In the realm of tax law, the processing of an Income tax return under section 143(1) does not equate to an assessment of an opinion on the Income tax return filed by the taxpayer. This was highlighted in the case of Ernst & Young U.S. LLP v. ACIT (International Taxation), where the assessment of the …
The Delhi High Court has issued a ruling regarding a writ petition filed by the Assessee against the Revenue’s reassessment proceedings for the Assessment year 2013-2014. The court has set aside the reassessment notice and directed the Revenue to provide the underlying information/material that formed the basis for initiating the reassessment proceedings within four weeks …
In a recent case, the petitioner challenged an order passed by the Assessing Officer under section 148A(d) of the Income-tax Act, 1961. This order was issued in relation to proceedings for reassessment for the assessment year 2015-16, for which the petitioner had not filed a return of income. The respondent had issued a notice under …
Avoiding an income tax scrutiny notice is not the right approach to taxation. Instead, it is essential to comply with the tax laws and fulfill your obligations as a responsible citizen. Income tax is an essential source of revenue for the government, which helps in funding various developmental activities, infrastructure projects, and social welfare schemes. …
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Filing income tax returns is an essential financial responsibility of every individual or entity that earns income. It is not just a legal obligation but also a critical aspect of financial planning. Here are ten benefits of filing income tax returns: In conclusion, filing income tax returns is not just a legal obligation but also …
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About Assessment under section 147 The Finance Act of 2021 has brought about significant changes in the assessment proceedings related to Income escaping assessment and search-related cases. The existing sections 147, 148, 149, and 151 have been replaced, and a new section 148A has been inserted. The new provisions related to re-assessment state that if …
1. About Income tax assessment under section 143(3) Assessment under section 143(3) is a crucial process known as scrutiny assessment that plays a significant role in the tax compliance system in India. This assessment is carried out to ensure that the taxpayer has accurately declared their income, losses, and tax liability. During scrutiny assessment, the …
About Income tax assessment Understanding the various assessments under the Income Tax Law is essential for every taxpayer. It is mandatory for taxpayers to provide the details of their income to the Income Tax Department by filing their return of income. After the income tax return is filed, the Income Tax Department processes it and …
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If a wife is a doctor and has resources including returned income and tax-free income to invest in a house, the rent paid to her by her husband cannot be clubbed with his income under section 64. Additionally, the husband cannot be denied House Rent Allowance (HRA) exemption on the basis of rent so paid. …
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In a recent judgment by the Income Tax Appellate Tribunal in Ahmedabad, it was found that an assessee who had claimed deduction on housing loan interest of Rs. 1,50,000 under section 24(b) was wrongly disallowed the same by the Assessing Officer. The payment for the loan interest was made from the account of her husband, …
