ACIT vs Mitsui & Co. India Pvt Ltd (ITAT Delhi) [ITA No. 765/Del/2020] The assessee company is in the business of general trading of materials and equipment needed for industrial projects; commission agent acting as a middleman between buyers and sellers who want to import, export or engaged in off-shore or domestic trading activities; and […]
Online games Such as Poker, Rummy, Ludo, Dream11 and battleground games are getting popular day by day especially since lockdown with celebrities endorsing such online fantasy games. Winning and use of real cash is common in such games among youngsters and even minors with revenue from gaming industry increasing exponentially year on year. INTRODUCTION OF […]
INTRODUCTION The Income Tax Department’s e-filing website has introduced an innovative feature called ‘Challan Correction.’ This feature is designed for fixing errors on tax payment forms (challans) much easier for taxpayers. It allows individuals to quickly correct mistakes in their Advance Tax, Self-Assessment Tax, and Regular Assessment Tax payments for the years starting from 2020–21. […]
V.K. Patel Securities Pvt Ltd Vs ADIT (ITAT Mumbai) A key decision concerning the Central Processing Centre’s (CPC) faulty notice for company receipts below the threshold limit stipulated in section 44AB of the Income Tax Act has been made by the Income Tax Appellate Tribunal (ITAT) in Mumbai. Due to the gross business receipts exceeding […]
Finance Minister Nirmala Sitharaman while speaking at the 164th Income Tax Day celebrations said that, in situations where assesses have either not submitted income or have underreported income, the income tax department has given one lakh notices. Without going into any detail, she stated that the IT department will finish these notices by March 31, […]
A taxpayer should file the correct ITR by the prescribed due date, i.e. 31st July. Though there is an option to file a Belated return until 31st December, however, if you fail to file your Income Tax Return by 31st July, there could be some financial implications, such as: – i) Penalties – Late fee will […]