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This year’s Budget has provided an option for taxpayers to opt-in for a new tax regime with lower tax rates, but it will be without the tax exemptions as well as deductions. Recently on 13th April, a circular was issued by the Central Board of Direct Taxes instructing all employers to obtain a declaration from […]
A nationwide verification drive was initiated by the Income Tax Department on Monday, aimed at individuals and entities involved in submitting false claims for deductions and exemptions on their I-T returns. According to the Central Board of Direct Taxes (CBDT), the scope of this exercise is comprehensive, extending beyond deductions for donations to encompass those […]
Starting April 1, 2025, new IT laws were put into place. These new changes include updated income tax rates and better benefits for those looking for high rebates, making it easier for certain individuals to save on their taxes. Finance Minister Nirmala Sitharaman announced such amendments in the Union Budget aimed at increasing the disposable […]
As per Bombay HC, no tax is to be charged on the transit rent as it is not to be deemed as a revenue receipt. Consequently, no question of tax deduction at source (TDS) is there from the amount leviable via the developer to the tenant. The bench of Justice Rajesh S. Patil has marked […]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that as the taxpayer was a non-resident therefore the entire tax ought to be deducted at source on payment made via the payer to it, and no question was there for the advance tax payment by the taxpayer; consequently, no interest Under Section 234B can […]
The Income Tax Appellate Tribunal (ITAT) in Delhi recently noted the requirement of Tax Deducted at Source (TDS) following Section 194J of the Income Tax Act, 1961. The ITAT bench noted that if the payment for consultancy services, excluding the service tax, does not surpass Rs. 30,000, there is no obligation to deduct TDS. The […]
Taxpayers are encouraged by the Income Tax Department to correct any erroneous refund claims or exemptions. This can be done by submitting revised returns for the current assessment year and updating filings for previous assessment years (ITR-U). For filing ITR-U you need to pay certain additional taxes. The additional tax shall be equal to 50% […]
The Income Tax Department is employing Artificial Intelligence (AI) to detect and identify suspected taxpayers. The AI will assist in catching fraudsters who have claimed deductions for house rent and housing loan interest rates. As per some reports, most of the discrepancies in Income tax returns are found relating to home loans and house rent. […]
In an appeal about the secondary and higher secondary cess, the Income Tax Appellate Tribunal (ITAT), Kolkata bench ruled that their education cess is part of tax and therefore no deduction will be provided. The statement was held by the Kolkata ITAT when it received an appeal from an assessee. The assessee is challenging the […]
