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Source: Live Mint The Central Board of Direct Taxes (CBDT) has issued a new circular regarding the condonation of delays in filing Income Tax Returns (ITRs), superseding all previous instructions, circulars, and guidelines on this matter. Under Section 119(2)(b) of the Income-tax Act, 1961, the circular offers comprehensive instructions for managing applications about late filing…
Source: Live Mint The Income Tax (IT) department is taking a lenient approach this year to address the non-disclosure of foreign assets in income tax returnsfiled in the current assessment year. This week, the department has sent out emails to taxpayers who have not reported foreign assets, asking them to revise their tax return. This…
Source: Live Mint But in today’s hyper-connected digital world, we have access to more data and insights than ever before. This has made ‘guru investing’ more popular than ever. Replicating the investments of renowned and successful investors or investment managers is one of the most commonly used investment strategies. One such guru is Ramesh Damani, who…
Source: Business Standard Suggestions should specify the relevant provision of the Income-tax Act, 1961 or Income-tax Rules, 1962. | Representative Picture 2 min read Last Updated : Oct 07 2024 | 5:40 PM IST The Income Tax department on Monday invited public inputs for review of the six-decade old I-T Act with regard to…
Source: Business Standard The top court allowed the appeal of the Income Tax Department | (Photo: Shutterstock) 4 min read Last Updated : Oct 04 2024 | 1:30 PM IST In a relief to the Income Tax Department, the Supreme Court has upheld the validity of nearly 90,000 reassessment notices issued by the revenue…
Source: Live Mint In a setback to taxpayers, the Supreme Court on Thursday upheld around 90,000 tax reassessment notices issued by the revenue department between 1 April and 30 June 2021, for assessment years 2013-14 to 2017-18. Taxpayers had challenged these notices, arguing they should fall under the new reassessment regime that took effect on…
Source: Live Mint The Bombay High Court has recently held that employees cannot be penalised for employer’s failure to deposit tax deducted (TDS) from salary. “The object and purpose behind the provision is to the effect that when an obligation to deposit the tax as in the present case, is on the employer and if the…
Source: Business Standard 3 min read Last Updated : Sep 23 2024 | 5:16 PM IST Many taxpayers are waiting for their income tax refunds for the income tax return (ITR) filed for the financial year 2023-24 (assessment year 2024-25). However, can someone request an income tax refund from the Income Tax Department for…
Source: Business Standard 3 min read Last Updated : Sep 21 2024 | 3:54 PM IST The Income Tax Department on Saturday said it has notified dispute resolution scheme Vivad Se Vishwas scheme 2.0 that provides for lesser settlement amounts for taxpayers who file declaration on or before December 31, 2024, in comparison to…
