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The Central Board of Direct Taxes (CBDT) has amended the provision of Income Tax Rules A simple way to understand all major changes under rebates and deductions in income tax rules for the FY 2020-21 (AY 2021-22). Also, we included penalty charges if ITR filing missed. read more, 1962. It will now be called Income […]
The administration has taken the high pitched scrutiny into consideration and will take care of the taxpayers who are getting tortured by the assessment officers in the matter of evaluating taxes.
The Madras High Court recently issued a ruling directing a forensic examination of the records relevant to several writ petitions that contested GST assessment orders. Additionally, the court ordered the applicant to make a pre-deposit of ₹30 lakh, after which the attachment on the applicant’s bank account will be lifted. The K. N Raj Construction […]
No revisions to income tax slabs have been made in Budget 2026, and it has been reiterated that the Income Tax Act shall come into force w.e.f. 1st April 2026. The impact of the new Income Tax Act on ITR filing for this year is illustrated below. When Shall the New ITR Forms be Notified? […]
India has witnessed a strong rise in income tax filings and non-corporate tax collections, exhibiting a broader tax base and more assertive formalisation of the economy, as specified by the Economic Survey 2025-26. In the survey, it cited that the ITR submitted between 2024-25 touched 9.2 crore, compared to 6.9 crore in 2021-22. The same […]
Starting in 2026, it is crucial for taxpayers to adhere to both GST and Income Tax regulations. Establishing practical resolutions at the beginning of the year can reduce mistakes, avoid penalties, and ensure seamless compliance throughout the year. 2026 GST Compliance Resolutions Submit GSTR-1 on Time with Corrections Use an Efficient Invoice Management System Handle […]
The Delhi High Court recently issued a ruling stating that the collection of tax dues is legally invalid unless the assessment order and statutory demand notice are provided. The court directed the tax department to refund the amounts that were recovered, emphasising that the collection was carried out without the proper legal authority. Philco Exports […]
The income tax department’s data mentioned that the direct tax collections of the central government after refunds stood at Rs 18.37 lakh crore between April 1 and January 11 of FY26. The net direct tax collections compared to the same period of the last financial year increased by 8.8%. The same growth is lower compared […]
The Income Tax Appellate Tribunal (ITAT) at Jaipur has remanded a case of Rs 76.31 lakh tax addition, stating that the taxpayer must be provided one more chance to prove that a disputed bank account linked to his PAN did not belong to him. A coram of Judicial Member Narinder Kumar and Accountant Member Annapurna […]
