Income Tax Assessment

CBDT allows tax officials to waive or reduce interest due from taxpayers

The income tax department has allowed tax officials to either waive or reduce interest payable by a taxpayer, subject to specified conditions. Under the Income Tax Act Section 220 (2A), if a taxpayer fails to pay the tax amount specified in any demand notice, he/she is liable to pay interest at 1 per cent per month for the period of delay in making the payment. The Act also empowers Principal Chief Commissioner (PrCCIT) or Chief Commissioner (CCIT) or Principal Commissioner (PrCIT) or Commissioner rank officers to reduce or waive the amount interest due to be paid. The Central Board of Direct Taxes (CBDT) through a circular dated November 4 has specified the monetary threshold of the interest that can be waived or reduced by the tax officers. Accordingly, PrCCIT rank officer can decide on reducing or waiving interest due of over Rs 1.5 crore. For interest due above Rs 50 lakh to Rs 1.5 crore, CCIT rank officer will decide on the waiver/reduction, while PrCIT or Income Tax ...

SC backs validity of 90,000 I-T reassessment notices made after Apr 1, 2021

In a relief to the Income Tax Department, the Supreme Court has upheld the validity of nearly 90,000 reassessment notices issued by the revenue department after April 1, 2021, under old provisions. The top court on Thursday set aside the verdicts of several high courts that had held that the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act (TOLA) of 2021 will not extend the time limit for issuing reassessment notices under the Income Tax Act. TOLA was brought in during the COVID-19 pandemic to extend time limit for income tax compliances. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra dealt with two legal questions related to the interplay of three Parliamentary statutes, the Income Tax Act, the TOLA and the Finance Act. The issues, adjudicated upon by the top court, read: "Whether TOLA and notifications issued under it will also apply to reassessment notices issued after April 1, 2021 and whether the ...

Foreign entities fund Indian NGOs to halt public projects: I-T dept to SC

The Environics Trust had filed a petition in the Delhi High Court, contesting the notice issued to it under Section 148 of the Income Tax Act, 1961

I-T serves Rs 1,700 crore tax notice to Congress after HC rejects plea

The Income Tax department's notice for the assessment years 2017-18 to 2020-21, will add to the worries of Congress, which is already facing a cash crunch on the account of frozen bank accounts

Delhi HC dismisses Cong's plea against tax re-assessment by I-T authorities

The Delhi High Court on Thursday rejected petitions by the Congress challenging the initiation of tax reassessment proceedings against it for a period of four years by tax authorities. A bench of Justices Yashwant Varma and Purushaindra Kumar Kaurav said the pleas were dismissed in terms of its earlier decision refusing to interfere with the opening of re-assessment for another year. The present matter pertained to assessment years 2017 to 2021. In the earlier petition, which was dismissed last week, the Congress party had challenged initiation of re-assessment proceedings pertaining to assessment years 2014-15 to 2016-17.

Financial goal to liquidity need: What to get from tax-saving investments

The funds you put in must will be locked up for a period and may not fetch quick returns

Investment, insurance, taxes: Money moves you should make in 2024

The start of the year should be used to review and plan your financial assets and goals

10-yr reopening of I-T assessment applies to serious cases: Delhi HC

Only in cases where there is evidence of concealing income above Rs 50 lakh, says court

I-T dept sends queries to NRIs about big, unexplained transactions

Govt officials aware of the matter said that the I-T department was taking cues from its 'insight' database to gather information on these individuals

The tax rule to know when you partner with relative to buy property

Sale transactions of less than Rs 50 lakh is not subject to tax deducted at source

MCD to use drones to survey industrial area properties for tax assessment

In a first, the Municipal Corporation of Delhi (MCD) will use drones to survey properties in the city's industrial areas for tax assessment, officials said on Tuesday. This will help in verifying details submitted by residents of their properties while paying tax, an MCD official said. The MCD has invited bids to conduct a drone-based survey through an agency for the purpose of tax assessment. The last date to submit a bid is March 16. This will be the first time that the MCD will be utilising drones to survey properties falling in industrial areas in the national capital. The MCD has decided to use drones after the success of a pilot project last year. On a pilot basis, a survey was carried out in Mohan Cooperative Industrial Area on Mathura Road last year, an MCD official, associated with the project, told PTI. After the success of the survey there, the civic body has decided to deploy the technology in other areas as well, he said. The survey will help verify the exact use of

15 schemes you might want to invest in to save income tax in FY24

Each of these had its own advantages and drawbacks in terms of returns, tenure, liquidity and point of taxability. Pick instruments based on your own finances, goals and investment temperament

Infosys admits appeal against UK tax assessment, says report

There is no suggestion of wrongdoing by Infosys, the newspaper highlights

Get a fix on key changes in the new Income Tax Return Forms for AY 2022-23

The forms are quite elaborate and seek a lot of information, so get the documentation and paperwork ready, and make complete disclosures while filing returns

TMS Ep153: IT tracking transactions, degree courses, markets, poison pill

Should people with unexplained spending be worried? Will pursuing two degrees simultaneously help students? What next for markets after Monday mayhem? What is 'poison pill' strategy? All answers here

Have big unexplained expenses? You can face IT review of past 10 years

IT sleuths can now trace all transactions of an individual, if they are not 'benami'. New reassessment regime allows them to probe any transaction worth Rs 50 lakh or more in the last 10 years

How to respond to a notice for reassessment of income u/s 148A of I-T Act

Check the Relied Upon Documents, or RUDs, on the basis of which the assessing officer has started the reassessment proceedings

Changes in Income Tax return filing that you must know before setting out

There are some changes in the e-filing site, ITR Forms for AY 2021-22, as well as in the process of filing returns.

Faceless assessment: Taxpayers seek redress from courts over thorny issues

Experts says that the system is a mixed bag of experiences for the taxpayer, but agree that it largely circumvents the principle of natural justice

I-T dept says found Rs 400 cr black income at 2 Delhi-NCR realty firms

The unidentified groups engaged in construction of commercial and residential projects were searched on November 17.