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…
Tag: Income tax
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…
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,…
ITAT quashes addition for unexplained cash deposit for small taxpayer under presumptive tax [Read Order]
In a significant ruling, the Rajkot bench of the Income Tax Appellate Tribunal (ITAT) in the recent ruling in the…
Reopening of Assessment should be based on reasonable ground: Allahabad HC
The Allahabad High Court bench of Justice Surya Prakash Kesarwani and Justice Jayant Banerji has ruled that once the notice under Section 148 of the Income Tax…
Income Tax: CBDT releases Offline Utility for filing ITR-1 and ITR-4 for AY 2022-23
The Central Board of Direct Taxes ( CBDT ) has released the Common Offline Utility for filing ITR-1 and ITR-4…
Can HRA Exemption be claimed for Rent paid to Spouse / Wife?
Under Income Tax Act, House Rent Allowance (HRA) deduction is available at the least of the following amounts: Actual HRA received 50%…
Top taxpayers may get room to exit faceless assessment scheme
Recast of scheme is being discussed to bring in more flexibility into the system The Centre is looking at modifying…
New Income Tax Rules / Form w.r.t. capital gains on reconstitution of partnership firm
The CBDT vide Notification No. 76/2021 dated 2nd July 2021 has promulgated ‘the Income Tax Amendment (18th Amendment), Rules, 2021’ to further…
ITR Filing: Step-by-step guide to file your income tax returns without Form 16
All employed people must file income tax returns every year and Form 16 is required to do that. You should…
Cost Inflation Index: All you wanted to know
Prices of goods increase over time which is referred to as inflation, resulting in a fall in the purchasing power…