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The Income Tax Department has commenced taking actions against unidentified /nameless property and black money.
The income tax e-returns filed for the April-February period has marked up almost 30% more when the comparative study was done with the analogous span of time in FY18 which attested 6.7 crore income tax e-return filing.
For every eligible taxpayer, filing the ITR would be a yearly obligation in India. It’s a legal obligation that guarantees correct reporting of income and financial activities to the government; it’s not merely a formality. The Income Tax Department uses an automated system to carefully review the submitted returns in order to speed up this […]
If you fail to file your ITR within the next 10 days for some reason or another, expect a compliance notice to land at your doorstep any time soon. And in case the notice does show up, this blog will surely go a long way in helping you to answer the compliance notice.
Amendments to the Income Tax Act, 2025 has been proposed under the Union Budget 2026, allowing the taxpayers to submit the updated ITRs even after the issuance of reassessment notices. At present, taxpayers u/s 263(6) of the Act to submit an updated return within 48 months from the end of the fiscal year succeeding the […]
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? […]
The Union Budget each year includes revisions that affect taxpayers, businesses, and tax professionals. The Budget 2026 is the same; it includes updates to tax rates, rules, and deductions that everyone must understand and follow. Tax software is important because it helps turn these budget amendments into easy-to-use systems, making it easier for people to […]
The Income Tax Appellate Tribunal (ITAT) in Surat made an important ruling regarding tax reassessment cases. They decided that if a company is undergoing a tax review, the process remains valid even if the company is later removed from the official register by the Registrar of Companies (ROC). The key point is that the tax […]
The Calcutta High Court has stayed reassessment proceedings initiated u/s 148 of the Income Tax Act, 1961, for the AY 2021-22, on a prima facie basis, that the reassessment notice seemed to have been issued without acknowledging the taxpayer’s detailed replies provided earlier in reply to a notice u/s 133(6) of the Income Tax Act. […]
