Tax Calculator to check tax saving in new Tax Regime as proposed by FB, 2023
FM said, while presenting the Union Budget, 2023 that we are also making the new income tax regime as the…
Category: Income Tax Articles
Beware taxpayers! Time limit for verification of ITR reduced to just 30 days
After submitting his/her Income Tax Return (ITR) online earlier, a taxpayer used to get 120 days’ time to verify the…
Mere making of a wrong claim do not attract income tax penalty: ITAT
The Income Tax Appellate Tribunal, Chennai in its recent ruling in the case of Shri P.S. Jayaraman v. ACIT has held that…
Updated List of Banks for e-Payment of income tax
The Income Tax Department has on 1st December, 2022 issued an updated List of Banks for income tax payments available at e-Pay…
Income Tax: FAQs on clubbing of Income
Clubbing of income are very important provisions of Income Tax Act, 1961. For ready reference of our readers the FAQs…
New ‘Co-browsing’ feature on Income Tax Portal for taxpayer’s
CBDT has enabled the new ‘Co-browsing’ feature on the Income Tax Portal, which allows helpdesk agents to collaborate in real-time…
Income Tax: TDS rules on sale of jointly owned property
TDS rules: The beneficial ownership of such jointly owned house belongs to respective joint owner in the ratio in which…
Resolutions on issues faced while filing of Income Tax Returns
The Income Tax Department has issued Frequently Asked Questions (“FAQ’s”) dated 21st October , 2022 containing the resolutions on the various issues…
Breaking: Tax Audit Report filing due date extended to 7th October
CBDT has extended due date of filing of tax audit report for AY 2022-23 from 30th September, 2022 to 7th…
Income Tax: Interest on late payment of TDS disallowable u/s 40(a)(ii): ITAT
Sec. 201( 1 A) of the Income Tax Act,1961 mandates Assessee to pay simple interest @ 1 .5 % per…
Income Tax: Guidelines for compounding of offences issued
The CBDT vide F. No. 285/08/2014-IT (lnv.V)/196 dated 16th September 2022 has issued guidelines for compounding of offences under the Income-Tax Act,…
Profit element from Bogus Purchase through Hawala Dealers are subject to Income Tax: ITAT
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) in its recent ruling in the case of Dhanesh Mulji…