The taxation rules for interest earned on fixed deposits held with a bank have been clarified by the recent Krishna Kumar Agrawal v. ITO (2023) case. According to section 44AD, an assessee can disclose income from their business and receive the benefit of presumptive taxation. However, if an assessee earns interest on FDR/deposits held with …
This is a legal case where the appellant, an individual, had failed to file his income tax return for the assessment year 2011-12, even though he derived income from salary and interest. He subsequently filed his income tax return in response to a notice issued under section 148 of the Income Tax Act, 1961, and …
Are you a taxpayer who mistakenly declared a much higher income on your income tax return? Did the assessing officer process your income tax return under section 143(1) and raise a tax demand that you’re struggling to pay? You’re not alone. But don’t worry, there’s hope. A recent case, Smt. Chandrikaben Thakarshibhai Langhnoja v. ITO, …
Receiving an income tax notice can be a source of stress and confusion for salaried employees. However, it is important to comprehend why the notice was sent and what measures can be taken to address any issues. One reason for receiving an income tax notice may be due to errors or discrepancies in tax filings. …
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 …
