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The Income Tax Section 143(1) makes many provisions, including the most recent amendments, clear to taxpayers, and this becomes especially important as the deadline for filing ITRs draws near.    The IT Department's preliminary review of a taxpayer's filed return is indicated by a notification sent to them U/S 143(1) of the Income Tax Act. Even though this seems ordinary, failure to pay attention to important details now can cause problems. In this instance, we draw attention to crucial safety measures that guarantee a comprehensive examination of these notifications, protecting taxpayers against possible mistakes or inconsistencies. Verification of Individual Details: Examining an intimation requires first carefully confirming personal details like name, Permanent Account Number (PAN) , and assessment year. Even small errors in these specifics could cause misunderstandings or cause delays in other processes. Survey of Wages: Make sure that all of the income sources you liste

Due to a major step taken by the IT Department, taxpayers in India can now take advantage of filing their Income Tax Returns (ITRs) for the AY 2024-25 early. ITRs 1, 2, 4, and 6 can now be accessed through the government e-filing portal starting on April 1, 2024.  With over 23,000 ITR forms completed thus far, the department's initiative has been well-received and suggests a proactive start to the tax filing season. Thanks to this extra development, taxpayers may now file their returns on time and avoid the last-minute rush that frequently results in mistakes and fines. Making the Process of Filing Taxes Simpler Allowing taxpayers to file their Income Tax Returns (ITRs) on the first day of the new assessment year is a commendable step done by the Income Tax Department to assist taxpayers. This innovative action is a major break from the department's conventional procedures and demonstrates its dedication to providing taxpayers with hassle-free services and making compliance ea

The CBDT department has announced some impressive news for taxpayers as they kick off the new ITR forms for FY 2023-24 (AY 2024-25). The department has introduced a wide range of income tax filing utilities on the e-filing portal, including the ITR-1 (Sahaj), ITR-2, ITR-4 (Sugam), and ITR-6 for the Financial Year 2023-24. The taxpayers can file their ITR-1, ITR-2, and ITR-4 forms for the FY 2023-24 can be offline, online, or in Excel format, while ITR-6 is only available in offline mode. The taxpayers have the option to exclude themselves from the newly introduced tax system by completing Form 10-IEA, which complies with Section 115BAC and IT Rule 21AGA. Although the utility for filing Income Tax Returns is available, most taxpayers can't submit their ITR immediately for several reasons. SFT Not Yet Filed: Statement of Financial Transactions (SFT) for the AY 2024-25 must be filed by May 31, 2024, and the Annual Information Statement (AIS) will be updated only after the SFT filing.

The Madras High Court rejected to interrupt the removal of service of an Additional District Judge who was charged with committing in a conference call with the accused in the Sankararaman murder case. Justice SM Subramaniam and Justice K Rajasekar stated that a Judicial Officer was desired to hold a high level of virtue. In the current case, the charges against the Judicial officer were proven. The court said that the charges were grave and touched upon the integrity and honesty of a Judicial officer. Therefore, the court held that the penalty of removal from service was not disproportionate. "We are of the opinion that the Judicial Officers are expected to maintain a high level of integrity and in the present case, the charges Nos.1 and 4 against the writ petitioner, were held proved. The proved charges, viz., charge Nos.1 and 4 are grave in nature, touching upon the integrity and honesty of the Judicial Officer. Therefore, the punishment of removal from service, cannot be const

Did you receive a questionable GST notice? Do not panic! This article can help you spot bogus GST summonses and avoid difficulties. Let's go explore! Identifying a False GST Summons or Tax Notice A fake GST summons or tax notice is a forgery intended to resemble genuine government mail, usually from tax officials. The goal is to persuade recipients to make superfluous payments or disclose personal information. Scammers use your fear of penalties or additional charges to compel you to take immediate action without considering its legitimacy. Before replying to such letters, always check with the appropriate government authority. Overview of DGGI's Advisory The collaboration between the CBIC and the DGGI aims to uphold GST laws and prevent fraudulent activities. Their most recent advice, issued on February 10, 2024, intends to help taxpayers identify and address bogus GST communications. This guidance aims to improve consumers' and enterprises' awareness of GST legislati

Income Tax and TDS are both terms that are commonly used phrases among Indian taxpayers, notwithstanding their distinct variances. While they may appear identical, they have distinct functions. Income tax is deducted from the payer's total profit or annual return, whereas TDS is deducted from the payer's sources of income depending on the expected tax due. Furthermore, each tax has a distinct collection mechanism. What Does Income Tax Entail? Income tax is levied on the whole yearly income earned by individuals or businesses throughout the fiscal year. The Income Tax Act of 1961 governs the methods for calculating, assessing, and collecting taxes. It applies to a variety of income sources, such as wages, property income, professional or business revenues, and capital gains. Individuals earning more than Rs. 2.5 lakhs (under the old tax regime) or ₹3 lakhs (under the new tax regime) are required to pay income tax . Failure to do so is considered tax evasion and penalised by law.

Article 73 of the Central Goods and Services Tax Act grants authority to authorized officers for the assessment of tax liability, interest, and penalties. Despite the initial three-year timeframe, subsequent amendments and notifications have prolonged deadlines, giving rise to discussions and legal controversies.  The inclusion of Section 168A in the 2020 amendment provides the government with the ability to extend limits in cases of force majeure. Nevertheless, challenges arise from the retrospective application and interpretations of the term "force majeure," contributing to complexities and disputes, as evidenced by recent legal cases. Research in Detail Section 73 of the Central Goods and Services Tax Act confers authority upon the designated officer to assess tax liability, interest, and penalties. Subsection (10) initially sets three years for issuing orders, yet this temporal limitation has been subject to amendments via GST notifications .  For instance,  the original

E Form MGT-7 and E Form MGT-7 A are essential filings necessary for all companies, regardless of size—be it a small company, other than a small company, or an OPC. These forms, namely MGT-7 and MGT-7 A, mandate companies to submit annual returns, shareholding specifics, and other relevant details. Compliance involves adhering to the rules and guidelines outlined by the MCA while furnishing these forms. Why do you opt for Gen CompLaw with XBRL Software for E-form MGT 7 Filing? The Gen Complaw with ROC Filing software stands as a leader in its field, proving highly efficient in facilitating the preparation of ROC e-forms, XBRL submissions, Resolutions, Minutes, Registers, and various MIS reports. Developed by SAG Infotech, this product ensures timely and error-free "XBRL" e-filings. Its effectiveness extends to aiding statutory compliances under the Companies Act, 2013, including the maintenance of fixed assets registers. With its ability to deliver faster responses in shorter

The departmental audit involves reviewing departmental accounts to ensure correct tax payments, proper utilization of Input Tax Credit (ITC), avoiding excessive refund claims, etc. With the looming deadline for issuing show cause notices for the period of July 2017 to March 2018, the department has intensified its audit activities, aiming to finalize audits, raise audit points, and issue notices promptly. Hence, registered individuals must understand and adhere to effective practices to facilitate a smooth departmental audit. Though it might seem improbable, achieving a seamless departmental audit is plausible. Here are some recommended practices for handling departmental audits. Appropriate Provision Under the CGST Act Section 65 of the CGST Act furnishes that the commissioner or any officer authorized by him can perform an audit of any registered person. The audit can either be performed at the place of business of the registered person or the officer of the departmental officer. The