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The Central Board of Direct Taxes (CBDT) has reported the Income-tax (Eighth Amendment) Rules, 2025, through Notification No. 23/2025. These rules introduce changes to Form 3CD, the tax audit report mandated under section 44AB of the Income-tax Act, 1961. The same amendment shall come into effect on 1 April 2025, impacting businesses and tax professionals. Latest Modifications […]
The Income Tax Appellate Tribunal (ITAT) in Chandigarh has recently excused a 38-day delay in filing an appeal, determining that an appellant’s explanation of an order being directed to his email’s spam folder constituted “sufficient cause” under Section 253(5) of the Income Tax Act, 1961. The case involved Devi Dayal, a resident of Kaithal, Haryana, […]
The CBDT has released a notification No. 133/2025/F. No. 370142/27/2025-TPL that brings important updates to the Income Tax Rules set in 1962. This update is part of the Income Tax (Twenty Second Amendment) Rules, 2025, and it aims to improve how income tax regulations work. A recent update has introduced two new rules, Rule 3C […]
Every person needs to report their Income tax returns appropriately in compliance with the start of the filing season. Avoiding errors and misreporting is important during ITR filing for FY 2024-25 (Assessment Year 2025-26). Without any problems, the majority of returns are processed; even a minor discrepancy may trigger an investigation via the income tax […]
Income Tax Appellate Tribunal (ITAT), Mumbai, in a decision, has ruled that a new flat value received in a redevelopment project could not be levied to tax as Income from Other Sources’ u/s 56(2)(x) of the Income Tax Act. Increasing project redevelopment has been seen in Mumbai. Over 31,000 redevelopment projects had been approved as […]
Starting April 1, 2025, new financial rules will introduce changes to GST, income tax, and banking. Below are the complete details. New Feature to Strengthen GST Security The Goods and Services Tax (GST) structure will undergo updated modifications, and the new security feature, Multi-Factor Authentication (MFA), will become mandatory for taxpayers accessing the GST portal. […]
The Central Board of Direct Taxes (CBDT) has issued Notification No. 21/2025 dated March 25, 2025, amending the Income-tax Rules, 1962. The Income-tax (Sixth Amendment) Rules, 2025, introduce modifications impacting transfer pricing, electric vehicles, and assessment years. Latest Update The IT Notification 124/2024 regarding the application for the Safe Harbour option under Section 9(1)(i), Profits […]
The criteria for tax residency remained unchanged in the upcoming income tax bill. Ahead of the Bill being tabled, it was recommended by the reports to NRIs that those making Rs 15 lakh or exceeding that in India while not filing the taxes elsewhere shall be categorized as residents rather than residents but Not Ordinarily […]
As per Kerala High Court, it mentioned that the notice against a dead person is not true and the participation of the statutory heirs of the deceased in the proceedings doesn’t make it legal. The Division Bench of Justices A.K. Jayasankaran Nambiar and K.V. Jayakumar noted that “the consent of the parties cannot confer jurisdiction […]
