The Pune Income Tax Appellate Tribunal (ITAT) has upheld the Revenue’s suo motu rectification under Section 154 to disallow delayed Employee State Insurance (ESI) and Provident Fund (PF) payments, following the Supreme Court ruling in Checkmate Services (P) Ltd. & Ors. v. CIT & Ors. The case pertains to the assessment year 2013-14, where the …
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The Karnataka High Court recently rendered a significant decision regarding the reassessment proceedings for the Assessment year 2016-17. The case involved the invocation of the extended limitation period under Section 149(1)(b), where the sale consideration exceeded Rs. 50,00,000. However, it was determined that the taxable capital gains income was well below the threshold. After carefully …
The Ministry of Consumer Affairs has taken a significant step towards protecting consumer privacy by introducing a new advisory for retailers. The advisory explicitly states that shopkeepers can no longer demand customers to provide their personal contact details when generating a bill for a specific purchase. This measure aims to address the increasing concerns raised …
Introduction As the financial year has ended, many individuals and businesses find themselves concerned about filing their Income Tax Returns (ITRs) for the financial year 2022-23. Tax obligations can be complex and overwhelming, but understanding the process and taking proactive steps can alleviate much of the stress associated with ITR filing. This article aims to …
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A partnership firm is a business arrangement where two or more individuals come together with the purpose of conducting a profit-driven enterprise. Within a partnership, the partners jointly assume both the gains and losses of the business, as well as the responsibilities associated with its management. Several notable features define a partnership firm: A partnership …
The Ahmedabad ITAT has upheld the order of the CIT(A), which resulted in the deletion of an addition of Rs. 86.75 crore under Section 69A as unexplained income for the assessee. The ITAT held that the cash deposited in the bank account cannot be considered unexplained since the revenue department itself accepted in the remand …
The case at hand revolves around the applicability of Section 69C of the Income Tax Act, which deals with unexplained expenditure. The assessee-firm in question was involved in the import of rough diamonds, as well as the manufacturing and export of polished diamonds. The Assessing Officer (AO) noticed that there was an excess consumption of …
The Mumbai Income Tax Appellate Tribunal (ITAT) recently issued a judgement in the case of Ajay Parasmal Kothari v. ITO concerning the taxability of receipts received by an individual from a builder for alternate accommodation and hardship during redevelopment. The ITAT allowed the Assessee’s appeal and held that the receipt from the builder is compensation …
Filing an income tax return is a legal obligation for every taxpayer in India. It is a way to report your income and taxes paid during the financial year to the Income Tax Department. Filing ITRs has several benefits, including facilitating tax compliance and helping individuals claim tax refunds, if eligible. Additionally, it helps individuals …
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The ITR filing session for the financial year 2022-23 (Assessment Year 2023-24) has officially begun. Taxpayers across the country are gearing up to file their income tax returns before the deadline. To make the process smoother for you, we are here to discuss the details of the ITR 1 form. ITR-1, also known as Sahaj, …
