Australians appear to have avoided a political showdown this week, with the Coalition poised to wave through the government's proposed overhaul of the stage 3 tax cuts. The Coalition insists its tax reforms should be appreciated as an entire package, with stages 1 and 2 targeted to low and middle-income earners, and stage 3 designed to "encourage aspiration". "These new …
While setting aside the CIT's order enhancing assessee's income under Section 251 of Income tax Act, 1961 by disallowing Employees Stock Option Plan expenses under Section 37, the Mumbai ITAT held that the CIT has acted beyond his jurisdiction in enhancing assessee's income, since the AO during the course of assessment, has not taken into consideration the assessee's revised return …
Income tax return filing: The due date for unaudited income tax return filing has passed and those who have filed their return have either got ITR refund or they are waiting for their ITR refund. Under Section 139 of the income tax act, 1961, a taxpayer can revise one's ITR and file a revised ITR by removing the error in …
