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Recently, the Income Tax Department released Excel-based utilities (V1.0), a JSON schema, and validation tools for FY 2024-25 (AY 2025-26). The department has included the ITR-1 (Sahaj) and ITR-4 (Sugam) forms. Taxpayers can download these offline utilities from the official 2.0 e-filing portal. As the Excel utilities have just been made available, the online ITR […]
According to the Madras High Court, the limitation period for issuing notices under Section 153C to a third party begins on the date the materials are seized or requisitioned, not on the date of the search. M/s. KLP Projects Private Limited (applicant) has submitted the writ petitions against notices on 30.12.2024 and an order on […]
Since the notification of income tax return forms and the necessary filing utilities have been delayed, the Goa Chamber of Commerce and Industry (GCCI) has written to Finance Minister Nirmala Sitharaman, requesting an extension of the deadline for individuals to file their returns. The current due date for filing ITR for salaried and non-audit taxpayers […]
The Government of India has come up with a new digital Form 16 as part of its Digital India initiative. This is designed to make the process of filing your income tax return (ITR) easier for everyone. Employees can find the ITR filing process more accessible and easier under the government’s aim to make the […]
The Ahmedabad ITAT has sent back a case involving a ₹60.51 lakh addition for Long-Term Capital Gains (LTCG), noting that the land was transferred via a development agreement without sale consideration. For the Assessment Year 2018-19, Nikanth (Narol) Co-op. Shops & Off Society Ltd. (the assessee) faced reassessment. The Assessing Officer (AO) treated the entire […]
The Central Board of Direct Taxes (CBDT) issued notification no. 35/2025 to widen the tax base and ensure effective monitoring of high-value transactions by revising the Income Tax Rules, 1962. The newly released Income-tax (11th Amendment) rules, 2025, section 295, read with section 206C of the Income-tax Act, 1961, sellers are now obligated to collect […]
The Kerala High Court ruled in favour of the Amrita Institute of Medical Science and Research, directing the income tax department to resolve the appeal within three months. The case was associated with a non-disposal of appeal on the applicability of the Tax Deducted at Source (TDS) deduction to doctors engaged by the hospital. The applicant, […]
Form ITR-B for FY 2025-26 (AY 2026-27) has been reported by the Ministry of Finance via a gazetted CBDT notification 30/2025 dated April 7, 2025. What is the New ITR-B Form? The new ITR-B form is used to disclose previously undisclosed income identified by the Income Tax Department during a search, investigation, or requisition operation […]
As a result of the Finance Bill 2025, Section 143(1) of the Income-tax Act, 1961 has undergone significant changes. A new provision has been introduced that allows for the cross-verification of inconsistencies in income tax returns (ITR), improving the process of ITR processing. The income tax department, via the identification of discrepancies between the assessment […]
