National Tax and Accountants'​ Association - NTAA’s Post

Additions on the basis of material seized during the search in case of third party without adhering to the provisions of section 153C - The tribunal found that the AO had improperly used documents seized from third parties to make additions to the assessee's income. This was ruled inappropriate and beyond the scope of the authority provided under the Income Tax Act, as the procedures laid out under Section 153C (dealing with income or assets discovered in the course of search operations that belong to persons other than the searched party) were not followed. http://dlvr.it/T5zM6h #IncomeTax #Highlights #TaxLaws #TaxTMI

📢 HMRC's Reminder on Foreign Tax Credit Relief: Are You Compliant? HMRC is reaching out to taxpayers who claimed FTCR in their 2022/23 self-assessment returns, urging them to verify their eligibility for similar claims in 2023/24. Here’s what you need to know to stay compliant and avoid potential penalties 👉 https://buff.ly/4fojjww

In Notice 2024-35, 2024-19 IRB 1, released April 16, the IRS said that both taxpayers and defined contribution plans that fail to make a section 401(a)(9) RMD in 2024 that would be required under the proposed regulations (REG-105954-20) will be treated as compliant with the new rules and won’t be subject to any applicable excise tax because of the failure. The notice also provides that the final RMD regs aren’t anticipated to apply until calendar years beginning in 2025. The proposed regs had included a retroactive start date of the beginning of 2022, but that was extended to 2023 in Notice 2022-53, 2022-44 IRB 437, and extended further to 2024 in Notice 2023-54, 2023-31 IRB 382.

Constitutional Validity of section 16(4) read with section 16(2)(c) CSGT act 2017. The outcome of the ruling indicates that the petitioners have been granted the liberty to claim the benefit of Circular No. 183/15/2022-GST dated 27.12.2022 and Circular No. 193/05/2023-GST dated 17.07.2023. They are allowed to make their claim within one month from the specified date before the appropriate authority, who will examine and process the claim. Additionally, it states that the time limit for furnishing the return for the month of September is to be treated as 30th November in each financial year with effect from 01.07.2017, specifically for the petitioners who had filed their returns for the month of September on or before 30th November, and their claim for Input Tax Credit (ITC) should be processed if they are otherwise eligible for ITC.

🚨 Important Update for Taxpayers! 🚨 As of July 5, 2024, there have been significant changes to the rebate under Section 87A of the Income Tax Act. The rebate no longer applies to incomes that are taxed at special rates. This includes: 1. Short-term capital gains (STCG) on shares under Section 111A 2. Long-term capital gains (LTCG) 3. Lottery winnings 4. Income from gaming Previously, taxpayers could claim the rebate on certain special rate incomes like STCG under Section 111A, but now the updated ITR utility disallows this. For example, if an individual's total income includes Rs. 1.5 lakh from STCG under Section 111A, they are no longer eligible for the rebate under Section 87A. 🔍 What's the impact? Taxpayers with incomes subject to these special rates may face a higher tax liability without the benefit of the rebate. Stay informed and ensure your ITR filings reflect these changes! TAXCARETODAY #IncomeTax #TaxUpdate #Section87A #TaxRebate #taxcaretoday

Attention Taxpayers! 🔔 The Federal Board of Revenue (FBR) has just released its inaugural Income Tax General Order (ITGO) C.No.6(3 📑)S(IR-Operations)12024 dated April 29, 2024! This groundbreaking document spans a whopping 8,737 pages and pinpoints 506,671 individuals absent from the Active Taxpayer List. 📝 In a bold move, the FBR is activating measures outlined in Section 114B to enforce compliance. Yes, you read that right—mobile phone and SIM card disabling for non-compliant individuals! 📵 But fear not, we've got you covered with all the details. Make sure you're up to speed on the criteria for inclusion and the steps to rectify any issues. Don't let your mobile services be interrupted! For the full scoop, dive into the complete ITGO document issued by the FBR. Your tax obligations await! #Taxation #Compliance #FBR #IncomeTaxOrdinance 📝🔒 Compliance is key, and we're here to help you navigate the ins and outs of the Income Tax Ordinance, 2001. Stay informed and stay compliant and follow us at Basharat Ali & Co Rai Basharat Ali | Hiba Noor

How does HMRC track new taxpayers on savings interest? #HMRC #SavingsInterestTax #SelfAssessment #UKTaxSystem #FinancialInsight 📊 Understanding HMRC's Role in Tracking Savings Interest Tax With the recent surge in savings interest rates, more people find themselves surpassing the tax-free savings interest threshold. Naturally, you might wonder how HMRC manages to track everyone who now owes tax on their savings interest. 🤔 💡 How HMRC Monitors Savings Interest Despite the complications that may appear on the surface, the... Read more: https://lnkd.in/ggQjpDrc

The Treasury Inspector General for Tax Administration (TIGTA) recently published a report recommending improvements to the IRS Tax-Exempt Compliance Unit (TECU) that could reduce mistakes and unproductive examination referrals. As a result, TIGTA made six recommendations to address identified issues. The recommendations include:  See them in the article https://lnkd.in/eazYu-Sy

Check out the tax, super and registry checklist released by the ATO specifically for NFPs. The ATO designed the checklists to help NFPs stay on top of their tax and reporting obligations and may reduce the chances of being subject to ATO compliance activity or penalties. If not already part of your NFP it would be good practice to add this checklist at your regular board or committee meetings as a standing agenda item. See link to ATO in comments below noting there are also 3 additional ATO checklists referred to that your NFP may want to checkout.

The Federal Board of Revenue (FBR) has extended the deadline for filing income tax returns for the fiscal year 2024 to October 14, following requests from trade associations and Tax Bar Associations. The extension, originally set for September 30, 2024, aims to accommodate taxpayers and ensure smoother compliance. #FBR #IncomeTax #DeadlineExtension #TaxFiling