Introduction In the digital age, technology has transformed various aspects of our lives, including how we handle financial matters. One area that has undergone a significant revolution is income tax filing. Gone are the days of filling out cumbersome paper forms and standing in long queues at tax offices. Today, taxpayers have the convenience of …
The Pune Income Tax Appellate Tribunal (ITAT) has upheld the Revenue’s suo motu rectification under Section 154 to disallow delayed Employee State Insurance (ESI) and Provident Fund (PF) payments, following the Supreme Court ruling in Checkmate Services (P) Ltd. & Ors. v. CIT & Ors. The case pertains to the assessment year 2013-14, where the …
Continue reading “Pune ITAT Upholds Revenue’s Rectification Order on Delayed ESI/PF Payments”
The Karnataka High Court recently rendered a significant decision regarding the reassessment proceedings for the Assessment year 2016-17. The case involved the invocation of the extended limitation period under Section 149(1)(b), where the sale consideration exceeded Rs. 50,00,000. However, it was determined that the taxable capital gains income was well below the threshold. After carefully …
The Central Board of Direct Taxes (CBDT) has made significant revisions to the monetary limits for condoning delays in filing returns of income, specifically for claiming refunds or carrying forward losses. In Circular No.7 of 2023, dated 31.05.2023, the CBDT has partially modified its earlier Circular No.9/2015 to address this matter. Under the revised guidelines, …
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Introduction The Income Tax Act plays a vital role in establishing a fair and transparent taxation system. Among its provisions, Section 154 of income tax holds significant importance, as it enables taxpayers to rectify mistakes made in their tax filings or any other documents submitted to the tax authorities. In this article, we will delve …
The Central Board of Direct Taxes (CBDT) has issued Notification No. 31/2023 on May 24, 2023, announcing a significant change in the exemption limit for leave encashment under Section 10(10AA) of the Income-tax Act, 1961. Non-government employees receiving leave encashment on retirement will now enjoy an exemption limit of Rs. 25,00,000 (twenty-five lakhs rupees), effective …
Continue reading “CBDT Increases Leave Encashment Exemption From Rs.3 Lakhs to Rs.25 Lakhs”
In the case of Anil Ratanlal Bohra v. Assistant Commissioner of Income Tax (ACIT), the issue at hand revolved around the denial of credit for Tax Deducted at Source (TDS) to the taxpayer due to the non-furnishing of a declaration by the deductee to the deductor as required by the proviso to Rule 37BA(2). The …
Continue reading “TDS Deduction of Wife is Allowed in the Hands of Husband if Income is Clubbed”
Introduction As the financial year has ended, many individuals and businesses find themselves concerned about filing their Income Tax Returns (ITRs) for the financial year 2022-23. Tax obligations can be complex and overwhelming, but understanding the process and taking proactive steps can alleviate much of the stress associated with ITR filing. This article aims to …
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The Ahmedabad ITAT has upheld the order of the CIT(A), which resulted in the deletion of an addition of Rs. 86.75 crore under Section 69A as unexplained income for the assessee. The ITAT held that the cash deposited in the bank account cannot be considered unexplained since the revenue department itself accepted in the remand …
The case at hand revolves around the applicability of Section 69C of the Income Tax Act, which deals with unexplained expenditure. The assessee-firm in question was involved in the import of rough diamonds, as well as the manufacturing and export of polished diamonds. The Assessing Officer (AO) noticed that there was an excess consumption of …
