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The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has issued Notification No. 16/2025 dated February 12, 2025, granting tax exemption to the Real Estate Regulatory Authority (RERA), Punjab u/s 10(46A) of the Income-tax Act, 1961. Under the notification, RERA Punjab (PAN: AAAJR1281N) has been acknowledged as an exempt entity for the […]
Filing an Income Tax Return (ITR) post deadline but before prosecution does not remove the obligation for the offences u/s 276CC of the Income Tax Act, 1961, Apex court held. The petitioner Vinubhai Mohanlal Dobaria, contested a ruling of the Gujarat High Court that carried the Chief Commissioner of the income tax’s rejection of his […]
The Madras High Court Single Bench of Justice K Kumaresh Babu in a decision mentioned that the act of availing a Goods and Services Tax (GST) registration and paying tax dues post inspection could not be cited as voluntary, keeping the levying of penalty on the GST taxpayer. The writ petition was furnished contesting the […]
The Income Tax Appellate Tribunal (ITAT) Chennai Bench has held in favor of Laxmi Nanda Kishore, setting aside the Rs.12.14 lakh addition incurred u/s 69 of the Income Tax Act, 1961. It was discovered by the tribunal that the assessing officer had incorrectly categorized seized gold and silver jewellery as an unexplained investment, overlooking CBDT […]
The Commissioner of Income Tax(Appeals)[CIT(A)] order, has been set aside by the Pune Bench of Income Tax Appellate Tribunal (ITAT) which had dismissed the appeal u/s 249(4) of Income Tax Act,1961 for non-payment of advance tax, considering the taxpayers’ senior citizen status and health issues. The taxpayer Hingora Ali Mohd Vali Mohd, plea was dismissed […]
The Madras High Court in a judgment for the mismatch in the ITC claim under Form GSTR-3B and auto-populated GSTR-2A asked the applicant to file the 10% of the disputed tax amount while passing an order for re-adjudication by the tax authorities based on new material. The Nilgiri Dairy Farm P.Limited, (Nilgiri) submitted a Writ […]
Union Finance Minister Nirmala Sitharaman, to decrease the tax load on people earning Rs 1 lakh per month the government has surged the income tax exemption from ₹7 lakh to ₹12 lakh. FM also mentioned that the government was reducing the income tax slab rates and broadening the tax brackets to provide relief to taxpayers […]
Central Board of Direct Taxes (CBDT) Chief Ravi Agrawal sought the industry players to provide their recommendations on the new income tax bill which will be tabled in the Parliament this week. The updated income tax bill shall substitute the 6-decade-old Income Tax Act, 1961, which has been created in 6 months and measures have […]
Union Finance Minister Nirmala Sitharaman presented the Union budget 2025-26 before the parliament dated February 1st at 11 AM. The 2025 budget landscape mainly focuses on taxation. The efforts of the Central government show that they are promoting the new tax regime (NTR). The major motive of the budget is to improve the spending power […]
