Income Tax

The Kerala High Court has ruled that, Actual Payment of Business Expenditure in the relevant Accounting Year not mandatory for claiming Deduction. The court held that in order to claim deduction of business expenditure, it is not necessary that the amount has been actually paid or expended during the relevant accounting year itself. The Tribunal …

Actual Payment of Business Expenditure in the relevant Accounting Year not mandatory for claiming Deduction in the computation of taxable business income Read More »

In its bid to increase tax compliance, the income tax department has now launched a new campaign to convince all those who did not file their income tax return (ITR) for the last financial year to do it now. The tax department keeps a track of all those who skip filing their ITR in a …

Income tax department’s message to those who didn’t file ITR this time Read More »

A ‘tax refund’ arises when a taxpayer pays ‘excess tax’ before filing his income tax return. The refund arises as a taxpayer makes advance payment of tax during the year by way of TDS, TCS or advance tax, whereas his actual tax liability is calculated at the year-end. Any deficit in the liability is met …

How to pre-validate your bank account to get income tax refund-Income Tax Return 2019 Read More »

The income tax (I-T) department has served scrutiny notices to many taxpayers for income-tax return (ITR) filed for the financial year (FY) 2017-18. However, according to chartered accountants and audit firms, most people who had declared foreign assets and income in their ITR were on the forefront of receiving scrutiny notices. I-T department can pick …

Significant jump in Income Tax scrutiny notices, especially in case of foreign assets Read More »

A taxpayer is eligible to receive an income tax refund in case excess tax is paid either through tax deduction on payments made to him/her or direct tax payments as advance or self assessment tax. Individuals can check income tax status through the website tin.tin.nsdl.com by entering the Permanent Account Number (PAN) and selecting the relevant assessment year.  …

How To Check Status Of Your Income Tax Refund online Read More »

Shah, a resident of South Mumbai, was crossing a road when a car hit him in 1978. He remained in coma for six months, and after regaining consciousness, he learnt that the accident had left him with severe injuries including permanent brain damage. His parents approached the Motor Vehicles Accident Claim Tribunal seeking that Oriental …

No income tax on interest from accident compensation: High Court Read More »

The Income Tax department is launching ‘e-Filing Lite’, a lighter version of e-Filing portal with a focus on the filing of Income Tax Return (ITR) by the taxpayers. The ‘lite’ version is aimed to enable easy and quick ITR filing by all categories of taxpayers. A ‘lite’ e-filing facility was launched by the Income Tax …

IncomeTax department launches ‘e-filing Lite’ for taxpayers:- Income Tax Return filing. Read More »