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Posted inINCOME TAX

Income Tax department’s action of attaching the 200-acre property through a petition at the Lucknow High Court

by TaxConcept

The Income Tax department has taken action against Nandkishore Chaturvedi, a prominent figure in multiple ongoing cases involving financial irregularities. Chaturvedi is known for his involvement in providing significant loans to the brother-in-law of Uddhav Thackeray, the leader of the Shiv Sena (UBT). His company, Humsafar Dealers Pvt Ltd, has been linked to providing unsecured […]

Posted inINCOME TAX

Section 139(9) defective return notices issued by the Income Tax Department (ITD)

by TaxConcept

Section 139(9): Defective Income Tax Return Notice: Section 139(9) of the Indian Tax law pertains to defective return notices issued by the Income Tax Department (ITD). Taxpayers, often unaware of all the rules, may encounter errors while filing their Income Tax Returns (ITR). Upon verification, the ITD identifies these errors and issues a defective return […]

Posted inINCOME TAX

Income Tax Return Scrutiny Guidelines

by TaxConcept

The income tax department in India examines filed tax returns and selects cases for scrutiny assessment if there are reasons to believe that the information provided by the taxpayer is incorrect or incomplete. Taxpayers issued a notice are required to take necessary actions as communicated by the department. This blog provides a detailed discussion of […]

Posted inINCOME TAX

CBDT Urges Reporting Entities to Submit High-Value Transaction Details

by TaxConcept

The Central Board of Direct Taxes (CBDT) has instructed various organizations, including banks, post offices, cooperatives, fintech firms, and mutual fund houses, to submit details of all high-value transactions conducted in 2022-23 by June 30. Approximately 6,000 reporting entities have not yet filed the information, incompletely provided it, or submitted it in an incorrect format. […]

Posted inGST

Ministry of Finance issue Clarification on Taxability of Corporate Guarantees

by TaxConcept

The Ministry of Finance is likely to issue clarification regarding the taxability of corporate guarantees under the GST law between related parties, according to sources in the know.  The debate revolves around the calculation of taxable value based on actual amount utilised by the beneficiary when the guaranteed amount exceeds the utilisation. In addition, there […]

Posted inINCOME TAX

Deposited over Rs 10 lakh in cash in your account? You can get I-T notice

by TaxConcept

Cash deposits or withdrawals exceeding Rs 10 lakh (1 million) in a year in a savings account (except current accounts and fixed deposits) require reporting to the Income Tax department. Banks and post offices are responsible for reporting such transactions.  Certain high-value financial transactions in India can trigger scrutiny from tax authorities. Here is a […]

Posted inINCOME TAX

Real estate deals, credit card transactions: 6 times one can get Income Tax notice

by TaxConcept

Income Tax Department carefully tracks all financial deposits and withdrawals made by individuals. The I-T Department uses data from different sources to verify tax compliance, with certain transactions triggering additional scrutiny. For example, the tax department keeps a close on eye on all high-value cash transactions. Like if someone with a savings account gets a […]

Posted inINCOME TAX

CBDT’s Interim Action Plan for Fiscal Year 2024-25: Key Highlights and Mandates

by TaxConcept

In a recent directive from the Central Boardof Direct Taxes (CBDT), income tax officershave been mandated to scrutinize the top 30cases of short payment concerning taxdeducted at source (TDS). Additionally, theyare tasked with resolving at least 150appeals by the Commissioner of Income Taxabefore June 30 of this fiscal year. This initiative forms a crucial part […]

Posted inGST

Extension of GSTR-1 due date

by TaxConcept

GSTN has noticed that taxpayers are facingdifficulties in filing GSTR-1 intermittentlysince yesterday due to technical issuesleading to slow response on the portal. GSTN has accordingly recommended to cbic_india that the due date for filing ofGSTR-1 for the monthly taxpayers beextended by a day ie till 12/4/24.

Posted inINCOME TAX

Income Tax Department Issues Notice for Mismatched ITR Filing

by TaxConcept

Income Tax Department has initiated a process of issuing formal notice to taxpayers regarding potential discrepancies identified between the information reported in their Income Tax Returns (ITRs) and the Department’s records of specific financial transactions for the assessment year 2021-22 (financial year 2020-21). The Income Tax Department encourages those who received notices regarding discrepancies in […]

Posted inINCOME TAX

CBDT’s Interim Action Plan for Fiscal Year 2024-25: Prioritizing Tax Administration Efficiency and Taxpayer Relief

by TaxConcept

The Income Tax Department has introduced an interim action plan for the fiscal year 2024-25, focusing on key areas such as identifying instances of TDS short-payment and expediting appeals processing. The plan includes deadlines for refund approvals, asset release, and compounding proposals. It also outlines the identification of cases where seized assets are due for […]

Posted inINCOME TAX

Relief For Taxpayers On HRA Claims! CBDT Clarification on HRA Claims and Retrospective Taxation

by TaxConcept

CBDT clarification on media reports claiming special drive to reopen cases with reference to HRA claims Certain instances of mismatchinformation as filed by the taxpayer and asavailable with the Income Tax Department have come to the notice of theDepartment as part of its routine exercise of verification of data. In such cases, theDepartment has alerted […]

Posted inINCOME TAX

Communication of income tax notice proposed adjustment u/s 143(1)(a)

by TaxConcept

Income Tax Department verifies the details provided in the return filed by the taxpayer. If any discrepancies exist, the department issues a notice or intimation to the taxpayer, instructing them to make corrections. However, before commencing any assessment procedure, the department provides a notice u/s 143(1)(a) mentioning the proposed adjustments to be made in the […]

Posted inINCOME TAX

CBDT to reopen cases linked to false HRA claims

by TaxConcept

CBDT to reopen cases linked to false HRA claims? Income tax body issues clarification, says ‘any apprehensions about…’ Rejecting media reports suggesting the large-scale reopening of cases related to incorrect house rent allowance (HRA) claims, the Central Board of Direct Taxes (CBDT) on Monday, April 8 clarified that “apprehensions about retrospective taxation on these matters […]