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The Kerala High Court has made a ruling regarding tax returns. It stated that if someone has voluntarily submitted their tax returns, they cannot go back and change them by adding new evidence later on. This decision is based on a specific rule 29 of the ITAT rules that allows the tax appeal tribunal to […]
For businesses and professionals, timely tax compliance is a significant obligation. In between such obligations, the advance tax specifies a unique intricacy as it necessitates accurate income estimation and periodic instalment payments during the financial year. Taxpayers earlier have relied on manual calculations, Excel spreadsheets, or professional advisory services, which take much time and may […]
The Gujarat High Court, in an order, has cited that the specified date for providing a tax audit report u/s 44AB of the Income Tax Act, 1961, and the “due date” for filing the income return u/s 139(1) are pertinent to each other and should be treated together. To extend the audit report due date, […]
The Bombay High Court has accepted an appeal for hearing filed by the Principal Commissioner. This appeal challenges a previous decision made by the Pune ITAT, which had ruled in favour of a joint venture involving Subhash and B.T. Patil and Sons, along with N.V. Kharote Construction Pvt. Ltd. The issue is of TDS applicability […]
The penalty under section 270A of the Income Tax Act, 1961, cannot be levied when the underlying addition is based on the estimation of income, the Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled. The income of the taxpayer Ram Lakhan for A.Y. 2017-18 has been estimated by the Assessing Officer […]
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 […]
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 […]
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 […]
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 […]
