Filing Income Tax Returns (ITR) offers several benefits to individuals and businesses. Here are some key advantages of filing ITR: In summary, filing ITR offers individuals and businesses a range of benefits, including compliance, claiming refunds, financial documentation, continuity in financial transactions, positive compliance history, loan approvals, and avoidance of future hassles. It is a …
Introduction The deadline for filing Income Tax Returns (ITR) for non-audit cases is rapidly approaching. As a responsible citizen, it is crucial to understand the significance of filing your ITR on time and ensuring compliance with tax regulations. This article serves as a reminder and guide for individuals to promptly complete and submit their ITRs, …
Continue reading “File Your Income Tax Return Now: Last Date is 31st July 2023”
Introduction As we approach the midway point of the year, it’s time to face one of the most crucial financial tasks for individuals and businesses alike: filing your income tax return. With just 21 days left until the deadline on July 31st, 2023, it’s essential to start gathering your documents, organizing your financial information, and …
Continue reading “Filing Your Income Tax Return: The Countdown Begins with Only 21 Days Left!”
🔍 A new functionality has been launched to track the status of your Income Tax Refund. Here’s what you need to know: 1️⃣ In the past, taxpayers had to check their income tax refund status on the TIN-NSDL website. 2️⃣ However, the Income Tax Department has now introduced a convenient feature called “Know Your Refund …
Introduction As the days fly by, we find ourselves approaching yet another deadline – the last day to file Income Tax Returns (ITR). The clock is ticking, and with only a few days left until 31st July 2023, it’s crucial for individuals and businesses to take immediate action. Filing ITR is not only a legal …
Continue reading “File Your ITR Now or Face Penalties! Deadline Looming: 31st July 2023”
The writ petition filed by the assessee was dismissed by the High Court as the assessee could not take advantage of a mere technical mistake in the order passed under section 148A(d). The assessee had filed a return with the email id ‘jvgsurana@gmail.com‘, and the Assessing Officer had sent a notice under section 148A(b) to …
The Bombay High Court has raised concerns over refund delays at the Centralized Processing Center (CPC) and has demanded an explanation for the situation. In response to a writ petition challenging the non-processing of a refund despite a rectification order that revised the total income to match the income declared by the Assessee, the High …
Continue reading “Bombay High Court Raises Concerns Over Stuck Refunds at CPC, Demands Explanation”
The scope of inquiry under section 148A(d) is limited to the availability of information indicating that income has escaped assessment. In a particular case, an individual assessee filed his income tax return, declaring purchases of arecanut (supari) from entities ‘K’ and ‘O’. Subsequently, the Assessing Officer issued a notice to the assessee under section 148A(b), …
The Delhi High Court has ruled that the Income Tax Act takes precedence over the MSMED Act in a dispute regarding special audit fees between a Chartered Accountant (CA) firm and the Income Tax Department. The Revenue filed a writ petition challenging the directions for arbitration issued by the Micro and Small Enterprise Facilitation Council …
In the case of Mohamed Ibrahim v. ITO (International Taxation), a non-resident assessee had sold two properties and utilized the capital gains to purchase a new property. The Assessing Officer disallowed the payment made by the assessee for painting the building, installing grills and gates, and undertaking masonry and tiles works due to lack of …
