The presumptive taxation scheme under Section 44ADA is a simplified method of calculating taxable income for professionals. This scheme is designed to reduce compliance burdens by eliminating the need for maintaining detailed books of accounts and providing a straightforward way to compute income. Eligibility for Section 44ADA Professionals can opt for the presumptive taxation scheme …
Continue reading “Section 44ADA – Presumptive Taxation Scheme for Professionals”
The Income-tax Act, 1961, provides various provisions to ease the tax compliance burden for small taxpayers, particularly for those engaged in business or profession. Under normal circumstances, taxpayers are required to maintain books of accounts, which can be a time-consuming and tedious task. To simplify tax calculations for small businesses, the Income-tax Act has introduced …
In a recent decision, the Income Tax Appellate Tribunal (ITAT) in Delhi dealt with an appeal filed by the Assessee, Mr. Vikas from Gurgaon, regarding a delay in filing an appeal before the CIT(A) for the Assessment Year 2012-13. The appeal before the ITAT was directed against the order passed by the National Faceless Appeal …
Continue reading “ITAT Condones Delay of Over 3 Years in Filing CIT Appeal”
Income tax law is complex, and at times, disputes arise between taxpayers and the authorities. A recent case before the Income Tax Appellate Tribunal (ITAT) in Delhi, titled Hirdey Ram vs. DCIT, ITA NO. 319/Del/2022 sheds light on issues related to the rectification of errors in tax assessments under Section 154 of the Income Tax …
In a significant development, the Central Board of Direct Taxes (CBDT) has revised the monetary limits for filing income tax appeals by the Department before the Income Tax Appellate Tribunal (ITAT), High Courts, and the Supreme Court. This move is part of the broader effort to reduce litigation and bring greater certainty to taxpayers’ income …
Quashing of Reassessment Proceedings: Legal Grounds and Impact on Penalty In a recent case, the appeals in ITA No. 1413 & 435/Del/2023 for the assessment year (AY) 2016-17 were filed against the order of the Commissioner of Income Tax (Appeals)-29, New Delhi (CIT(A)), concerning the reassessment order passed under sections 147/148 of the Income-tax Act, …
Background of the Case A search and seizure action was conducted under Section 132 of the Income Tax Act on 14th February 2019, involving the Antariksh Group, a company engaged in construction, warehousing, and commercial retail development for several years. The assessee, who provided contractual services to the Antariksh Group, had its documents seized during …
Continue reading “Case Remanded to CIT(A) for Providing Reasonable Opportunity to Be Heard”
In a recent case, the assessee filed an appeal against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, dated 14th March 2023, for the assessment year 2011-12. The appeal was initially delayed by three days, but the assessee submitted an application for condoning the delay. After reviewing the application, …
The Central Board of Direct Taxes (CBDT) has provided relief to individual taxpayers by extending the deadline for filing Belated and Revised Income Tax Returns (ITRs) for the Assessment Year 2024-25. The new deadline for Resident Individuals is now 15th January 2025, a significant extension from the earlier date of 31st December 2024. Key Highlights …
As financial regulations tighten, many Non-Resident Indians (NRIs) are finding themselves in a challenging situation where their Permanent Account Numbers (PAN) have become inoperative. This issue primarily arises due to the non-linking of Aadhaar with PAN, which has created significant hurdles for NRIs in managing their financial and legal obligations in India. Understanding Inoperative PAN …
Continue reading “Inoperative PAN Status of NRIs: Non-linking of Aadhar with PAN”
