Category Archives: Income Tax

Non payment of Self Assessment Tax after filing ITR is not an offence : High Court

By | March 27, 2023

Non payment of Self Assessment Tax after filing ITR is not an offence : High Court The 1st petitioner company filed return of Income-tax admitting the tax liability of Rs. 38,00,170/-, but failed to make payment. However, on receiving notice dated 9-6-2016, in reply, the petitioners enclosed a challan for an amount of Rs. 50,55,310/-… Read More »

Income Tax on debt mutual funds from FY 2023-24 / AY 2024-25

By | March 26, 2023

Income Tax on debt mutual funds from FY 2023-24 / AY 2024-25 Income Tax on debt mutual funds from FY 2023-24 / AY 2024-25 will be taxed based on whether Mutual Funds are i) Specified Mutual Funds ii) other than Specified Mutual Funds Capital Gains from  Specified debt mutual funds will be taxed as short… Read More »

Power of commissioner of Income Tax

By | March 25, 2023

Power of commissioner of income tax Power of commissioner of Income Tax are defined in Income tax Act of India . [This article is written by CA satbir Singh (Contact us Taxheal@gmail.com )] The Commissioner of Income Tax is an important income tax authority which has executive and judicial powers. The Commissioner exercises the power… Read More »

Assessee eligible for sec. 54F relief even if he own house in foreign country : ITAT

By | March 23, 2023

Assessee eligible for sec. 54F relief even if he own house in foreign country : ITAT IN THE ITAT COCHIN BENCH Smt. Maries Joseph v. Deputy Commissioner of Income-tax, International Taxation, Kochi N.V. VASUDEVAN, VICE PRESIDENT AND MS. PADMAVATHY S., ACCOUNTANT MEMBER IT APPEAL NOS.613 AND 566 (COCH.) OF 2022 [ASSESSMENT YEAR 2015-16] JANUARY  2, 2023… Read More »

Roll out of ‘ AIS for Taxpayer ’ Mobile App by Income Tax Department

By | March 22, 2023

Roll out of ‘AIS for Taxpayer’ Mobile App Posted On: 22 MAR 2023 6:37PM by PIB Delhi The Income Tax Department has launched a Mobile app, namely, ‘AIS for Taxpayer’ to facilitate taxpayers to view their information as available in the Annual Information Statement (AIS) / Taxpayer Information Summary (TIS). ‘AIS for Taxpayer’ is a mobile application provided free… Read More »

Income Tax Reassessment Notice should clearly specify reasons for escapement of income of assessee : High Court

By | March 21, 2023

Income Tax Reassessment Notice should clearly specify reasons for escapement of income of assessee : High Court HIGH COURT OF DELHI RK Gupta & Son HUF v. Income-tax Officer RAJIV SHAKDHER AND MS. TARA VITASTA GANJU, JJ. W.P.(C) 17466 OF 2022 CM NOS. 55738-39 OF 2022 DECEMBER  21, 2022 Ruchesh Sinha and Samyak Jain, Advs. for the Petitioner. Ajit Sharma, Sr.… Read More »

FAQs on e-Proceedings option on Efiling Portal of Income Tax Department

By | March 20, 2023

FAQs on e-Proceedings option on Efiling Portal of Income Tax Department 1.What is e-Proceedings? e-Proceedings is an electronic platform for conducting proceedings in an end to end manner using the e-Filing portal. Using this service, any registered user (or his Authorized Representative) can view and submit response to any notice / intimation / letter issued by… Read More »