Tax Connect
madhuvridhi
Tag: income tax
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I-T dept starts drive to dispose of appeals, 0.54 million at last count
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt.
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Relief for taxpayers going abroad on business visa: ITAT Ruling
But, will ’employment’ will be governed by similar tax laws as ‘self-employment’ for these taxpayers generating overseas income?
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Bombay HC holds housewife was a mere joint owner, quashes I-T reassessment order
The Bombay High Court has nullified a reassessment order against a housewife
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Govt kicks off direct tax code revision
implement the long-delayed Direct Taxes Code (DTC)
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What deductions and exemptions are allowed under the new tax regime?
Here is a comparison between the deductions and exemptions available under the new and the old tax regime:
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Tax dept. urges taxpayers to file updated ITRs for specified financial transaction mismatches for AY 2021-22
Income Tax Department receives information of specified financial transactions of taxpayers, from various sources. To increase transparency and to promote voluntary tax compliance, this information is reflected in the AIS module and is available to the taxpayer for viewing.
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Useful Income Tax Case Laws / Order
1. Sec. 45 – Capital gains v. Business income – Consistency – Earlier years’ position – No change of facts in current year. Assessee earned income from short term capital gain of Rs. 32,82,775/-. AO treated assessee as trader and taxed the capital gains as business income. Held, that in previous years, the assessee was…
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Things to Know About Income Tax e-Assessments
As part of e-governance initiative to facilitate conduct of assessment proceedings electronically, Income-tax Dept. has launched ‘E-Proceeding’ facility. Under this initiative, CBDT has made it mandatory for the tax officers to take recourse of electronic communications for all limited and complete scrutiny. In June, 2017, CBDT had issued the formats for issuing a notice to…
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Burden to call for curing of defects in tax return on assessing officer: SC
The Supreme Court on Tuesday stated that if a tax return is defective, it is up to the officer to inform the assessee to correct the defects and if the officer fails to do so, the return cannot be called defective
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Missed filing ITR for FY22-23 (AY 2023-24)?
Missed filing ITR for FY22-23. ITR-U is the Form used for updating your income tax return. The government introduced the concept of updated returns in the Union Budget 2022.