ITD examining ITR of salaried assessee claiming refunds – Precautions for Tax Consultants/ Tax Practitioners  Income Tax Department is scanning allowances and deductions claimed by Salaried Taxpayers claiming refunds Recently, the Income Tax Department caught an Income Tax refund scam in Andhra Pradesh and Telengana. The scam amounts …

CBDT urges NRIs with inoperative PAN to intimate NRI status to jurisdictional Assessing Officer  Income Tax Department has issued an advisory for Non Resident Indians whose PAN are inoperative. According to the advisory,  if any NRI’s PAN is still inoperative, he/she is requested to intimate his/her NRI status …

Delay in deposit of PF/ESI for disallowance u/s 36(1)(va) to be calculated from the month of actual payment of salary not accrual. ITAT remands case for examination ABCAUS Case Law Citation:ABCAUS 3781 (2023) (07) ITAT Important Case Laws relied upon:Checkmate Pvt. Ltd. vs. CITKanoi Paper and Industries Ltd. …

Amendment of Income tax Rules to include IFSC related proposals in Finance Act 2023 (Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 51/2023 New Delhi, the 18th July, 2023 G.S.R. 519(E).—In exercise of the powers conferred by clause (XI) of the proviso to clause (x) of sub-section …

Amendment in Income Tax Rules in view of IFSC related proposals in Finance Act 2023 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 50/2023 New Delhi, the 17th July, 2023 G.S.R. 514(E).— In exercise of the powers conferred by clause (i) of sub-section (3) of …

ICAI again defers second phase of Peer Review Mandate from 1st July 2023 to 1st April 2024  Deferment of second phase of Peer Review Mandate The ICAI had announced coverage of more firms under Peer Review process. An Announcement in this regard had been made dated 12.02.2022. Further …