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The Parliament has approved a new Income Tax Bill to modernise the outdated Income Tax Act, which has been in place since 1961. The new law will take effect on April 1, 2026. Finance Minister Nirmala Sitharaman, piloting the Income Tax Bill 2025, in the Rajya Sabha, mentioned that no new tax rate will be […]
The Income Tax Appellate Tribunal (ITAT), Mumbai, has ruled in favour of an appellant who was imposed with a Rs 1.16 lakh penalty for late filing of TDS returns. The company, M/s. J Duncan Healthcare Pvt. Ltd. made payments to two Russian companies, called JSC OLS Ltd. and JSC Viterani, for services they provided. When […]
The Income Tax Department has made a key development for the current assessment year 2025–26, enabling the revised Tax Audit Forms 3CA-3CD and 3CB-3CD on its official e-filing portal. The same move has complied with the recent revisions to the income tax rules and aims to ensure facilitated, error-free tax audit compliance for both taxpayers […]
The CBDT has made Aadhaar-based OTP verification mandatory for taxpayers who wish to update their email ID or mobile number on the new ITR web 2.0 e-filing portal. The same updated rules have the motive to avert the unauthorised amendments to the taxpayer profiles. The contact information can only be modified by the rightful account […]
The Excel-based offline filing tools for ITR-2 and ITR-3 for AY 2025-26 have been launched by the Income Tax Department, indicating that the return filing process for the financial year 2024-25 is underway. The Excel utilities downloadable tools are designed for offline use, allowing taxpayers to fill out their income tax returns in Microsoft Excel, […]
If you’ve obtained an email asking you to download your e-PAN card, do not tap; it’s a phishing attempt. A public advisory warning has been issued by the Press Information Bureau’s (PIB) Fact Check Unit for the fake emails that appear to offer access to an e-PAN card download link. The PIB Fact Check flagged […]
The addition of ₹5,01,500 made by the Assessing Officer (AO) under Section 69A of the Income Tax Act, 1961, has been overturned by the Cuttack Bench of the ITAT, which held that the cash deposits made during the demonetisation period were substantiated as business receipts. Tekchand Harilal, a firm that operates as a distributor of […]
The Orissa High Court ruled that the benefit of the exemption claim under Section 12A of the Income Tax Act, 1961, should not have been rejected solely on the ground of delay in filing the audit report. The Society for Training Action Research filed a petition challenging the ruling that dismissed its request for condonation […]
Every person needs to report their Income tax returns appropriately in compliance with the start of the filing season. Avoiding errors and misreporting is important during ITR filing for FY 2024-25 (Assessment Year 2025-26). Without any problems, the majority of returns are processed; even a minor discrepancy may trigger an investigation via the income tax […]
