Nirmala Sitharaman, Hon’ble Finance Minister, presented the first budget on 23rd July 2024, of the current government. The budget, particularly, focuses on employment, skilling, MSMEs, and the middle class and…
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After filling Income Tax Return, Income Tax authorities may select certain tax returns for detailed scrutiny and request that the individual submit documents evidencing the claims made in the return…
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Budget 2022 has introduced the new section 139(8A) in Income Tax Act, 1961. Refer budget update @Â Introduction of new Income Tax ‘Updated’ Return Type. Section 139(8A) enables the filing of…
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Income Tax
Bombay High Court Quashes Reopening Income Tax Assessment After 4 Years Merely On The basis of Change Of Opinion
The Bombay High Court has quashed the reopening of income tax assessments after 4 years merely on the change of opinion of the Assessing Officer (AO). The bench of Justice…
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Goods and Services Tax (GST) has revolutionized the way tax is collected in India. One of the key features of GST is its self-assessment system. This means that taxpayers are…
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Income Tax
Joint Ownership Of The Property Is No Bar In Claiming Exemption Under Section 54F Of The Income Tax Act
Income Tax Appellate Tribunal (ITAT) of Mumbai Bench has allowed the deduction under Section 54F of the Income Tax Act on the grounds that the assessee is not the exclusive…
