Adv Aditya Narayan 
Section 195 of the Income Tax Act, 1961 deals with the deduction of tax at source (TDS) on payments made to non-residents, including foreign companies. It ensures that tax is collected on income that is chargeable to tax in India, even when payments are …
When purchasing immovable property, it’s not just the negotiated price that matters — the Income Tax Department also looks at the property’s stamp duty value (SDV). If the SDV significantly exceeds the purchase price, the difference may be treated as …
If a charitable or religious institution is penalised by the Income Tax Department for under-utilisation of funds (i.e. not applying 85% of its income towards its charitable/religious purposes as required under Section 11(1) of the Income Tax Act), it may appeal the penalty …
In India, charitable institutions enjoy tax exemption under Section 11 and 12 of the Income Tax Act, 1961, provided they comply with certain conditions, including the utilisation of income for charitable or religious purposes. If they under-utilise funds, i.e., do not spend the required percentage …
An assessee can appeal against a penalty order under Section 270A of the Income Tax Act, 1961—Penalty for under-reporting and misreporting of income—before the Commissioner of Income Tax (Appeals) [CIT(A)] or the Income Tax Appellate Tribunal (ITAT), depending on the stage and scope. Below …
Short-Term Capital Gains (STCG) in India refer to profits earned from the sale of a capital asset held for a short duration—typically less than 12 months for listed equity shares and mutual funds, and less than 24 or 36 months …
Here are the detailed developments based on insider sources regarding UDIN (Unique Document Identification Number) changes—critical for Chartered Accountants (CAs): ✅ 1. Enforcement of 60 Tax Audit Limit via UDIN Portal What’s happening? As per insider inputs from the UDIN Directorate of the Institute of Chartered Accountants …
In a major push to overhaul India’s Goods and Services Tax (GST) structure, Union Home Minister Amit Shah is set to take charge of high-level discussions with state governments and central ministries. The central objective is to streamline the current multi-slab tax system by removing the …
Bengaluru: In a major step to curb tax evasion and enhance GST revenue, the government has begun leveraging Unified Payments Interface (UPI) data to track traders who are operating without GST registration. This initiative particularly targets those accepting digital payments …
The applicability of Income Tax on Provident Fund (PF) in India depends on the type of PF, the contribution, interest earned, and withdrawal conditions. Here’s a clear breakdown: 🧾 1. Types of Provident Funds Statutory Provident Fund (SPF) Applicable to government, railways, universities, and recognized educational …
Under the Income Tax Act, 1961, several allowances are provided to salaried individuals which are either fully or partially exempt from tax, offering substantial tax-saving benefits. Here’s a categorized summary of key allowances and their tax benefits: ✅ 1. House Rent Allowance (HRA) – Section 10(13A) Tax Benefit: Partially …
The Income Tax Department employs several verification mechanisms to ensure that the details provided in Income Tax Returns (ITRs) are accurate and compliant with the law. Here’s a breakdown of the various ways the department verifies returns: 🔍 1. Matching with Form 26AS / …
In a landmark judgment that brings clarity to the taxation of immovable property transactions, the Gujarat High Court has held that the transfer of leasehold rights is not a taxable supply under the Goods and Services Tax (GST) regime. The Court observed …
In a recent ruling in July 2025, the Orissa High Court dismissed a writ petition challenging a provisional attachment order issued by GST authorities. The dismissal was on the ground of infructuousness, as the petitioner had already availed statutory remedy by filing an appeal under Section …
A Non-Resident Indian (NRI) is required to file an Income Tax Return (ITR) in India under certain conditions. These are based on the income earned or received in India and the applicability of exemptions or deductions. Here’s a detailed explanation: ✅ When an NRI …
Are you preparing to file your Income Tax Return (ITR) for FY 2024-25 (AY 2025-26)? Then read this before you start. The Income Tax Department has introduced 6 important new disclosure requirements in ITR-1 and ITR-4 forms. These changes aim to improve transparency, stop …
Long-Term Capital Gains (LTCG) arise when an individual sells a capital asset—such as property, shares, or mutual funds—after holding it for a specified period (typically more than 12/24/36 months, depending on the asset). In India, these gains are taxable under …
Excel utilities in ITR filing help taxpayers prepare and validate income tax returns offline. Users can download the utility, enter details like income, deductions, and taxes, validate the form, generate XML, and upload it to the income tax portal. It …
If you earned short-term capital gains (STCG) during the financial year 2024–25 (assessment year 2025–26), you must disclose it correctly in your income tax return (ITR) to avoid notices, penalties, or loss of refund eligibility. Here is a step-by-step guide on how …
To lodge a complaint for quick resolution of an income tax refund, you can follow these step-by-step methods depending on your case. Here’s a streamlined guide for AY 2025-26 or any current year: ✅ Step 1: Verify Your Return Status …