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, …
The ITAT in Jaipur recently dismissed the Revenue’s appeal and held that the Assessee, an individual service provider of online advertisement, digital marketing and web design for consultancy charges, was not liable for disallowance under Section 40(a)(ib) of the Income Tax Act, 1961. The Assessee was initially subjected to disallowance of Rs. 8.89 Crore for …
E-Proceeding in the context of income tax refers to the process of conducting income tax assessments and other related activities, such as filing tax returns and making tax payments, electronically. This process aims to make the income tax system more efficient, convenient, and accessible for taxpayers. E-Proceeding typically involves the use of online portals and …
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The Petitioner in this case is a person who earns income from various sources such as salary, income from house property, business/profession, and other sources. The Petitioner is an Actor by profession and is also a partner in two partnership firms named M/s Zorabian Sales and Marketing and M/s Zorabian Foods. The Petitioner had filed …
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In the recent case of PCIT v. Boeing India (P) Ltd. (2023) 146 taxmann.com 131 (Del.), the issue at hand was whether the foreign company, who had deputed one of its employees to look after the affairs of the Indian company, was liable for tax under Section 195 of the Act, once the nature of …
