Tax planning is an important aspect of personal finance in India. With the increasing complexity of the tax system in the country, it has become essential for individuals to plan their taxes in a way that minimizes their tax liability while maximizing their financial resources. In this article, we will discuss some of the key …
The case of PCIT (Central) v. Narayan Kumar Khaitan involved a search and seizure operation under section 132 on SM and group, where incriminating documents were found. After completing the assessment in the case of the assessee under section 153C read with section 143(3), the Principal Commissioner invoked revisionary jurisdiction under section 263 against the …
A CA firm, or a Chartered Accountancy firm, is a professional service firm that provides a range of financial and accounting services to businesses, organizations, and individuals. The services provided by CA firms include tax planning and compliance, auditing and assurance, financial accounting and reporting, management accounting, business advisory, and more. A CA firm typically …
Income Tax Returns (ITRs) must be filed by July 31 each year for the previous financial year. For FY 2022-23, the due date for filing ITR is July 31 2023, and the new assessment year 2023-24 will start from April 1. Failure to file ITR within the due date attracts a penalty of Rs 5,000, …
The Income Tax Department has released Excel utilities for ITR 1 and 4 for the assessment year 2023-24. Taxpayers can access these utilities by referring to the live ticker on the e-filing portal at http://incometax.gov.in. We would like to inform taxpayers that the software and utilities for other ITRs and forms for the assessment year …
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In 2012, an assessee purchased shares of a company in cash at Rs. 20 per share and sold them during the year for Rs. 675 per share as long-term capital gains, claiming exemption under section 10(38). However, the Assessing Officer noticed that the scrip was under investigation related to penny stock companies and made additions …
The Chennai ITAT has dismissed an appeal made by an Assessee, upholding an addition made on account of unexplained cash deposit under Section 69A during the demonetization period. The ITAT found that there was no corroborative evidence to prove the source of the cash deposit, and the Assessee failed to establish a reasonable nexus between …
ACE Mega Structure (P) Ltd., a company based in Gurgaon and assessed under the Income Tax Act, was subjected to a search on its premises by the tax authorities. During the search, various incriminating documents were seized, and subsequently, a survey was conducted under Section 133A of the Act. The company filed its return of …
The Delhi ITAT recently ruled in favor of an assessee, stating that the reimbursement of deputed employees’ costs to a non-resident head office would not be subjected to tax deduction at source under Section 195 in the absence of a profit element. The assessee, a project office of TPF Getinsa Euroestudios SL Spain (Head Office), …
What is Financial Year A financial year, also known as fiscal year, is a period of 12 months used for accounting and financial purposes. It is used by businesses, governments, and organizations to keep track of their financial performance and prepare financial statements. The financial year can begin on any date, but it usually starts …
