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The rollout of the Income Tax Bill 2025 marks a significant transformation in India’s tax framework. The purpose of the bill is to simplify the tax structure and reduce litigation. It also introduces new compliance expectations, reporting requirements, and procedural changes. For companies that develop income tax software represents a legislative update to monitor as […]
Tax Deducted at Source (TDS) is a crucial part of India’s tax collection framework, as it facilitates the collection of tax at the point of income generation. Managing TDS obligations comprises a recurring and crucial responsibility for professionals such as chartered accountants, tax consultants, company accountants, and compliance managers. The process comprises distinct steps: calculation, […]
The Income Tax Appellate Tribunal (ITAT), Mumbai, has delivered an important ruling on the treatment of Goods and Services Tax (GST) for non-resident taxpayers. According to the tribunal’s decision, GST collected by a non-resident assessee must be excluded from ‘gross receipts’ when determining presumptive income under Section 44BB of the Income-tax Act, 1961. This clarification […]
The Central Board of Direct Taxes (CBDT) Chairman, Ravi Agrawal, stated that the income tax department, under the facilitated Income Tax Act 2025, shall notify the new ITR forms and pertinent rules by January. From 1 April 2026, these updated regulations will come into force, marking the transition from the nearly six-decade-old Income Tax Act […]
A rising number of taxpayers in India reported that they are getting surprising interest demand notices from the income tax department post-filing the updated ITRs. The Gujarat Chamber of Commerce and Industry (GCCI), concerned about the rising grievances, asked the centre to revise the provisions of the Income Tax Act to remove the uncertainty in […]
In India, managing taxation and compliance is one of the most difficult tasks of running a business. Tax Deducted at Source (TDS) is the main component of the income tax system among these compliance duties. Penalties and interest will be charged for minor errors like late payments, delayed filings, or incorrect deductions. Here, the technology […]
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 […]
For the tax audit report (TAR), CBDT has extended the last date to November 10, 2025, and the income tax filing return (ITR) to December 10, 2025, for specified tax audit cases. Specific classes of taxpayers are skipped by the income tax department from this extension, which implies that those excluded will still need to […]
The Kerala High Court ruled that Section 263 of the Income Tax Act, 1961, can be invoked where the Assessing Officer (AO) is not able to address the main issue in the assessment order. The bench stated that the problem does not appear to have been addressed by the assessing authority when issuing an order […]
