Income Tax Dept sets high-risk value assessment guidelines for updated ITRs, AY 2021-22 filing deadline March 31

[ad_1] The Income Tax Department has finalized guidelines for assessing or re-assessing of high-risk value in updated Income Tax Returns filed for Assessment Year 2020-21 (Fiscal Year 2019-20). Meanwhile, the last date to file an updated Income Tax Return for...

Delhi High Court dismisses Congress’ plea against income tax reassessment proceedings

[ad_1] The Delhi High Court on Friday dismissed petitions filed by the Congress against the income tax reassessment proceedings that have been initiated against it by the Income Tax Department for the financial years 2014-’15, 2015-’16 and 2016-’17, reported Live...

IT Department broadens avenues for filing appeal in tax cases

[ad_1] Income Tax Department can now file appeal in cases of TDS (Tax Deducted at Source) or Tax Collected at Source (TCS) without any monetary limit. A similar provision will apply in cases of bogus capital gain or loss involving...