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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 […]
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 tax season is often marked by limited filing time and considerable uncertainty. Some people file their returns at the last minute, while others spend weeks preparing their taxes. Without the right software, the process can be complex in both cases. To address these challenges, income tax software has been introduced. Over the past 10 […]
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 […]
A major change is set to take place in India’s tax regime. Today, the government will present the revised Income Tax Bill, 2025, replacing the earlier draft withdrawn last week after experts pointed out multiple drafting errors and ambiguities. The same version can revise the way income is taxed, deductions are claimed, and compliance is […]
In a submission before the Parliamentary Committee examining the draft of the new Income Tax Bill, experts and stakeholders have recommended that the definition of “accountant” u/s 288 of the Income Tax Act be left unchanged. The focus was placed on preserving the right of Chartered Accountants (CAs) to conduct tax audits under section 44AB. […]
Time-bound resolution of litigations should be there; a parliamentary panel that analysed the Income Tax Bill, 2025, has guided, as it made 285 recommendations on the draft legislation aimed at streamlining and updating tax laws. The select committee of Lok Sabha, headed by BJP’s Baijayant Panda, analysed the Income Tax Bill 2025 and adopted the […]
A nationwide verification drive was initiated by the Income Tax Department on Monday, aimed at individuals and entities involved in submitting false claims for deductions and exemptions on their I-T returns. According to the Central Board of Direct Taxes (CBDT), the scope of this exercise is comprehensive, extending beyond deductions for donations to encompass those […]
A Non-Resident Indian (NRI) residing in the US is facing an unexpected ordeal after selling his Pune property for ₹2 crore, despite complying with all regulations. The issue emerges when the buyer deposits 20% TDS on the sale via the wrong form. NRIs’ records of tax have come into discrepancy from this mistake, as well […]
