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A message has been expressed by the Apex court to the Income Tax Department, quashing prosecution proceedings against taxpayer Vijay Krishnaswami and charging a Rs 2 lakh on the Revenue for acting in “blatant disregard” of binding Central Board of Direct Taxes (CBDT) circulars. For “wilful non-compliance”, a bench of Justices J.K. Maheshwari and Vijay […]
The Chandigarh Chartered Accountants Taxation Association (CCATAX) has reached out to the Central Board of Direct Taxes (CBDT) to request an extension on the deadline for filing income tax returns and completing tax audits for the financial year 2025-26. Data mismatches between AIS and Form 26AS, server crashes, session timeouts, etc, are the problems that […]
Businesses in India should be required to undergo audits so as to ensure that they are following the financial laws and regulations. Companies and professionals every year would be required to file their financial details in particular formats, like the Tax Audit Report. The same procedure involves intricacy since it deals with lengthy documents and […]
Till now, the ITR filers who had submitted their ITR for FY 2024-25 ( AY 2025-26) are still waiting for the tax refund. A month has passed since many taxpayers submitted their income tax returns. However, no refund has been given to all such taxpayers. This year, the procedure of refund procedure seems to be […]
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that a widow is entitled to claim Tax Deducted at Source (TDS) credit based on her deceased husband’s income. This decision clarifies the rights of widows regarding tax credits related to their late spouses. As per sub-rule (2) of Rule 37BA and sub-rule […]
The Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes (CBIC), in between the preparations for the new Income Tax legislation and other reforms in indirect tax administration, face significant staff shortages. The CBDT has a vacancy rate of roughly 34 per cent, while the CBIC has a 39 per cent […]
The Supreme body of Chartered accountants, ICAI, cited that the new income tax bill provides a simple and transparent framework that facilitates the operations of business and supports the objective of India to become the most perfect destination of investment. A new income tax bill has been passed by the Parliament to supersede the 60-year-old […]
Under the Goods and Services Tax (GST) regime, to strengthen the E-Way Bill (EWB) system, the Comptroller and Auditor General of India (CAG) has sought that revenue authorities determine taxpayers generating high-value EWBs but not releasing their tax liability and report such taxpayers for scrutiny. For crossing the threshold limit and generating EWB for inter-State supply, caution […]
The Parliament has approved a new Income Tax Bill to modernise the outdated Income Tax Act, which has been in place since 1961. The new law will take effect on April 1, 2026. Finance Minister Nirmala Sitharaman, piloting the Income Tax Bill 2025, in the Rajya Sabha, mentioned that no new tax rate will be […]
