New Income Tax Rules for PAN Aadhaar Link , Rule 114AAA Income tax Rules from 01.04.2023 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 28th March, 2023 INCOME-TAX G.S.R.227(E).—In exercise of the powers conferred by section 139AA read with section 295 of the Incometax Act, 1961 (43 of… Read More »
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 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 »
New Income Tax Relief , Income to be Taxed above 7 Lakh only in New Tax Regime The government has given a big relief to the taxpayers who have opted for the new tax regime. For this, amendments have been made in the Finance Bill. In the amendment, it has been provided that persons earning income slightly… Read More »
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 »
Amendment to Finance Bill 2023 Download Amendments to the Finance Bill, 2023 (as introduced in Lok Sabha). The Lok Sabha is scheduled to take up the Finance Bill on Friday, March 24, 2023 a list of business shows. The list of business for March 24, says: “Finance Minister Nirmala Sitharaman to move that the (Finance) Bill… Read More »
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 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 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 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 »