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The Madras High Court ruled that under the new income tax regime, approval from a higher authority, like the Principal Chief Commissioner of Income Tax or the Principal Director General, is obligatory to issue a notice u/s 148 of the Income Tax Act after the lapse of a three-year limitation period. Justice C. Saravanan mentioned […]
The Income Tax Practitioners Association (ITPA), along with various legal and tax groups, has expressed strong disapproval of the Central Board of Direct Taxes (CBDT) for not extending the deadline for filing Income Tax Returns (ITRs). This decision comes after many taxpayers reported experiencing technical difficulties and other challenges while trying to file their returns. […]
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The Parliament has approved a new Income Tax Bill to modernise the outdated Income Tax Act, which has been in place since 1961.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 […]
The Ministry of Finance, in a bid to ease the process of tax compliance, has launched distinct initiatives that have the motive to facilitate both the income tax and Goods and Services Tax (GST) procedures, for targeting small taxpayers. Such measures simplify the tax filing, lessen operational complexities, and promote compliance among small businesses and […]
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 […]
The petitioner is Build Layer Constructions, with address 1b58, Vinayak Sadan, Ground Floor, Housing Board, Pali – 306401, Rajasthan. The petitioner is registered for GST, containing GST registration No. 08AATFB8617M1ZO in the State of Rajasthan. The petitioner has applied for an Advance Ruling. If the statutory decision of the advance ruling, anyone disagrees, then they […]
Taxpayers should be alert to the reconciliation of information under GST and Income Tax, as the ITR forms for Assessment Year 2025–26 have been notified, and filing is set to begin soon. Discrepancies may lead to queries and increased compliance costs. A typical Goods and Services Tax (GST) assessee is required to file several monthly […]
The central government, on May 15, 2025, approved 187 startups for income tax exemption. A 100% income tax deduction on profits is allowed for eligible startups for any three consecutive years within a ten-year period from the date of incorporation. The income tax benefit scheme is made to assist emerging businesses in their initial years, […]
