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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…
