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CBDT Issues Guidelines for Selection of Cases for Scrutiny under Section 143(2) of the Income Tax Act 1961 📚Read More at: https://lnkd.in/gB-e-m98

New Post: Defective notice received while showing commission income under income from other sources - However, while processing the return the Income tax department is showing such return as defective return under section 139(9) of the Act, stating that the corresponding gross income has not been offered to tax hence the return is considered as defective. Read more: https://lnkd.in/gHXbdvhE Taxontips

Form 10IE Directory, not Mandatory: ITAT directs CPC to allow Benefit of New Income Tax Regime #ITAT #CPC #taxscan #taxnews Read More: https://lnkd.in/gSDb4Ex6

Understanding Section 156 of the Income Tax Act: What You Need to Know! Section 156 of the Income Tax Act is a crucial provision that governs demand notices for unpaid taxes. This section empowers the Income Tax Department to issue a formal notice when a taxpayer has an outstanding tax liability that needs to be paid. Whether it's due to a tax return assessment, an audit, or any other cause, this provision ensures timely recovery of dues. But what exactly should you know about Section 156? 🔍 Key Details - A demand notice is issued under Section 156 when the tax authorities determine that a taxpayer owes money after processing their return or completing an assessment. - The notice specifies the amount payable, and the taxpayer is required to pay it within 30 days from the date of the notice. - Failure to comply within this time frame may lead to interest, penalties, or even legal actions, so it's important to address the notice promptly. 💡 Important Limits under Section 156 Penalties and Interest: If the payment is not made within 30 days, interest under Section 220(2) and possible penalties can be levied. 📌 Takeaway for Taxpayers - Always check the details of any notice you receive. If you believe there's an error or dispute the demand, consider filing an appeal or seeking rectification. - Proactively address any pending dues to avoid unnecessary complications or escalation. By understanding the implications of Section 156 and responding on time, you can stay compliant and avoid potential legal hassles. #Taxation #IncomeTaxAct #Section156 #TaxCompliance #TaxMatters #Finance #TaxTips #IndiaTax

This post educates income taxpayers on the recent circular issued by CBDT regarding the application for condonation of delay in filing Income Tax Returns (ITR). Taxpayers often utilize this application to request the tax department to condone delays in filing or revising their ITR, enabling them to claim income tax refunds and carry forward losses for set off purposes. The updated circular has notably reduced the time limit for applying for condonation of delay to five years from the end of the financial year in which the ITR was originally required to be filed. This adjustment contrasts with the previous 2015 circular, which allowed taxpayers a six-year window to submit their condonation delay applications from the end of the relevant financial year. These changes emphasize the importance of timely compliance with tax filing requirements and the significance of adhering to the revised timelines set forth by the CBDT for condonation of delay applications. #tax #incometax #taxupdates #indiataxes #ca #cpa #irs

📢 Important Update for Taxpayers: CBDT Circular No. 17/2024 - Delay Condonation for Filing Forms 10-IC and 10-ID The Central Board of Direct Taxes (CBDT) has issued Circular No. 17/2024, providing a significant relief for taxpayers who missed the deadline for filing Forms 10-IC (relating to the new tax regime for MSMEs) and 10-ID (related to opting for the new tax regime under section 115BAC). 📅 Key Highlights: The Circular grants condonation of delay for filing Forms 10-IC and 10-ID for the assessment years 2020-21 and 2021-22. This provides taxpayers a one-time opportunity to file these forms, ensuring compliance with the provisions of the Income Tax Act. The condonation is available for taxpayers who could not file these forms within the stipulated timelines due to genuine reasons. 🔍 What Does This Mean for Taxpayers? Taxpayers who were unable to file Forms 10-IC and 10-ID on time can now submit these forms with a reduced risk of penalties or non-compliance issues, helping them to align with the tax provisions and avoid potential legal consequences. This is a welcome relief for businesses and taxpayers navigating the complexities of tax filings during challenging times. For more details, refer to the CBDT Circular No. 17/2024. #CBDT #TaxCompliance #IncomeTax #BusinessTax #TaxFiling #Circular17 #Forms10IC10ID #MSME #TaxRegime #IncomeTaxAct Talk with #TaxExpertCASagar:- https://lnkd.in/dHQBveFg

The IRS has announced penalty waivers for corporations unable to meet their estimated tax payments related to the corporate alternative minimum tax (CAMT) for Q1 2024. This relief applies to both payments due by April 15 and to fiscal-year corporations due by May 15. It follows previous CAMT penalty waivers and anticipates further regulatory clarifications. To learn more about these CAMT penalty waivers, contact Bennett Thrasher. Our tax professionals are ready to help. #Taxes #BusinessTaxes #PenaltyWaivers #CorporateAlternativeMinimumTax https://lnkd.in/eASUWNpu

📢 Important Update: Extension of Tax Audit Report Deadline for AY 2024-25 The Central Board of Direct Taxes (CBDT) has extended the deadline for filing tax audit reports for the Assessment Year 2024-25. The new deadline is now October 7, 2024. This extension provides much-needed relief to taxpayers who were initially required to submit their tax audit reports by September 30, 2024. This extension applies to all taxpayers, including individuals, companies, and other assessees whose income tax returns are due by October 31, 2024. The decision was made to address the challenges faced by taxpayers in meeting the original deadline. #TaxAudit #IncomeTax #CBDT #TaxCompliance #TaxDeadline #Finance #Accounting

Section 147 of the Income Tax Act Section 147 of the Income Tax Act plays a crucial role in ensuring that all taxable income is accurately reported and assessed. It provides the framework for the reassessment or recomputation of income that may have been overlooked or not reported to tax authorities, serving as a vital corrective measure. This section, along with related provisions, outlines the responsibilities of the Assessing Officer (AO) in identifying discrepancies, issuing notices, and conducting reassessments, thereby upholding the integrity of the tax system. In this article we will look into Section 147 of the Income Tax Act in details.

🌟 Exciting News! 🌟 The CBDT (Central Board of Direct Taxes) has just issued new guidelines for issuing notices under section 148 of the Income Tax Act. These guidelines aim to provide clarity and transparency in the process of issuing notices for income tax assessments. The new guidelines emphasize the importance of proper documentation and justification for reopening assessments under section 148, ensuring that taxpayers are informed about the specific reasons for issuing such notices. This move is focused on promoting a more efficient and accountable tax assessment process. The CBDT's latest initiative demonstrates its commitment to maintaining a fair and equitable tax regime, while also providing taxpayers with the necessary clarity and understanding of the assessment process. This step aligns with the government's ongoing efforts to simplify tax procedures and enhance compliance. As tax professionals and individuals navigating the complexities of income tax assessments, it's crucial to stay informed about these new guidelines and their implications. Let's keep an eye on further developments and ensure compliance with the updated regulations. #CBDT #IncomeTaxAct #TaxAssessment #NewGuidelines #Transparency #Compliance #Taxation What are your thoughts on these new guidelines? Share your insights! 📊 Note: AI-powered post. May contain errors.