introduction As the clock ticks away, signaling the approach of the annual income tax return filing deadline, it’s essential for salaried employees to understand the importance and advantages of timely filing. The due date of 31st July looms just 25 days ahead, and for individuals earning a salary, complying with this obligation can unlock a …
Continue reading “Benefits of Filing Income Tax Returns (ITR) for Salaried Employees”
Introduction: As we approach the end of another financial year, it’s time to shift our focus to the important task of filing income tax returns (ITR). With only 25 days left until the deadline on 31st July 2023, it’s crucial to take action and file your ITR promptly. In this article, we will explore the …
Continue reading “File Your ITR Now: Only 25 Days Left Until the Deadline 31st July 2023”
Introduction In today’s complex financial landscape, individuals and businesses alike often face challenges related to taxation, accounting, and financial planning. This is where the expertise of Chartered Accountant (CA) firms becomes invaluable. In Faridabad, a bustling city in India’s National Capital Region (NCR), CA firms play a crucial role in assisting both salaried individuals and …
Introduction Tax filing can be a complex and time-consuming process, requiring a deep understanding of tax laws and meticulous attention to detail. In Gurgaon, individuals and businesses can rely on the expertise of Chartered Accountants (CAs) to navigate the intricacies of tax filing. With their in-depth knowledge, professional acumen, and experience, CAs in Gurgaon offer …
