Post by: Dinesh Pandiyan in Income Tax
Section 144B of Income Tax Act: Faceless Assessment Section 144B of Income Tax Act introduces a transformative approach to income tax assessments by emphasising transparency, efficiency, and accountability. Under section 144B, the Central Government's Faceless Assessment Scheme aims to eliminate…
Post by: Sanya Warriar in Income Tax
How do I know if I have an Income Tax Notice? When a taxpayer files an Income Tax Return (ITR) with the department, the department processes the return. It may issue a notice to the taxpayer, which could…
Post by: Sanya Warriar in Income Tax
What happens if we do not respond to Income Tax Notice? Income Tax Notice is a correspondence sent by the Income Tax (IT) Department when they want to raise an inquiry against the returns filed by the taxpayer. There are…
Post by: Renu Suresh in Income Tax Notice
What is Income Tax Notice? Receiving an income tax notice can be daunting, especially if you believe you've paid all your taxes and filed your returns correctly. Understanding these notices can make them seem less intimidating. Income tax notices are…
Post by: poonamgandhi in Income Tax
Explanatory notes to the provisions of the Finance Act, 2022 Central Board of Direct Taxes recently vides circular no. 23/2022 dated 3rd November 2022, came up with detailed explanatory notes to the provisions of the Finance Act, 2022. The important…
Post by: poonamgandhi in GST
Analyzing clause 44 of Form 3CD Post implementation of Goods and Services Tax (GST) from 1st July 2017, the corresponding amendment in input tax credit reporting in tax audit report vide Form 3CD was also introduced in the form of…
Post by: Renu Suresh in Income Tax
Faceless Penalty (Amendment) Scheme, 2022 The Central Board of Direct Taxes (CBDT) has notified Faceless Penalty (Amendment) Scheme, 2022 amending the provisions of the Faceless Penalty Scheme 2021 with effect from 27-05-2022. The 7 major changes introduced by the Amendment…
Post by: Renu Suresh in Income Tax
A Complete Guide to file ITR-6 for AY 2024-2025 The Central Board of Direct Taxes (CBDT) issued the Guidelines ITR-6 return filing to help the taxpayers for filing the particulars in Income-tax Return Form-6 for the Assessment Year 2024-2025 relating…
Post by: poonamgandhi in Income Tax Legal News
Income Tax Exemption to District Mineral Foundation The Central Board of Direct Taxes (i.e., CBDT), vide notification no. 73/2020- Income Tax dated 10th September 2020, exempted certain specified income derived by the District Mineral Foundation Trust. The exemption is briefly…
Post by: Renu Suresh in Income Tax
CBDT Clarification on Section 115BAC of Income Tax Act The Finance Act 2020 has inserted a new section 115BAC of Income Tax Act, wherein an individual gets an option to choose between the actual tax rates and the new concessional…