Introduction: Taxpayers often find themselves entangled in the complex web of income tax notices and litigations, navigating through a myriad of rules, regulations, and legal nuances. In such intricate scenarios, the services of a qualified Chartered Accountant (CA) become indispensable. CAs play a pivotal role in assisting taxpayers in understanding, responding to, and resolving income …
Introduction In a recent appeal, the taxpayer contested an order dated 03.03.2023, issued by the Ld. NFAC, New Delhi, pertaining to the Assessment Year 2017-18. The crux of the matter revolved around the addition of Rs. 12,72,500, representing a cash gift received by the taxpayer during her marriage. The appeal was based on several grounds …
In the era of digital governance, the Income Tax department has introduced the ‘e-proceeding’ facility, revolutionizing the traditional assessment proceedings. This initiative aims to simplify communication between the assessing authority and taxpayers through electronic means, eliminating the need for physical visits to Income-tax offices. Understanding E-Proceedings: A Game-Changer The ‘E-Proceedings’ functionality is a key feature …
Continue reading “Faceless Income Tax Procedures: A Comprehensive Guide”
Introduction: As the complexities of income tax regulations continue to evolve, so do the mechanisms for ensuring accuracy and transparency in tax assessments. A recent development in this realm is the provision under sub-section (20) of section 155, which empowers taxpayers to rectify errors related to the credit of tax deducted at source in the …
In the realm of income tax filing, understanding the intricacies of Section 143(1) and the subsequent intimation process is crucial. In this blog post, we’ll explore frequently asked questions to shed light on what intimation under Section 143(1) entails. What is Intimation under Section 143(1)? Intimation involves the meticulous processing of income tax returns by …
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Introduction Small business owners play a vital role in the economy by contributing to job creation and economic growth. To support and incentivize their efforts, governments often provide various tax benefits and deductions. In the financial year 2024-25, the Indian government has introduced a range of provisions aimed at helping small business owners reduce their …
In India, determining an individual’s income tax liability hinges significantly on their residential status. This complex subject has several categories and conditions that determine whether someone is considered a resident or non-resident for tax purposes. To unravel this intricate web, we’ll delve into each category in detail. 1. Indian Citizens Visiting India with Income Less …
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Brief: In a significant ruling, the Madhya Pradesh High Court has quashed reassessment proceedings initiated against an assessee, Mr. Nitin Nema, based on a sale consideration of Rs. 72.05 lakhs for the assessment year 2016-17. The High Court held that the actual income chargeable to tax may be lower than the threshold for reopening assessments …
Continue reading “Sale Consideration is not Income Chargeable to Tax: A Crucial Distinction”
The Mumbai Income Tax Appellate Tribunal (ITAT) has ruled that the maintenance charges for Nostro Accounts are not liable to be treated as interest under Section 2(28A) of the Income Tax Act. Additionally, the ITAT determined that Section 195, which pertains to Tax Deducted at Source (TDS), is not applicable to these charges. The case …
The Ministry of Finance has recently announced that there will be no extension in the deadline for filing income tax returns. This decision comes amidst the approaching deadline of July 31 for filing income tax (I-T) returns for the financial year 2022-23 (assessment year 2023-24). Revenue Secretary Sanjay Malhotra clarified that there is no proposal …
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