INCOME TAX

Received a Notice From the Income Tax Dept?

There are a number of reasons why you can receive unexpected or unannounced communication from the income tax (I-T) department. You might not have submitted your income tax return on time is just one example. Additionally, there could have been computation problems, incorrectly reported income, excessive losses, or a wrong notice sent to you. According …

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Notice Under Section 142(1) of Income Tax Act

notice under Section 142(1) of Income Tax Act is generally served to taxpayers in order to call upon certain documents and details or to particularly assess a case. When an individual receives a notice under this section, it is most commonly the first step in the preliminary investigation into any discrepancies found by an Assessing Officer who …

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How to View & Download Form 26AS From TRACES Website

Form 26AS – What is Form 26AS? View & Step-by-step process to download Form 26AS

Your Tax Credit Statement or Form 26AS is an important document for tax filing. Gone are the days when one has to download Form 26AS for filing IT returns manually. The scope of the statement has now been expanded to include details of foreign remittances, mutual funds purchases, dividends, refund details, etc. What is Form …

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income tax scrutiny assessment

Section 143(3) Income-tax Scrutiny Assessment

Section 143(3) Scrutiny Assessment- Income tax assessment is the process of verification of the information a taxpayer has provided in the returns submitted by a taxpayer to the income tax department. An assessment is carried out by the Income Tax department after the filing of an income tax return by an assessee. The purpose of conducting the …

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Big Search and seizure action by Income Tax Department in Bihar

Income Tax Department initiated a Search & Seizure action on few groups engaged in the business of gold & diamond jewellery and real estate, on 17.11.2022. The searches were carried out at more than 30 premises spread over Patna, Bhagalpur, Dehri-on-Sone, Lucknow and Delhi. During the course of the search, large number of incriminating documents …

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Income Tax Department has sent Tax notices for errors in returns

Income Tax Department has sent notices to dozens of foreign portfolio investors (FPIs) and alternative investment funds (AIFs), flagging discrepancies in their tax returns. These tax red flags include errors in capital gains tax computations, erroneous declarations, suppression of income and wrong exemption claims, people with direct knowledge of the matter told ET. The notices were sent …

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PAN card holders alert! Your PAN card may be inoperative

If you are a PAN card holder and you have not yet linked it with Aadhaar, then this news is important for you. Permanent Account Number (PAN) will become inoperative after March 2023 if the cardholder fails it to link with the Aadhaar Card, the Central Board of Direct Taxes (CBDT) had said earlier this …

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Last date to file ITR extended again, now you can file income tax return till this date

It is mandatory for the taxpayers to file Income Tax Return. A deadline is issued by the government to fill it, within which taxpayers have to pay tax in any case. But some people are not able to file their Income Tax Return even by the due date. After that they have to pay tax …

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Section 143(1)

Section 143(1) Income Tax Notice

Tax notice under Section 143(1) of the Income Tax Act can be issued to begin a summary assessment without calling the taxpayer. Section 143(1) notices are issued based on computerized processing of tax returns without any human interface. In a summary assessment, the Income Tax Department would not call for additional information or documents as …

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IT Section 194R

Taxation Update IT Section 194R is available now in e-TDS return

Taxation Update IT Section 194R is available now in e-TDS return. Please go ahead for filing Q2 e-TDS Return now. TDS Due Dates of FY 2022-23 for Return Filing Quarter Period Last Date of Filing 1st Quarter 1st April to 30th June 31st July 2022 2nd Quarter 1st July to 30th September 31st October 2022 …

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Types of Income Tax Notice & Documents required to reply to an Income Tax Notice

Types of Income Tax Notice & Documents required to reply to an Income Tax Notice

Type of Notice Description Notice u/s 143(1) – Intimation This is one of the most commonly received income tax notices. The income tax department sends this notice seeking a response to the errors/ incorrect claims/ inconsistencies in an income tax return that was filed.If an individual wants to revise the return after receiving this notice, …

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ITR Filing Update: A big update came on the file income tax return

At present, taxpayers are required to furnish their Income-tax Returns in ITR-1 to ITR-7 depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to go through all the schedules, irrespective of the fact whether that particular schedule is …

