Page 3 - Central Processing Centre News Today

The Gujarat High Court has allowed the benefit of concessional tax under Section 115BAA of the Income Tax Act, as Form No.10-IC could not be uploaded on the Income Tax Business Application (ITBA)...

Recently many individuals have received an income tax intimation notice asking them to explain why had they claimed higher amount of deduction than mentioned in Form 16 or Annual Information Statement (AIS). The income tax department has also said that if the explanations are not satisfactory, then a tax demand notice will be sent.

ITR verification last day 2023: Taxpayers must verify their ITR within 30 days of filing to avoid penalties. The income tax department aims to reduce processing time for tax refunds

E-verification of income tax returns is mandatory for them to be treated as valid, according to the income tax department. Tax filers can complete the process using Aadhaar OTP, internet banking, bank account, demat account, or digital signature certificate

Indirect Taxes Supreme Court No Service Tax Applicable on User Development Fee collected From Passengers by Delhi, Mumbai and Hyderabad International Airports: Supreme Court Case Title:...

Inoperative PANs have been giving a headache to non-resident Indians. Unresponsive jurisdictional assessment officers, lack of online facility to contact them to update residential status and non-receipt of e-verification codes continue to impede smooth filing of NRI tax returns.

Salaried individuals can opt for the old or new tax regimes once every year. But you will need to recalculate your tax deductions and exemptions.

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has observed that payments made for acquiring membership in a social club could not be allowed as business expenditure when there was no...

Indirect TaxesSupreme CourtSabka Vishwas Scheme : Supreme Court Grants Relief To Company Which Missed Deadline Due To IBC MoratoriumCase Title: Shekhar Resorts Limited vs Union of IndiaCitation : 2023...

You shouldn’t. In fact, you should keep them. Tax proofs for expenses incurred or investments made must be saved for a few more years after you file your income-tax returns. If your case is reopened, the tax man could ask for document proof. If you fail to submit them, it can spell trouble.