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The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the only filing of an ITR in an incorrect form cannot be a foundation to disallow genuine expenditure. The Bench said that procedural lapses must not override substantive rights of the taxpayer. New Surya Public School, an educational society registered under the […]
The rollout of the Income Tax Bill 2025 marks a significant transformation in India’s tax framework. The purpose of the bill is to simplify the tax structure and reduce litigation. It also introduces new compliance expectations, reporting requirements, and procedural changes. For companies that develop income tax software represents a legislative update to monitor as […]
CBDT Chairman Ravi Agrawal has directed the Income Tax Department to adopt a proactive stance in preparation for the upcoming transition to the new direct tax law. With implementation slated for April 1, the Chairman urged officials to execute their duties with ‘clarity and purpose’ to ensure a seamless shift for taxpayers and the administration […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that a co-operative society earned a rental income from letting out its administrative building is assessable under the head “Income from House Property” and not as “Income from Other Sources.” The matter was heard by a Bench comprising Vice President Saktijit Dey and […]
The Delhi High Court has ruled that not knowing the tax laws in India is not a valid reason for allowing extra time to file your income tax return u/s 119(2)(b). This decision is based on a specific section of the Income Tax Act from 1961, which states that a genuine hardship must be proven […]
Income tax software is an essential tool for individuals, tax professionals, and businesses to manage their taxes efficiently. As tax laws are frequently revised and technology continues to evolve, this software must be regularly updated to remain accurate, secure, and user-friendly. Such updates carry new features that streamline filing taxes, enhance precision and support people […]
The process of completing the online income tax return is just one aspect of your responsibilities as a diligent taxpayer. After submitting your return, important steps remain to ensure a smooth and compliant process. It’s essential to carefully review your return for any errors, respond quickly to any official notices from the tax authorities, and […]
The main role of the Chartered Accountants (CA) is to manage the finances and ensure compliance with the laws in India. Tasks like filing income tax and GST returns, conducting audits, managing payroll, ensuring legal compliance, and providing financial advice are being managed by them. As their responsibilities expand each year, CAs are facing new […]
The Central Board of Direct Taxes (CBDT) Chairman, Ravi Agrawal, stated that the income tax department, under the facilitated Income Tax Act 2025, shall notify the new ITR forms and pertinent rules by January. From 1 April 2026, these updated regulations will come into force, marking the transition from the nearly six-decade-old Income Tax Act […]
