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<p>A new campaign was launched by the Income tax department on November 17 warning the assessees of a Rs. 10 lakh penalty if they lose to reveal the foreign-held assets or income made from abroad in their ITR, as per the PTI report. The motive of the compliance-cum-awareness campaign is to ensure that the assessees [&hellip;]</p>

<p>Union Finance Minister Nirmala Sitharaman addressed the user’s concern who questioned the financial pressure on the middle-class people of India. For various decades, the country has been supported by these middle-class people which contributes highly in terms of taxes and spending. On the X platform, the user has tagged Sitharaman and requested certain relief for [&hellip;]</p>

<p>The owners of the land who are in joint development agreements (JDAs) with builders are facing intensified scrutiny for bypassing capital gains taxes. The Income Tax Department&#8217;s investigation wing has been directed by the Central Board of Direct Taxes (CBDT) to review the matter which comprises engaging the individuals and Hindu Undivided Families (HUFs) who [&hellip;]</p>

<p>It was mentioned by the Delhi HC that the wrong citing of the name of the taxpayer in the notice issued to it for the default in deduction of tax at source is just a clerical error. Therefore a division bench of Justices Yashwant Varma and Ravinder Dudeja carried that Show Cause Notice (SCN) along [&hellip;]</p>

<p>Taxpayers used to pay more than three-fourths of the income tax in the country having an income exceeding Rs 50 lakh at present, even as the tax load on those making less than Rs 20 lakh has drawn down in the last 10 years, showing the relief for the middle class, as per the senior [&hellip;]</p>

<p>It was carried by the Madhya Pradesh High Court (HC) that an order passed u/s 148A(d) of the Income Tax Act 1961 is not an appealable order hence the mere remedy with an aggrieved party is to invoke the writ jurisdiction of the HC. The proceedings under section 148A are initiated when the income tax [&hellip;]</p>

<p>The Income Tax Appellate Tribunal ( ITAT ), Hyderabad quashes an Order of the Commissioner of Income Taxes (Appeals) – National Faceless Assessment Centre ( CIT (A) ), Delhi mentioning the absence of proof warranting the assessees to pay advance tax under the provisions of Section 209 of the Income Tax Act, 1961. Ramadevi Nelaturi [&hellip;]</p>

<p>Exemption u/s 54 of the Income Tax Act,1961 can be permitted based on the amount utilized out of the sale consideration towards the construction of the property even if the construction is not complete, the Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) carried. The taxpayer, Bagalur Krishnaiah Shetty Vijay Shanker, submitted his Income [&hellip;]</p>

<p>The Delhi High Court has ruled that a document issued by revenue authorities or any government body certifying the agricultural status of the land is not a sale deed. A division bench consisting of Justices Vibhu Bakhru and Swarana Kanta Sharma stated that the primary purpose of a sale deed is to document the transaction [&hellip;]</p>

<p>Income Tax Appellate Tribunal (ITAT), Bangalore in a case where the appeal of the taxpayer was permitted by considering the Medical Certificate as adequate evidence for condonation of taxpayer’s filing delay of the audit report. The appellant Home of Peoples Empowerment Foundation has submitted an appeal against the impugned order of the income tax officer. [&hellip;]</p>

<p>The order has been quashed by the Delhi bench of the Income Tax Appellate Tribunal (ITAT) via the Deputy Commissioner of Income Tax (DCIT) for the assessment year (AY) 2021-22, where the assessing officer (AO) had applied Section 143(3) of the Income Tax Act, 1961, rather than the appropriate Section 153C of the Income Tax [&hellip;]</p>

<p>The Apex court dismissed 93 appeals contesting the application of the Tax Deduction at Source (TDS) on the salaries furnished to the nuns and priests of the Catholic Church who are working as teachers in aided institutions. The bench, which included Chief Justice of India DY Chandrachud and Justices JB Pardiwala and Manoj Misra, was [&hellip;]</p>

<p>It was carried out by ITAT Chennai that the condonation of delay must not be dismissed for the cause that the plea submitted belatedly is not accompanied by the condonation petition. Therefore the order has been set aside and the case remanded back. Key Facts and Information The petitioner vides the present plea challenged that [&hellip;]</p>

<p>The Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT ) in a ruling quashes the disallowance u/s 36(1)(iii) of the Income Tax Act, 1961, on interest-free advances provided to the assessee&#8217;s sister concern. For the case when the taxpayer Deccan Charters Pvt. Ltd., a company in the aviation services business based in Bengaluru [&hellip;]</p>

<p>The industry chamber CII advocated for further reforms in the tax system, emphasizing the need for tax simplification and for maintaining the momentum of capital investment in the Budget for 2025-26. CII in a meeting with the Revenue Secretary Sanjay Malhotra asked the government to surge the capex by 25% over 2024-25 (Budget) with a [&hellip;]</p>

<p>The High Court of Punjab and Haryana, in a ruling, invalidated tax notices issued to the taxpayer, stressing that circulars along with tax authorities guidelines could not override the legal provisions of the Income Tax Act, 1961. The petitioner-assessee Anju Arora, filed a writ petition contesting the issuance of notices and orders by the Jurisdictional [&hellip;]</p>

<p>There should be a Tax deduction at source (TDS) on the interest exceeding a specific level earned on the fixed deposits. W.e.f 1 June 2015 recurring deposits have also been brought under the net of TDS. However, no TDS is there on interest made from a savings account of an individual or a Hindu Undivided [&hellip;]</p>

<p>The Central Board of Direct Taxes (CBDT) is thinking of changing the official designations in the income tax department to make the roles more precise within people and create a significantly clearer image of the department. The offered restructuring concentrates on revising the nomenclature of positions like the commissioner of income tax (CIT) and principal [&hellip;]</p>

<p>You are within particular financial transactions this past September, November 14, 2024, is a crucial due date that is near. Various forms by this date pertinent to the tax deductions required to be provided such as forms 16B, 16C, 16D, and 16E. Below is a guide to Forms 16B, 16C, 16D, and 16E what each [&hellip;]</p>

<p>An updated guideline has been furnished by the income tax department to either exempt or lessen the interest that the taxpayer holds towards the late payments given a specific condition is satisfied. The same adjustment has been proposed to facilitate the relief process, particularly for taxpayers who are facing financial difficulties. What Says the Law [&hellip;]</p>