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Budget 2024-25: FM Proposes to Amend S.271H of Income Tax Act w.r.t Penalty on Late Returns Filing [Read Bill]

Varsha Chandran

The Union Finance Minister Nirmala Sitharaman during the Budget Presentation at 11 AM on 23rd July 2024 proposed to amend S.271H of Income Tax Act...

Budget 2024-25: Know the Revised TDS Rates under Income Tax Act [Read Bill]

Budget 2024-25: FM proposes Revision to Income Tax Slabs in New Regime

[TAXSCAN 360] ITR Filed? Know Complete Details on Income Tax Refund

Tax Exemption u/s 80 G of Income Tax helps in Progression of SSE in India: Economic Survey 2023-2024

All you want to know about Income Tax Audit Forms 3CA and 3CB

In India, the personal tax is governed by the Income Tax Act, 1961. It has mandated certain persons carrying businesses and professionals to undergo a tax audit under Section 44AB of the Income tax...

Difference between Average Sale Rate and Actual Transaction Value shall be treated as “On-Money”: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the difference between the average sale rate and the actual transaction value should be treated as "on-money”. However, if the...

BOT projects are Intangible Assets: ITAT allows 25% Depreciation on Road Construction [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT), consisting of M. Balaganesh (Accountant Member) and Vimal Kumar (Judicial Member), has ruled that Built Operate and Transfer (BOT)...

ITAT Weekly Round Up

This weekly round-up analytically summarizes the key stories related to the Income Tax Appellate Tribunal ( ITAT ) reported at Taxscan.in during the previous week 13th July 2024 to 19th July 2024. ...

Income Tax Notice and Order Lacking Signature by Proper Officer cannot be Sustained: Telangana HC [Read Order]

The Telangana high court ruled that the income tax notice and order lacking the signature of a proper officer, physically or electronically cannot be sustained. The notice and order was set aside. ...

[Taxscan 360] Income Tax Returns Filing: Who, Which, Why, Where, How, and When?

Income tax can be defined as the most common form of direct tax, and it is the tax charged on the annual income of an entity in a financial year. In India, it is governed by the Income Tax Act of...

Modified Income Tax Reassessment Proceedings under Finance Act 2021 ignored while issuing Notice: Telangana HC sets aside Notice [Read Order]

The Telangana High Court set aside the notice and consequential income tax orders as it was issued without complying with the modified income tax reassessment proceedings as per Finance Act 2021. The...

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