Introduction to the latest Amendment to Section 43B As per the Amendment made by the Finance Act, 2023 of section 43B which states that : Quote “Following clause (h) shall be inserted after clause (g) of section 43B by the Finance Act, 2023, w.e.f. 1-4-2024: (h) any sum payable by the assessee to a micro […]
The income tax department has added “Discard ITR,” a new feature, to its website. Taxpayers will be able to delete their previously submitted Income Tax Returns (ITRs) that were not verified. To answer frequently asked questions about the Discard ITR Option, the tax department has published FAQs. Here’s everything you need to know about the […]
Vinayak Sudhakar Malkotagi Vs ITO [ITA No. 549/MUM/2023] ITAT Mumbai held that receipt of rental income by giving the land on lease to the LLP and non-utilization of the said land does not preclude the assessee to treat the same as agricultural income. Accordingly, the same is exempt. Brief facts of the case are, assessee […]
After a three-month delay, higher Tax Collection at Source (TCS) rates on foreign remittances are set to take effect on Sunday, October 1. The increase in TCS on international transfers made under the Liberalised Remittance Scheme (LRS) from 5 to 20 percent was announced by the government in May of this year. The policy was […]
Sh. Kuldeep Kumar Vs ITO (ITAT Jodhpur) ITA No. 221/JODH/2023 A notable example of how the burden of proof can change to the Income Tax Department when affidavits are presented to verify the source of cash deposits is the case of Sh. Kuldeep Kumar v. ITO, which was decided by the Income Tax Appellate Tribunal […]
Tax investigators have issued an intimation notice to approximately 22,000 tax payers for the assessment period of 2023 to 24, including Salaried Individuals, High Net-worth Individuals (HNIs), Trusts, and HUFs, due to a discrepancy between the deductions declared in their tax return and the information contained therein in Form 16 or an AIS. The intimation […]