Search results for: it Act

Amendments to the Income Tax Act, 2025 has been proposed under the Union Budget 2026, allowing the taxpayers to submit the updated ITRs even after the issuance of reassessment notices. At present, taxpayers u/s 263(6) of the Act to submit an updated return within 48 months from the end of the fiscal year succeeding the […]

A rising number of taxpayers in India reported that they are getting surprising interest demand notices from the income tax department post-filing the updated ITRs. The Gujarat Chamber of Commerce and Industry (GCCI), concerned about the rising grievances, asked the centre to revise the provisions of the Income Tax Act to remove the uncertainty in […]

The Raipur Bench of the Income Tax Appellate Tribunal (ITAT) in a ruling has partly permitted the pleas for multiple assessment years by keeping that where the income is assessed on an estimated basis, separate disallowances like those u/s 40A(3) are unsustainable. The taxpayer, Nishant Jain, a civil contractor working in government infrastructure projects, had […]

ITAT Pune ruled that the estimation of profit at 8% in case of contract work for a government department, by taking provisions of section 44AD of the Income Tax Act as a parameter, is justifiable. As per that, the order of CIT(A) is upheld. The taxpayer is an individual and is in the business as […]

The Delhi High Court stated that the norm of proof beyond a reasonable doubt could not be applied to Section 148 of the Income Tax Act, 1961, which allows an assessing officer to reopen an assessment if there is reason to believe that the taxpayer’s income has not been assessed. A division bench of Chief […]

Circular No. 04/2025 dated March 17, 2025, has been issued by the Central Board of Direct Taxes (CBDT) furnishing Frequently Asked Questions (FAQs) on the revised guidelines for the Compounding of Offences under the Income Tax Act, 1961. Effective from October 17, 2024, these revised guidelines, have the motive to ease the compounding process, making […]

The CBDT issued an Office Memorandum (OM) on February 27, 2025, clarifying the implementation of the Risk Management Strategy (RMS) under the Income-tax Act, 1961, following amendments introduced by the Finance (No. 2) Act, 2024. Memorandum Highlights Understanding RMS Upload Exemptions for Select Cases Applicability of Unamended Sections 147-151 Obligatory Submission to JAO RMS Upload […]

The Income Tax Appellate Tribunal (ITAT) Chennai Bench has held in favor of Laxmi Nanda Kishore, setting aside the Rs.12.14 lakh addition incurred u/s 69 of the Income Tax Act, 1961. It was discovered by the tribunal that the assessing officer had incorrectly categorized seized gold and silver jewellery as an unexplained investment, overlooking CBDT […]

A notification has been issued via the Ministry of Finance under the Information Technology Act, 2000, designating key IT systems of the Directorate of Income Tax (Systems), and Central Board of Direct Taxes (CBDT) as Protected Systems. The same proceeding has the motive to secure the significant tax pertinent digital infrastructure against cyber threats and […]