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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 Jharkhand High Court mentioned that retaining the balance amount by the department after the tax demand is reduced constitutes a breach of Article 14 and Article 265 of the Constitution. It was noted by the Division Bench of Chief Justice M.S. Ramachandra Rao and Justice Deepak Roshan that the department could not hold the […]
The income tax department will conduct nationwide regulatory action for those taxpaying entities that did not deduct and deposit taxes collected at the source (TDS/TCS). Under the sources cited in the report, nearly 40,000 taxpayers (individuals and businesses) are being investigated for possible defaults in tax deductions for the fiscal years 2022-23 and 2023-24. The […]
The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) has determined that the ₹12 lakh addition u/s 69A of the Income Tax Act, 1961, was unwarranted, as the sundry debtors recorded in the books could not be classified as unexplained income. The petitioner Ratika Kumbhat was selected for the limited scrutiny to validate the […]
The recently introduced Income Tax Bill 2025, in the Lok Sabha has raised concerns among taxpayers about their eligibility for income tax refunds if they file their Income Tax Return (ITR) after the due date. Experts have noted that Clause 263(1)(a)(ix) of the new tax bill requires returns to be filed by the due date […]
Circular No. 02/2025, has been issued by the Central Board of Direct Taxes (CBDT) extending the due date for filing Form No. 56F under the Income-tax Act, 1961. The same extension furnishes relief for taxpayers and stakeholders facing contentions in timely submission of the report of the accountant needed u/s 10AA(8) and Section 10A(5) of […]
It was repeated by the Supreme Court that when a charitable trust registers u/s 12-AA of the Income Tax Act (“Act”) for income tax exemptions (under Sections 10 and 11), the tax authorities must validate if the charity’s proposed activities match its charitable goals, as expressed in the Ananda Social case. The court cited that […]
Concerning the new income tax bill 2025, the central government has received more than 60,000 inputs from citizens, as per the Union Finance Minister Nirmala Sitharaman. The Finance Minister addressing an after-budget event has mentioned the review of the Income Tax Act 1961 is an influential element of Prime Minister Narendra Modi’s principle of ‘Jan […]
While determining a tax matter, the Apex court noted that the undisclosed income u/s 271AAA(1) of the Income Tax Act, surrendered by the taxpayer during the search, is not enough to impose the penalty. The mentioned provisions cited the penalty where a search has been started. The explanation reads as “(a) “Undisclosed income” means— (i) […]
