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Since the government has rolled out the new fraud detection measure to curb the bogus or inflated refund claims, the income tax refunds of India have been reduced this year. As per the official data, between April and October 2025, there is a fall in the refunds issued by approximately 16% year-on-year, slipping from about […]
The eligibility criteria for appointment of senior practitioners at the Income Tax Appellate Tribunal (ITAT) must be timely, where their experience could be applicable effectively and not at the very end of their careers, CJI BR Gavai stated. The CJI emphasised that the appointment process at the ITAT needs to be clear. CJI cited- “Eligibility […]
A Mumbai-based taxpayer was in trouble when it was discovered that the TDS credit of Rs 96 lakh (96,12,846) was missing from his Form 26AS. He gets a tax notice demanding Rs 1 crore, which includes interest under Sections 234B and 234C, even after reporting the related income in his ITR and filing the required […]
The Kerala High Court has made a ruling regarding tax returns. It stated that if someone has voluntarily submitted their tax returns, they cannot go back and change them by adding new evidence later on. This decision is based on a specific rule 29 of the ITAT rules that allows the tax appeal tribunal to […]
For businesses and professionals, timely tax compliance is a significant obligation. In between such obligations, the advance tax specifies a unique intricacy as it necessitates accurate income estimation and periodic instalment payments during the financial year. Taxpayers earlier have relied on manual calculations, Excel spreadsheets, or professional advisory services, which take much time and may […]
The Gujarat High Court, in an order, has cited that the specified date for providing a tax audit report u/s 44AB of the Income Tax Act, 1961, and the “due date” for filing the income return u/s 139(1) are pertinent to each other and should be treated together. To extend the audit report due date, […]
The Bombay High Court has accepted an appeal for hearing filed by the Principal Commissioner. This appeal challenges a previous decision made by the Pune ITAT, which had ruled in favour of a joint venture involving Subhash and B.T. Patil and Sons, along with N.V. Kharote Construction Pvt. Ltd. The issue is of TDS applicability […]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) reversed an addition of Rs. 9.99 lakh that had been made u/s 69C of the Income Tax Act, 1961. This addition was related to cash payments made for credit card bills, which were initially classified as unexplained by the tax authorities, citing them as derived […]
The Central Board of Direct Taxes (CBDT) has announced an extension for the submission of various audit reports required under the IT Act, 1961, for the Assessment Year 2025-26. The new deadline for filing tax audit reports has been moved from the previous date of September 30, 2025, to October 31, 2025. In response to […]
