Also Read - Income Tax dept starts drive to dispose of appeals, 0.54 million at last count

As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt. To be precise, the cases pending in ITATs were 20,266 High Courts, 37,436; and Supreme Court 5,544. The large pendency is even as the Central Board of Direct Taxes (CBDT) has laid emphasis on disposing of income tax appeals in its 10...

Also Read - Clarification regarding applicability of new tax regime and old tax regime

It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without exemptions):     New Regime 115BAC (1A) introduced for FY 2023-24 Existing old Regime   0-3 lacs 0% 0-2.5  lacs 0% ...

Also Read - Income Tax Dept starts sending emails, SMSs to assessees for mismatches in tax profiles, financial transactions

The income tax department on Sunday said it has started sending emails and SMSs to assessees whose taxes paid during the current fiscal are not commensurate with financial transactions. To flag the mismatches in payment of taxes in financial year 2023-24 (assessment year 2024-25) and the financial transactions made by persons or entities, the Income Tax Department has started sending emails and messages through SMSs to assessees. The tax department on Sunday urged assesses, who have not pa...

Also Read - CBDT clarifies provisions under Finance Act 2023 relating to donations made by a trust / institution to another trust / institution

  Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in specified sub-clauses of section 10 (23C) of the Income-tax Act, 1961 (the ‘Act’) or any trust or institution registered under section 12AA/12AB of the Act is exempt, subject to fulfilment of certain conditions specified under various sections of the Act.  Finance Act, 2023 provided that donations made by a trust...

Also Read - Income Tax Department to send notice to taxpayers for ITR mismatch

The Income Tax Department on Monday said it is in the process of issuing notice to taxpayers pertaining to a ‘mismatch’ between the information filed in the Income Tax Return (ITR) vis-a-vis information of specified financial transactions, as available with the department, for the assessment year 2021-22 (FY 2020-21). The tax department urged the taxpayers to file updated income tax returns (ITRs) for the assessment year 2021-22 by March 31, 2024. This applies to individuals whose...

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