Articles

In a written reply to a question in the Lok Sabha stated that "Total number of Income tax Returns (ITRs) filed by individuals (between age of 18 to 35 years) during FY 2022-23 till 31st January 2023: 2,09,06,829."

20906829 ITRs filed by individuals (between age of 18 to 35 years) during FY 2022-23

News

The Income Tax Department has recently published the PAN-Aadhar linking status of individuals after issuing multiple warnings to the taxpayers.

IT Dept. releases PAN-Aadhar Linking Status; Know How to Check Status

Notifications

IT Dept issued Instructions on dissemination of High-Risk transaction and High-Risk Non-PAN Transaction cases on Verification module of Insight portal

IT Dept issued Instructions on High-Risk and Non-PAN Transactions

Judgement

Income Tax Appellant Tribunal in the matter of M/s. Pantime Finance Company Pvt. Ltd. vs Income Tax Officer (ITO) held that SOP guidelines issued by CBDT in respect of listed scrips cannot be made applicable for unlisted scrips.

Penny Stocks: CBDT guidelines in respect of listed scrips cannot be made applicable for unlisted scrips

ITAT opined that merely for non-specifying in the notice as to under which limb the penalty is levied i.e., for concealment of income or furnishing inaccurate particular of income thereof, the penalty cannot be cancelled especially when the assessee who is a non- filer was put to notice which he has understood and has replied to such notice issued by the AO.

Merely non-specifying limb the penalty in Income Tax Notice cannot lead to cancellation of Penalty: ITAT

A tax residence certificate issued by authorities of a foreign nation cannot be questioned by tax authorities. This was mentioned in a recent judgement issued by ITAT Delhi.

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20906829 ITRs filed by individuals (between age of 18 to 35 years) during FY 2022-23

IT Dept. releases PAN-Aadhar Linking Status; Know How to Check Status

IT Dept issued Instructions on High-Risk and Non-PAN Transactions

Penny Stocks: CBDT guidelines in respect of listed scrips cannot be made applicable for unlisted scrips

Merely non-specifying limb the penalty in Income Tax Notice cannot lead to cancellation of Penalty: ITAT

Tax Residency Certificate cannot be questioned by Authorities