In a significant ruling, the Supreme Court upheld the validity of nearly 90,000 income tax reassessment notices issued to individuals and businesses after April 1, 2021. These notices, spanning assessment years 2013-14 to 2017-18, had been challenged in over 9,000 writ petitions across various high courts, where many decisions had favored taxpayers. The Supreme Court’s … Read more
The Income Tax Department has reportedly issued 10,000 reopening notices to companies and individuals in major cities, seeking explanations for discrepancies in their reported incomes. This action comes alongside the Central Board of Direct Taxes’ (CBDT) recent directive to monitor rampant cash transactions in sectors like hotels, luxury brand sales, hospitals, and IVF clinics, urging … Read more
Ahead of the ITR filing deadline on July 31, 2024, the Income Tax department has that 13 lakh returns are being filed every day. It added that till July 14, 2024, around 2.7 crore ITRs were filed. “Over 2.7 crore ITRs have been filed as on 14 July 2024, which is 13 per cent … Read more
ITR filing deadline: The deadline to file Income Tax Returns is just a month away, with the last date on July 31, 2024. It is very important to file the returns correctly and on time to avoid any complications or getting a notice from the Income Tax department. This is very crucial for first-time ITR filers … Read more
ITR Filing FY2024: The Income Tax filing is just a month away and most salaried taxpayers have got into action after getting their Form 16 last week. Employers deducting tax under Sections 192-195 must provide employees with a certificate detailing tax deduction, applicable rate, deducted amount, and other relevant information. This certificate, commonly referred to as … Read more
The tax filing season is upon us. Before you file your return, make sure to pick the right form. Using the wrong form means your return will be marked as defective. For most salaried people, the basic form is ITR-1. This form is for individuals with a total income up to Rs 50 lakh from … Read more