After filling Income Tax Return, Income Tax authorities may select certain tax returns for detailed scrutiny and request that the individual submit documents evidencing the claims made in the return of income, referred to as an assessment. Earlier, the assessments were carried out by personal representations/visits to tax offices and the physical filing of submissions. […]
Budget 2022 has introduced the new section 139(8A) in Income Tax Act, 1961. Refer budget update @ Introduction of new Income Tax ‘Updated’ Return Type. Section 139(8A) enables the filing of “Updated Return” (aka ITR-U) by the taxpayers. Section 139(8A) has come into effect from 01st Apr 2022 Section 139(8A) under the Income Tax Act allows […]
The Bombay High Court has quashed the reopening of income tax assessments after 4 years merely on the change of opinion of the Assessing Officer (AO). The bench of Justice K. R. Shriram and Justice Firdosh P. Pooniwalla observed that the Assessing Officer had in his possession all primary facts, and it was for him […]
Goods and Services Tax (GST) has revolutionized the way tax is collected in India. One of the key features of GST is its self-assessment system. This means that taxpayers are required to self-assess their tax liability and file their returns accordingly. However, the government has the power to verify the correctness of the returns filed […]
Income Tax Appellate Tribunal (ITAT) of Mumbai Bench has allowed the deduction under Section 54F of the Income Tax Act on the grounds that the assessee is not the exclusive owner of multiple residential properties occupied by other family members & has observed that the joint ownership of the property would not stand in the […]
