The taxpayers usually file income tax returns (ITR) for the previous financial year immediately after the beginning of the next financial year in April. The... Read More
Income Tax
In finance, profit and loss always play a part in an individual’s life. Every time you won’t achieve the profits. Sometimes you may incur losses... Read More
Relaxation of Prosecution Norms by CBDT for Defaults in Filing IT Returns and Delays in TDS
2 min read
The legal outcome for any lag in depositing TDS, or non-filing of returns of income tax, or under-reporting of income, has been relaxed by the... Read More
In order to motivate the assessee to save their hard-earned money and invest it wisely, many deductions have been offered by the Government under income... Read More
the Assessment Officer had produced many discrepancies in the assessee's books of account inclusive of the purchases made from 22 parties, according to which, SOPs have been followed by the assessee pertaining to all the purchases, where every single identification has been done inclusive of the entry of goods, whereas, in terms of the purchases from the 22 parties, no identification has been done. The assessee and the directors have admitted this fact and its directors.... Read More
The parameters based on which the manual selection of returns for the complete scrutiny in the FY 2019-20 are as mentioned below: (i) Cases that... Read More
Advance tax indicates that income tax has to be paid in advance rather than a lump sum payment done the year-end. It is also referred... Read More
A new reward scheme has been introduced in supersession of the ‘Guidelines for grant of rewards to Informants, 2007’ and various existing guidelines on the... Read More
The gift tax had been abolished about 20 years ago in India. However, certain provisions for making gifts liable to tax for the recipient were... Read More
Income Tax Department asked by CAG to tighten the inspection of farm income tax exemption claims
2 min read
Tax exemption claims on farm income have caught the eye of the Comptroller and Auditor General of India (CAG) who has in turn called for... Read More
