The appeals filed by staff unions and officers’ associations of various banks, impugning judgments which dismiss their writ petitions, where the vires of Section 17(2)(viii) of the Income Tax Act, 19611 or Rule 3(7)(i) of the Income Tax Rules, 19622 , or both, were challenged The applicants along with the staff unions and officer’s associations […]
Section 80 IAC of the Income Tax Act, is the provision that allows recognised startups to get a 100% tax exemption for 3 consecutive profit-making years. This can be said to be one of the most important benefits of startup India registration. Newly established and incorporated startups often face shortage of financial resources during their initial […]
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 Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), has held that the claim of capital gain exemption under Section 54 of the Income Tax Act, 1961 on construction of residential house completed within 3 years is allowed and removed the penalty levied under Section 271(1)(c) of the Income Tax Act. To claim exemption […]
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 […]
Income Tax return filing is mandatory if the Total Income of an Individual exceeds the maximum amount which is not chargeable to income-tax i.e. Rs.2,50,000 for individuals whose age is less than 60 Years under old tax regime and Rs. 3,00,000 under new tax regime It is also mandatory to file Income Tax Returns in […]
The following tables will help you understand which ITR forms are taxpayers supposed to fill based on the nature of their income for the Assessment Year 2023-2024 (Financial Year 2022-23) Nature of income ITR 1* ITR 2 ITR 3 ITR 4* Salary Income Income from salary/pension (for ordinarily resident person) ✓ ✓ ✓ ✓ Income […]
For the old tax regime, an individual, who is resident in India, is allowed a tax rebate under section 87A if the total income of such individual does not exceed Rs. 500,000. The rebate is allowed to the extent of Rs. 12,500. Thus, if the total tax (excluding health & education cess) is less than […]
Every Indian Citizen needs to file Income Tax Return if there annual income is more than the specified Income Tax Exemption Limit and other situations specified by Income Tax Act as mentioned below: In any of the following situations (as per the Income Tax Act), you must file an Income Tax Return in India: Your gross total income (before […]
