CBDT extends Due Date for filing various Income Tax Forms [Read Circular]
The Central Board of Direct Taxes (CBDT) has issued an order extending due dates for various compliance forms including the Quarterly statement in Form No. 15CC, Equalization Levy Statement in Form No.1, the Statement of
Provision of Ground Rent not allowable under section 43 of the Income Tax Act: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the provision of ground rent shall not be allowable under section 43B of the Income Tax Act, 1961. As per section 43B,
Income Tax Department conducts searches in Kanpur
The Income Tax Department carried out a search action on 29.07.2021 on a large group based in Kanpur and Delhi. The group is in the business of manufacturing Pan Masala and in real estate. A
CBDT omits Certain Income Tax Rules & Forms: Mandates E-filing of Forms, Returns, Statements, Reports, and Orders [Read Notification]
The Central Board of Direct Taxes (CBDT) has omitted certain rules and forms notified in Appendix II. However, any proceedings pending before income Tax authority or court shall be continued & disposed of in accordance
Delhi HC issues Notice to Income Tax Dept. to respond to AAP’s plea against Assessment Transfer
The Delhi High Court has issued the notice to the Income Tax Department on a plea by Aam Aadmi Party (AAP) challenging the decision to transfer their Income Tax assessments from one circle to another.
CBDT amends Income Tax Rules on return of income pursuant to amendment under section 148 [Read Notification]
The Central Board of Direct Taxes (CBDT)  amended the Income Tax Rules on return of income pursuant to amendment under section 148 of the Income Tax Act. The Board In exercise of the powers conferred
Assessment Order framed in Name of non-existing person not to be Void if mistake identified, corrected by Income Tax Dept: Madras High Court [Read Order]
The Madras High Court ruled that the assessment order framed in the name of a non-existing person is not to be Void if a mistake is identified, corrected by the Income Tax Department. The petitioner,
Know the Penal Interest details to be paid even if Income Tax Return filing deadline Extended
In order to provide relief to the Taxpayers affected by the COVID-19 Pandemic, the Government extended the Income Tax Return filing for the financial year 2020-21 till September 30, 2021. Further, the government has given
Income Tax Notices issued in Name of dead person is void, all consequent Assessment Order liable to be quashed: Delhi HC [Read Order]
The Delhi High Court held that the notices issued in the name of dead persons are void, and all consequent Assessment Orders are liable to be quashed. The petitioner, Sripathi Subbaraya Manohara, legal heir of
Income Tax Deduction not claimed in Original Assessment Proceedings can’t be claimed during Re-assessment: Karnataka High Court [Read Judgment]
The Karnataka High Court held that the Deduction not claimed in original assessment proceedings can not be claimed during re-assessment. The appellant, GMR Infrastructure Ltd. is a Company incorporated under the Companies Act, 1956 and
Charitable Society eligible for Income Tax Exemption for providing Hostel facilities to Staff and Students, being integral part of ‘Educational Activities’: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT), has recently held that the charitable trusts shall be eligible for income tax exemption for providing hostel facilities to its staff and students since such
Income Tax Deduction not allowable to Professional and Consultancy Charges paid for Acquisition of Companies: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that the income tax deduction cannot be allowed to professional and consultancy charges paid for the acquisition of the Companies by the assessee, Steer Engineering
Income Tax Department conducts searches in Uttar Pradesh
Income Tax Department carried out a search operation on 22.07.2021 on a group in Uttar Pradesh dealing in Mining, Hospitality, News Media, Liquor, and Real Estate. The search began in Lucknow, Basti, Varanasi, Jaunpur, and
161st Income Tax Day: MoS Pankaj Chaudhary hails dept for bringing Transparency via Digital Tools
The 161st anniversary of Income Tax Day was observed by the Central Board of Direct Taxes (CBDT) and all its field offices across India here today. As part of the observance, the field formations held
Income Tax Department conducts searches PAN-India in a prominent group having diversified businesses
Income Tax Department carried out a search operation under section 132 of the Income-tax Act, 1961 on 22.07.2021 on a prominent business group, which is involved in businesses in various sectors, including Media, Power, Textiles,