Disallowance can’t be made on Late deposit of ESI and EPF, if deposited before due date of Income Tax Return: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Agra Bench ruled that the disallowance can not be made on the Late deposit of Employees' State Insurance (ESI) and Employees' Provident Fund (EPF) if deposited before the due
ITAT directs Income Tax Dept to Re-do Assessment against Yash Raj Films [Read Order]
In a ruling pronounced last week, the Income Tax Appellate Tribunal (ITAT), Mumbai has directed the income tax department to re-consider the assessment completed against Bollywood’s famous Director and Producer Karan Johar’s Yash Raj Films.
Finance Minister invites Written Representations regarding Glitches on New Income Tax Portal
The Finance Minister Nirmala Sitharaman has invited Written Representations regarding Glitches on New Income Tax Portal. The Finance Minister Tweeted that, Written representations are invited regarding the issues/glitches on the new Income Tax Portal on
Finance Ministry to hold meeting with Infosys on issues in New Income Tax Portal
The Finance Ministry to hold meeting on 22nd June, 2021 with Infosys on issues in new Income Tax Portal. Senior officials of the Ministry of Finance, Government of India, will hold an interactive meeting on
Income Tax: No Penalty leviable if Addition made on Bogus Purchases is on estimated basis, rules ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench ruled that penalty is not leviable if addition made on bogus purchases is on an estimated basis. The assessee, M/s. Toshvin Analytical Private Limited filed its return
CBDT relaxes Electronic Filing of Income Tax Forms 15CA / 15CB
The Central Board of Direct Taxes ( CBDT )  has relaxed the Electronic Filing of Income Tax Forms 15CA / 15CB. In view of the difficulties reported by taxpayers in electronic filing of Income Tax
Taxpayers faces 25 glitches in New Income Tax Portal 2.0
The Income Tax Department has launched its new e-filing portal on June 7, replete with new features which are expected to make the ITR process much easier and faster. However, several individuals have faced difficulties
CBDT notifies CCI eligible for Section 10(46) Income Tax Exemption [Read Notification]
The Central Board of Direct Taxes (CBDT) notified the Competition Commission of India eligible for  exemption under section 10(46) of the Income Tax Act, 1961. The Board empowered under clause (46) of section 10 of
PAN-Aadhaar Linking to be completed by June 30, 2021 in the New Income Tax Portal: All you need Know
The last date to link Aadhaar Card and Permanent Account Number (PAN) Link is June 30, 2021. The Central Board of Direct Taxes (CBDT) has announced that for those who will not link their PAN
Income Tax Portal: Buggy launch of New Portal sparks a Meme Fest on Twitter
The Central Board of Direct Taxes (CBDT) has launched a new Income Tax E-filling Portal on June 7th.  The Portal was revamped at a cost of more than ₹ 4200 Crores and the contract was
Cenvat Credit not allowable on Capital Goods for which full Depreciation is allowed by Income Tax Dept: CESTAT confirms Order denying Credit [Read Order]
The Customs, Excise, and Service Tax Appellate Tribunal ( CESTAT ), Delhi bench has held that the cenvat credit is not allowable on the capital goods for which the Company has already availed full amount
Know the Reasons Why Form 26AS must be checked before Filing Income Tax Return
If you are filing Income Tax Return as an individual or as a company, there is something called Form 26AS which captures all the tax paid on your behalf by your employer or clients What
CBDT issues Guidelines for Compulsory Selection of Income Tax Returns for Complete Scrutiny during the FY 2021-22 [Read Guidelines]
The Central Board of Direct Taxes (CBDT) on Thursday issued the Guidelines for compulsory selection of returns for Complete scrutiny during the Financial Year 2021-22. In the case pertaining to Survey under Section 133A after
Finance Act 2021: Double TDS Collection on Non-Filers of Income Tax Return to be effective from July 1
The Finance Act, 2021 notified the new Section 206CCA of the Income Tax Act relating to specified provisions for the collection of tax deduction at source ( TDS ) on non-filers of Income Tax Return,
CIT can’t invoke Revisionary Jurisdiction If conditions prescribed under Sec 263 of Income Tax Act are not fulfilled: Madras High Court [Read Judgment]
The Madras High Court ruled that the Income Tax Appellate Tribunal (ITAT) rightly set aside the order passed under Section 263 of the Income Tax Act on the ground that CIT lacks jurisdiction. The Assessing