Income Tax : AIS analytics now detect non-filers where pension and interest income exist. Voluntary filing through ITR-U helps avoid notices un...
Income Tax : Tax authorities initiated scrutiny and proposed addition solely because share acquisition details were not properly disclosed in t...
Income Tax : India has moved from a uniform ITR deadline to a category-based system linked to audits and income complexity. The reform improves...
Income Tax : At present, India’s income tax system is entirely based on individual taxation, wherein each taxpayer is entitled to a separate ...
Income Tax : Resident taxpayers must report foreign assets and income under Schedule FA, even if tax isn’t affected. Non-disclosure can attra...
Income Tax : Bogus Donation Claims Detected—Opportunity Given to Fix Returns: Analytics spotted questionable donation deductions and other ex...
Income Tax : West Bengal’s ITR filings rose to 52.99 lakh in AY 2024-25, with significant increases in middle- and higher-income brackets. Th...
CA, CS, CMA : KSCAA urged CBDT to extend due dates for assessees under Section 92E, citing an omission in Circular No. 15/2025 that created inco...
Income Tax : Nagpur Chamber of Commerce requests a two-month extension for audit assessees' income tax returns, citing delayed ITR forms, porta...
Income Tax : KSCAA has sought urgent relief from the Finance Ministry citing delayed ITR forms, portal glitches, AIS mismatches, and overlappin...
Corporate Law : The High Court held that once income is duly recorded in an Income Tax Return, the Tribunal need not examine the source of income ...
Income Tax : The court held that recovery during a valid stay was impermissible after 20% payment. Amount recovered despite stay was ordered to...
Income Tax : The Tribunal held that once delay in filing the return is condoned under Section 119(2)(b), denial of Section 80P solely for late ...
Income Tax : Karnataka High Court allowed a 36-day delay in filing income tax returns, citing system failure and unavoidable circumstances as s...
Income Tax : Gujarat High Court quashed CBDT’s rejection and condoned delay in Sysco Industries’ income tax return filing, holding that ins...
Income Tax : CBDT Circular 15/2025 extends the AY 2025-26 ITR filing deadline for audited accounts from Oct 31 to Dec 10, 2025. Audit reports a...
Income Tax : CBDT permits processing of electronically filed ITRs wrongly invalidated by CPC, with intimation due by March 2026, subject to PAN...
Income Tax : CBDT extends deadline for processing AY 2023-24 ITRs filed under Section 139 to 30th November 2025. Excludes scrutiny cases and un...
Income Tax : CBDT extends the ITR filing deadline for AY 2025-26 from 31 July to 15 Sept 2025 due to structural changes and system readiness re...
Income Tax : Notification No. 49/2025 updates Income Tax Rules with extended ITR-U filing time to 48 months. Additional tax rates apply for del...
AIS analytics now detect non-filers where pension and interest income exist. Voluntary filing through ITR-U helps avoid notices under Sections 142(1) and 148, saving professional costs and compliance burden.
The High Court held that once income is duly recorded in an Income Tax Return, the Tribunal need not examine the source of income in accident claims. Compensation was enhanced by applying correct multiplier and future prospects.
Tax authorities initiated scrutiny and proposed addition solely because share acquisition details were not properly disclosed in the ITR. The case reinforces that for directors, the ITR functions as a detailed disclosure document, not just a salary return.
India has moved from a uniform ITR deadline to a category-based system linked to audits and income complexity. The reform improves compliance efficiency while remaining rooted in statutory authority.
At present, India’s income tax system is entirely based on individual taxation, wherein each taxpayer is entitled to a separate basic exemption limit and individual deductions. Even after marriage, there is no fundamental change in this structure. Husband and wife are treated as separate taxpayers, required to file their income tax returns independently and pay […]
The court held that recovery during a valid stay was impermissible after 20% payment. Amount recovered despite stay was ordered to be refunded with interest.
Resident taxpayers must report foreign assets and income under Schedule FA, even if tax isn’t affected. Non-disclosure can attract penalties under the Black Money Act, making accurate reporting essential.
“Processing held” is a risk-based flag, not a notice. Taxpayers should review and correct discrepancies within the defined window to avoid delays and compliance issues.
This guide explains that disclosure under Schedule FA is mandatory, even for zero-income foreign accounts or unsold RSUs. Following calendar-year reporting and proper documentation helps avoid penalties up to ₹10 lakh.
The ruling framework mandates extra tax of 25% to 70% over tax and interest based on delay. This makes timely belated filing financially preferable.
