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The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) permitted the claim of Long Term Capital Gains (LTCG) exemption u/s 54 of the Income Tax Act,1961 on the sale of an old flat, as the possession of the new flat was received within the specified period. The taxpayer, Payal Kishore Kulchandani, submitted her return reporting […]
The Parliament has approved a new Income Tax Bill to modernise the outdated Income Tax Act, which has been in place since 1961.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 […]
An income tax return is a document submitted by individuals or companies to declare their income, including salary, HRA, allowances, deductions, and total turnover, to the Tax Department. There are seven different types of tax return forms available on the portal, each applicable based on the taxpayer’s category. Taxpayers can use either the government utility […]
The Jammu and Kashmir High Court has decided that the Department of Home is required to pay back the Goods and Services Tax (GST) to hotel owners. This applies to those hotel owners whose properties have been taken over to provide housing for security forces, in addition to the regular rent they receive. The petitioner, […]
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, […]
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 […]
The online Income Tax Return (ITR) filing window for AY 2025–26 has been opened by the CBDT Department. Individual taxpayers who are not required to have their accounts audited must submit their ITRs for FY 2024–25 before the revised due date. The Central Board of Direct Taxes (CBDT) revised the ITR filing due date from […]
Section 143(1)(a) of the Income Tax Act, 1961 (the 1961 Act), cannot be invoked by the Assessing Officer (AO) to disallow a claim when the issue involved such as the deductibility of employees’ contributions to EPF/ESI under Section 36(1)(va) is pending consideration before the Supreme Court, as in Checkmate Services Pvt. Ltd. vs. CIT [(2023) […]
The Jharkhand High Court has overturned a decision made by the Income Tax Appellate Tribunal (ITAT) Circuit Bench in Ranchi. The Court found that the Tribunal’s ruling relied on an earlier case that has since been dismissed by the Supreme Court. Earlier, the whole addition of the Assessing officer has been removed by the tribunal […]
