Senior citizens, like any other taxpayer, may be required to file their income tax returns (ITR) for the assessment year 2023-2024 (AY 2023-24) depending on their income and other factors. Here are a few reasons why senior citizens should consider filing their ITR: It’s important to note that tax laws can vary from country to …
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Income tax return filing is a crucial process that individuals and businesses undertake to report their annual income and pay the appropriate taxes to the government. While it may seem like a daunting task, understanding why income tax return filing is important can help individuals and businesses navigate the process more effectively. In this response, …
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Introduction Filing income tax returns is a crucial responsibility for individuals and entities in most countries. It serves as a means to report and declare income earned and expenses incurred during a financial year. While the process may seem daunting, understanding the significance of filing income tax returns is vital. This article aims to shed …
Filing an income tax return is a legal requirement in many countries, and it serves several important purposes. In this response, I will elaborate on why individuals should file their income tax returns, highlighting the benefits and significance of this process. In summary, filing income tax returns offers a multitude of benefits, including facilitating financial …
In the case of ITO v. Saloni Jewellers Pvt. Ltd., the defendants were found guilty of the offense under Section 276CC of the Income-tax Act, which pertains to the failure to furnish a return of income within the prescribed timeframe. The directors of the firm were held responsible for this violation and were subsequently sentenced …
The Revenue has filed an appeal in the present case, requesting the condonation of a delay of 1223 days. It is worth noting that the Tribunal had passed its order on 16th November 2018, and the revenue received the certified copy of the order on 20th December 2018. However, the appeal was filed before the …
The determination of the arm’s length price (ALP) cannot be carried out by the Assessing Officer alone, as it is mandatory to refer the matter to the Transfer Pricing Officer (TPO). The provisions concerning transfer pricing are outlined in Sections 92 to 92F of the Income-tax Act, which became effective from Assessment Year 2002-03 and …
The Chennai Income Tax Appellate Tribunal (ITAT) has eliminated the addition of cash deposits made during the demonetization period, despite a violation of RBI notification. The ITAT concluded that the Assessee’s genuine explanation for the source of the cash deposit should not be rejected solely due to the violation of the RBI/Government of India notification …
The Mumbai Income Tax Appellate Tribunal (ITAT) has upheld the order of the Commissioner of Income Tax (Appeals) (CIT(A)) in a case involving a chit fund company. The dispute centered around the addition made by the Revenue on account of the difference between the “foreman commission” and the “agency commission” paid to agents. The CIT(A) …
In a recent decision, the Mumbai Income Tax Appellate Tribunal (ITAT) ruled that an assessee who jointly owns multiple residential properties can still claim exemption under Section 54F of the Income Tax Act. The ITAT observed that the assessee in question was not the exclusive owner of five residential flats, as they were occupied by …
