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How to file schedule FSI, schedule TR and FA schedules in income tax return?

taxguru 4 days ago in News 0

As we know, the income tax Returns in India require detailed reporting of income, tax relief, and foreign assets (if applicable), else due to information exchange agreements department is sending notices. In this article we will discuss how to file the Schedule FSI, Schedule TR, and Schedule FA in your ITR along with its meaning, ensuring compliance and accuracy. Website URL: https://taxguru.in/income-tax/file-schedule-fsi-schedule-tr-fa-schedules-income-tax-return.html Country List: India

Income Tax Refund Cannot Be Withheld for Non-Functionality of TRACES Portal

taxguru 2 weeks ago in News 0

Madhya Pradesh High Court addressed a writ petition filed by Birla Corporation Limited seeking the quashing of an order dated July 11, 2023, and a refund of tax payments with interest. The case stemmed from proceedings initiated under Sections 201(1) and 201(1A) of the Income Tax Act for alleged non-deduction of tax at source on payments related to purchases and services. Website URL: https://taxguru.in/income-tax/income-tax-refund-withheld-non-functionality-traces-portal.html Country…

January 2025 Tax Compliance Deadlines for Income Tax and GST

taxguru 3 weeks ago in News 0

The January 2025 #tax compliance tracker outlines key deadlines under the Income Tax Act, #GST regulations, and other compliance frameworks. Under the Income Tax Act, January 2025 brings multiple due dates, including TDS deposits and certificates, Form 24G submission, and quarterly statements for TCS and foreign remittances. Website URL: https://taxguru.in/goods-and-service-tax/statutory-tax-compliance-tracker.html Country List: India

Representation for Relaxation in VSV Scheme II

taxguru 4 weeks ago in News 0

Vivad Se Vishwas II (VSV II) Scheme, 2024, aims to reduce pending tax appeals and provide taxpayers a chance to resolve disputes amicably. However, a key issue arose as the scheme only covers cases where appeals or revisions were pending as of July 23, 2023. This has created uncertainty for taxpayers whose normal time to file appeals had not expired by this date but refrained…

Details of youngest & oldest registered IP exempt from Disclosure under RTI

taxguru 2 months ago in News 0

Insolvency and Bankruptcy Board of India (IBBI) addressed an appeal filed by Anuj Maheshwari under the Right to Information (RTI) Act, 2005, challenging the delayed response to his RTI application. The appellant sought information regarding the youngest and oldest registered insolvency professionals, including their names, registration numbers, ages, and dates of registration. While the IBBI acknowledged the delay in responding to the RTI request,  …

No Section 54 Exemption for Plywood Structures: Delhi HC

taxguru 2 months ago in News 0

Delhi High Court held that putting together a structure of plywood sheets cannot be construed as constructing a residential house for claiming exemption under section 54 of the Income Tax Act. Accordingly, appeal dismissed.Read more at: https://taxguru.in/income-tax/exemption-u-s-54-admissible-structure-putting-plywood-sheets-delhi-hc.htmlCopyright © Taxguru.in Website URL: https://taxguru.in/income-tax/exemption-u-s-54-admissible-structure-putting-plywood-sheets-delhi-hc.html Country List: India

GST Advisory for ‘Other Territory’ Registration Selection

taxguru 2 months ago in News 0

The Goods and Services Tax Network (GSTN) has issued an advisory for taxpayers applying for GST registration under the “Other Territory” category. This category applies to applicants located in India’s continental shelf and exclusive economic zones along the western and eastern coasts. Website URL: https://taxguru.in/goods-and-service-tax/gst-advisory-other-territory-registration-selection.html Country List: India

November 2024 Tax Compliance Deadlines for Income Tax and GST

taxguru 2 months ago in News 0

The Tax Compliance Tracker for November 2024 outlines key deadlines under the Income Tax Act and GST regulations. For Income Tax, various TDS certificates and returns are due, including deposits for taxes collected in October, with specific due dates ranging from November 7 to November 30. Website URL: https://taxguru.in/goods-and-service-tax/statutory-tax-compliance-tracker.html Country List: India

SEBI Exempts CMAs from Investment Adviser Registration

taxguru 3 months ago in News 0

Securities and Exchange Board of India (SEBI) has issued a circular dated September 26, 2024, addressing the registration requirements for members of the Institute of Cost Accountants of India (ICMAI) as Investment Advisers (IAs). Website URL: https://taxguru.in/chartered-accountant/sebi-exempts-cmas-investment-adviser-registration.html Country List: India

Why Income Tax Notices for Additional Tax on Capital Gains?

taxguru 3 months ago in News 0

Those taxpayers who filed their income tax returns of March 2024 and had income from capital gains are now receiving notices asking them to pay additional tax on short term gain or shares and Long-term capital gains other than shares  . What has happened that nearly all these taxpayers filed incorrect returns, or did not pay the correct tax? Is it possible that all of…