Search results for: Income tax Act

The All India Federation of Tax Practitioners (AIFTP) has asked the Central Board of Direct Taxes (CBDT) to extend the 2025-26 deadlines for income tax return and tax audit report filings, citing ongoing challenges for taxpayers. AIFTP President Samir Jani has sent a formal request to the CBDT chairman, detailing the difficulties caused by natural […]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has overturned an assessment made by the Assessing Officer (AO), which had classified a cash deposit of Rs. 8,00,000 as ‘income from other sources.’ The Tribunal determined that this amount was actually derived from the sale of casuarina trees, leading to the deletion of the […]

The Institute of Chartered Accountants of India (ICAI), emphasising taxpayers’ problems in fulfilling income-tax compliance timelines for the AY 2025-26, has written to the Central Board of Direct Taxes (CBDT). ICAI, in its representation, has requested equality in deadlines for the return filing and mentioned the dates under section 44AB, including the auto-renewal of registration […]

Net direct tax collections in the current financial year 2025-26 have experienced a noteworthy increase of 9.2%, reaching a total of ₹10.82 lakh crore. This growth can be attributed to a rise in both corporate and personal income tax revenue, as indicated by official data. In the corresponding period of 2024-25, there was a net […]

The Income Tax Practitioners Association (ITPA), along with various legal and tax groups, has expressed strong disapproval of the Central Board of Direct Taxes (CBDT) for not extending the deadline for filing Income Tax Returns (ITRs). This decision comes after many taxpayers reported experiencing technical difficulties and other challenges while trying to file their returns. […]

For both individuals and enterprises, filing Income tax returns is a yearly obligation. Even after having the digitalisation of the process, taxpayers are facing issues that can delay the submissions or cause intricacy. This trend will remain the same due to technical malfunctions on government portals and manual data entry errors. ITR Filing Issues On […]

The penalty under section 270A of the Income Tax Act, 1961, cannot be levied when the underlying addition is based on the estimation of income, the Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled. The income of the taxpayer Ram Lakhan for A.Y. 2017-18 has been estimated by the Assessing Officer […]

The Income Tax Department has announced an advisory that you can correct any mistakes related to TDS and TCS statements for tax periods from the fourth quarter of the financial year 2018-19 up to the third quarter of 2023-24. You have until March 31, 2026, to submit these corrections. If your bank, employer, property buyer, […]

The ITAT Jodhpur has ruled that rectification under section 154 of the Income Tax Act, 1961, is allowable where an inadvertent mistake in tax return filing results in double taxation of the same income. The appellant, M/s Jain Natural Pickles Private Limited, encountered a survey u/s 133A of the Income Tax Act, 1961, during which […]