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O.P. Yadav, Tax Evangelist at Prosperr.io & former Principal Commissioner of Income Tax Department, along with others have highlighted a critical issue regarding the implementation of Rule 114E(2) for joint bank account holders.
CBDT has provided some relief to taxpayers and businesses who have been served tax demand notices for TDS or TCS at normal rates from payees whose PANs had become inoperative for want of Aadhaar linkage.
The Income Tax Department has given relief to those income tax payers who got an income tax demand notice due to short deduction of TDS and short collection of TCS from those deductors and collectors, who have an in-operative PAN. An PAN will be termed in-operative, if it is not linked with Aadhaar.
A day after the Uttar Pradesh Special Task Force (STF) arrested five men from Rajasthan for allegedly evading GST by issuing e-way bills through 100 fictitious firms, a daily-wage labourer in Lakhimpur Kheri district received an income tax notice showing…
In a significant move aimed at improving taxpayer convenience, the Income Tax Department has enabled the online submission of Form ITR-B for those who have received notices under Section 158BC of the Income Tax Act. This update allows taxpayers to file their return through the e-Proceeding tab on the official income tax portal.
The Delhi High Court will soon to decide whether the tax department can retrospectively reopen old tax notices involving foreign assets—even if those notices were time-barred under earlier rules.
The income tax department has enabled the Excel utilities of ITR-1 (Sahaj) and ITR-4 (Sugam) for the financial year 2024-25 (assessment year 2025-26), thus allowing offline return filing. Online ITR forms will be enabled soon. Tax experts say it is necessary to choose the correct ITR form to avoid any future income tax notice.
How much money can I safely deposit in my savings account before the taxman comes knocking?
MSTC Limited receives Notice of demand under section 156 of the Income Tax Act, 1961 from Income tax department, according to the regulatory filing.
A week after a barber from Sirsa received a notice of ₹37.87 crore from the income tax department, an auto driver in Bhiwani too received a notice of ₹31.67 crore from the income tax department.