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Not receiving Aadhar OTP or don’t have DSC? No worries! You can still e-verify your ITR instantly through EVC. Facing hurdles in verifying your ITR despite filing successfully? You’re not alone! Many people are facing delay in receiving Aadhar OTP or issues with Aadhar-linked mobile numbers. ✅ ITR verification is crucial for tax compliance, and…
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CBDT invites comments on draft Form No. 6C formulated for implementing the amendment to sub-section (2A) of Section 142 of the Income-tax Act, 1961, introduced vide Finance Act, 2023, pertaining to inventory valuation by Cost Accountant. Suggestions/Comments on the draft Form No. 6C have been requested from stakeholders and general public, which can be sent…
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After the conclusion of the Income Tax Returns (ITR) filing period, discussions have arisen on social media regarding the fees charged by Chartered Accountants (CAs). Some individuals assert that these professionals are offering their services at lower rates, while others clarify that the fee structure depends on clients’ circumstances and the complexity of the tasks.…
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The Income Tax Appellate Tribunal (ITAT) Indore bench ruled that surplus cash discovered during a survey should not be categorized as taxable under the business income. Instead, it falls under the purview of a higher tax rate as specified in Section 1158BE of the Income Tax Act, 1961. The taxpayer, Brij Mohandas Devi Prasad, operates…
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Types of Income Tax Notice This is one of the most commonly received income tax notices. The income tax department sends this notice seeking a response to the errors/ incorrect claims/ inconsistencies in an income tax return that was filed.If an individual wants to revise the return after receiving this notice, it must be done…
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The Income Tax Department has introduced a new tab on the e-filing portal for accessing the Annual Information Statement (“AIS”). Now, taxpayers have two options to view the AIS: ~Navneet Shukla
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