By: Admin | August 23, 2024 | Categories: Income Tax News | 4 Min Read The Income Tax Department has issued 10,000 reopening notices to companies and individuals across major…
CBDT Forms Committee to Review Income Tax Act, Plans to Eliminate ‘Sunset’ Clauses
By: Admin | August 22, 2024 | Categories: Tax News | 4 Min Read The Central Board of Direct Taxes (CBDT) has established a new committee to review the Income…
CBDT Clarifies ITCC Requirements for Indian Citizens
By: Admin | August 21, 2024 | Categories: Income Tax, Press Release | 4 Min Read The Central Board of Direct Taxes (CBDT) has clarified the requirements for obtaining an…
Madras High Court Orders GST Authority to Address Assessee’s Rectification Application Due to Form GSTR-1 Error
By: Admin | August 21, 2024 | Categories: Important Pronouncements | 4 Min Read The Madras High Court, in Veeran Mehhta v. Deputy Commercial Tax Officer and Deputy State Tax…
CBDT Directs I-T Dept to Monitor High-Value Cash Transactions at Hotels and Hospitals
Introduction The Central Board of Direct Taxes (CBDT) has instructed the Income Tax (I-T) department to monitor cash transactions in high-value sectors, including hotels, luxury brand retailers, hospitals, and IVF…
Income Additions: Why an ITAT Investigation Report Alone is Insufficient
By: AdminDate: August 17, 2024Categories: ITAT | NewsReading Time: 4 Minutes Mumbai ITAT Ruling: Generalized Investigation Reports Insufficient The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has delivered…
Taxpayers Alert: ITR Processing Time Slashed to 10 Days from 93 Days
By: AdminDate: August 14, 2024Category: Income Tax News | NewsRead Time: 4 Minutes Finance Minister Nirmala Sitharaman announced a significant reduction in the average processing time for income tax returns…
IT Officials Should Adopt ‘Guidance Over Intimidation’ Approach With Taxpayers: CBDT Chief
By: AdminDate: August 13, 2024Categories: CBDT, NewsReading Time: 4 Min Introduction Paying income tax is a crucial responsibility for individuals each year. However, concerns have emerged about some income tax…
Supreme Court Declines Environmental Lawyer’s Appeal Against High Court Ruling on Income Tax Reassessment
By: AdminDate: August 13, 2024Categories: Income Tax News, NewsReading Time: 4 Min The Supreme Court declined to hear an appeal from a prominent environmental lawyer. He challenged the Delhi High…
FAQs on PFA and Tax Audits AY 2024-25: Key IT Department Issues Explained
By: Admin| August 10, 2024 |Categories: Important News|Income Tax News As the tax filing season for Assessment Year (AY) 2024-25 approaches, the Income Tax Department has released frequently asked questions…