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INCOME TAX RAID in Bengaluru

I-T Dept conducts search actions have led to detection of unaccounted income more than Rs. 1300 crore & cash and gold jewellery 24 crore

Income Tax Department conducts search actions in Karnataka- Income Tax Department initiated Search & Seizure actions on 20.10.2022 and 02.11.2022 on certain individuals who had executed Joint Development Agreements (JDAs) with various real-estate developers. The search action covered more than 50 premises spread across Bengaluru, Mumbai and Goa. During the course of the search operations, …

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TAX PAYMENT

If you have account in these 11 banks, then you will not be able to pay tax on TIN NSDL website

If you make income tax payment online, then there is an important information for you. Before making tax payment, you should check once whether your bank is connected to the tax payment facility route or not. This has happened because the Income Tax e-filing portal has started the facility of e-pay tax. Customers whose bank …

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NFRA issues inspection guidelines to improve quality control at audit firms

National Financial Reporting Authority (NFRA) on Friday published guidelines on audit quality inspection, in a bid to further improve the standards of auditors. The inspection guidelines are based on recommendations of the International Forum for Independent Audit Regulators (IFIAR), which comprise audit regulators of 54 countries. NFRA will pick the audit firms for such inspections …

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Income-tax: Co-browsing feature is now available for the taxpayer

1. What is Co-Browsing and how does it help Taxpayer service? Co-browsing, also known as collaborative browsing, allows the Helpdesk agents to collaborate with the taxpayer’s browser in real-time, just at the click of a button. Agents can view and securely co navigate the Taxpayer’s browser screen and guide them interactively to deliver real-time and …

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Cash Transaction Limit & Penalty under Income Tax

The Finance Act 2017, took various measures to restrain black money and as an outcome of these measures, a new Section 269ST was inserted in the Income Tax Act. Section 269ST imposed restriction on a cash transaction and limited it to Rs.2 Lakhs per day. Section 269ST states that no person shall receive an amount of Rs 2 Lakh or more: …

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TAX PAYMENT

Government may seek more disclosures from taxpayers starting new financial year

Come the next financial year when you will be filing your tax returns, the Income Tax Department might want you to share more granular details in certain specific cases. Sources privy to the developments told CNBC-TV18 that the tax department could make it mandatory to “share details of foreign remittance received by NRI from India …

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Income Tax: Do you check your AIS on Income Tax website every quarter? Know why this is important

Check your AIS every Quarter: Many taxpayers check their Annual Information Statement (AIS) before filing Income Tax Return only once in a year. The Finance Ministry says that taxpayers should check their AIS every quarter. This will help them to know about any error in AIS. Then, it can be fixed. AIS contains more information …

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Unaccounted transactions of Rs 100 crore found

 search and seizure action was initiated by the Income Tax Department on few business groups engaged in coal trading/ transportation, execution of civil contracts, extraction of iron ore and production of sponge iron, on 04.11.2022. Those searched include two politically exposed persons and their associates. The searches were carried out at more than 50 premises spread …

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Last date to file ITR 2022-23 extension

ITR FIIING LAST DATE FOR AY 2022 23- Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax returns (ITRs) by corporate and individuals whose accounts need to be audited, to November 7, 2022. Earlier the due date of filing ITR for these assessees was October 31, 2022. CBDT had last month extended the …

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Income Tax Alert! Exemption of senior citizen is over, now the return will have to be filed, know what has changed here

Under the new directions of the Central Board of Direct Taxes (CBDT), it will be mandatory for individuals, professionals to file income tax returns, whether their income falls in the taxable limit or not. At present, the income tax exemption limit is Rs 2.5 lakh for persons below 60 years of age, Rs 3 lakh …

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Know income tax rules for selling under-construction property Vs ready-to-move house

Income-Tax Act, 1961 has special provisions for the computation of capital gains from the sale of immovable property. Tax on capital gains on sale of property is levied depending on the duration for which the property was held by the seller. If it was held for less than 2 years, the proceeds earned would be classified …

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