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Income Tax : The Income-tax Bill, 2025 has been tabled in Parliament on 13th February 2025, marking a significant step toward simplifying the l...
Income Tax : Overview of key income tax changes for non-residents, charitable trusts, and individuals, including SEP rules, fund management, an...
Income Tax : Budget 2025 focuses on economic growth, tax reforms, and infrastructure. Key changes include new tax rates, financial sector refor...
Income Tax : Explore tax benefits available for parents under the Income Tax Act, including education, health insurance, and deductions for med...
Income Tax : Understand tax rules for debt mutual funds based on purchase date. Learn about slab rates, LTCG tax, indexation, and rebate eligib...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Supreme Court reaffirms that charitable trust registration under Section 12AA of the Income Tax Act should be based on proposed ac...
Income Tax : ITAT Pune dismisses Indrayani Seva Samiti's appeal due to an unexplained 8-year delay, citing lack of sufficient cause and uphold...
Income Tax : ITAT Bangalore held that addition under section 69A towards cash deposits during demonetization deleted since cash deposit was mad...
Income Tax : ITAT Mumbai held that passing of assessment order u/s 147 r.w.s. 144B of the Act without disposing the objections raised by the as...
Income Tax : Delhi HC dismisses revenue's appeal, affirming that cash sales during demonetization, accounted for and taxed, cannot be treated a...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Vide its representation requested CBDT that the due date of filing return of income be extended by at least a month from the prescribed date of 31stJuly, 2018 for AY 2018-19.
Delhi HC held that that at least for the period till 31.03.2019, the CBDT shall issue an appropriate direction, and also create a platform by amending the digital form of substituting them properly to enable opt out from the mandatory requirement of having to furnish Aadhar Registration or Aadhar linkage, for the duration, the exemption subsists i.e. till 31.03.2019.
Where assessee had not filed return within the time prescribed U/s 139(1), deduction u/s 80IA was not allowable to assessee as there was clear violation of section 80AC which clearly provided that deduction would not be allowed unless return was furnished on or before due date specified under section 139(1).
Articles explains What are the due date of Filing Income Tax Return (ITR) and what happens if one fails to file the Income Tax Return (ITR) by the due date
Knowing Due date to file Income Tax Return is very Important and so is filing of Income Tax Return before the Last Date. Filing of Income Tax Return after last date makes a taxpayer liable to Late Fees, Interest , Penalty, Prosecution.
M/s. OMIL JSC (JV) Kameng Kota. Vs Dy. CIT (ITAT Jaipur) The limited issue under consideration relates to whether interest on income tax refund is eligible for deduction under section 80IE of the Act. The contention of the assessee is that it has only one business undertaking and the only business of the undertaking is […]
E- Filing Of Income Tax Return / Online Filing Of Income Tax Return (ITR) is Mandatory for some classes of Assessee and is Optional for others. Article explains Procedure for E-Filing of Income Tax Return.
CBDT vide Notification No. 33/2018 amends Form no. 3CD in respect of tax audit under section 44AB. The new reporting requirements, especially with reference to secondary adjustment, limitation on interest deduction, GAAR, Country-by-country Report, etc. are onerous and obligatory on the taxpayers and chartered accountants. Introduction: The Central Board of Direct Taxes (CBDT) vide Notification […]
Article explains Consequences of late filing/ non filing of Income Tax Return which includes- Loss of interest on Refund in case the same is due to the assesee, belated return cannot be revised, Even a few of deductions are also not and Both the interest and penalty levied
While filling up the ITR forms certain mistakes are committed by by us due to oversight. Let us discuss 5 such mistakes which relates to Email ID and mobile Number, Details for refund bank account, Details of TDS as well as advance tax and self assessment tax, Schedule CG of capital gains and Foreign bank […]
