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A recent decision by the Rajasthan High Court has struck down an order related to tax rules in India. The court ruled that just because someone uses money earned abroad to buy land in India, it doesn’t mean that money is automatically subject to Indian taxes. For it to be taxed, it must fall under the specific […]
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 Pune Bench of the Income Tax Appellate Tribunal (ITAT) condoned a delay of 38 days in filing an appeal, attributing the delay to a change in the taxpayers’ tax consultant. The taxpayer Sujit Arun Taware does not submit an Income return for the assessment year 2014-15. On the grounds of the data obtained via […]
The Kerala High Court mentioned that the Joint Commissioner has jurisdiction to initiate proceedings u/s 56 of the KVAT Act against the assessment order passed under remand. The Division Bench of Justices A.K. Jayasankaran Nambiar and Easwaran S. noted that “when the fresh assessment order was passed consequence to the remand, the original assessment order […]
The case of Rakesh Saxena vs. PCIT before the ITAT Ahmedabad concerns a dispute over the tax treatment of Voluntary Retirement Scheme (VRS) benefits received by the taxpayer, a former employee of GE Power India Ltd. The Principal Commissioner of Income Tax (PCIT) has initiated revision proceedings u/s 263 of the Income Tax Act, 1961 […]
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 […]
As of March 16 of the current financial year, net direct tax collections have surged by 13.13% to ₹21.3 trillion, driven by a rise in advance tax collections, according to the Income-Tax Department. Compared to ₹9.11 trillion the year before, advance tax receipts in the current fiscal year have increased by 14.6% to ₹10.4 trillion […]
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 […]
As the end of the financial year approaches, businesses need to ensure that they are complying with their Goods and Services Tax (GST) obligations. The GST system can be complex, with various rules and regulations that need to be followed, which is why having a checklist can be incredibly helpful. In this article, we will […]
