Doctor’s Claim of Family Gifts Savings Rejected –No Proof of Gifts/Drawings – Tribunal Confirms Cash Investment Addition u/s 69; ITAT Chennai Upholds Addition of ₹69.5 Lakh as Unexplained LIC ...
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TDS on Post Office schemes: Not all post office schemes are tax-free: check TDS applicability here
Post Office investments have diverse tax implications, with interest on some schemes being taxable. Crucially, new TDS thresholds take effect from April 1, 2025. Senior citizens will face TDS on ...
Income Tax Department notices are routine and need not be a cause for concern. Understanding the reasons and acting on them is the secret to hassler-free compliance.
The Income Tax Department has fixed March 31, 2026, as the last date to file TDS/TCS correction statements for FY 2018-19 Q4 to FY 2023-24 Q3. File now to avoid loss of tax credit, demand notices, and ...
Claiming too many tax deductions? Learn how excessive or mismatched claims in ITR trigger income tax scrutiny, audits, penalties & compliance risks.
The I-T department is allowed up to nine months from the end of the financial year in which the return is filed to process refund ...
The IT department urges taxpayers to verify information on discrepancies and check emails regularly for any notifications if the refunds have not been processed within 4-5 weeks.
Chartered Accountants are facing challenges in meeting the September 30 deadline for Income Tax Audit Reports. Technical issues, delayed utilities, overlapping compliance requirements, and revised ...
In India, filing an income tax return requires accuracy, compliance, and transparency in addition to fulfilling deadlines. However, the Income Tax Department (ITD) is likely to notice certain mistakes ...
Experts say this year’s delays are being driven by both technical and compliance-related reasons, leaving many salaried employees, professionals, and small businesses waiting longer than usual.
All refunds follow the same process; however, larger amounts may undergo additional verification, which can cause delays. When refunds are delayed, taxpayers may be entitled to interest under Section ...
As of September 22, the Income Tax Department processed 50.1 million returns, leaving more than 10 million pending for completion ...
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