In a significant judgment, the High Court of Jammu and Kashmir and Ladakh has ruled that the income tax exemption under Section 10(26) of the Income Tax Act, 1961 is not automatic and must be backed by credible proof. The court emphasized …
The Central Board of Direct Taxes (CBDT) is proactively gearing up for the rollout of the new Income Tax Bill, which is currently under review by a Parliamentary Select Committee. The bill, expected to be cleared during the Monsoon Session of Parliament, aims to simplify …
In a significant judgment, the Chhattisgarh High Court has ruled that disallowance under Section 143(1)(a) of the Income Tax Act, 1961 cannot be applied when the issue in question is pending adjudication before the Supreme Court. The Division Bench, comprising …
In a recent judgement, the ITAT Delhi ruled that, the correct amount of tax should be levied on the correct taxpayer in accordance with the law, and taxpayers must be given the opportunity to rectify honest mistakes made in their …
The Income Tax Department has officially notified all seven Income Tax Return (ITR) forms for Assessment Year (AY) 2025-26. However, taxpayers are currently unable to file their returns as the corresponding e-filing utilities have not yet been made available on …
In a significant relief to Bollywood actor Arjun Rampal, the Bombay High Court has quashed a non-bailable warrant (NBW) issued against him by the Ballard Pier Magistrate Court in connection with a 2019 income tax evasion case. The vacation bench …
Home loan interest is a significant tax-saving tool under Section 24(b) of the Income Tax Act, 1961. Understanding the deduction limits, eligibility criteria, and how to claim them can help taxpayers maximize their savings. This guide covers everything you need to know …
In its continuous effort to curb the use of unaccounted cash in the economy, the Income Tax Department of India has intensified its surveillance on certain high-value financial transactions. These transactions, if found to be disproportionate to your declared income, may lead …
ITR Filing Made Easy with Digital Form 16: A Game-Changer for Taxpayer In a significant move towards simplifying the income tax return (ITR) filing process, the Income Tax Department of India has rolled out the Digital Form 16, an upgraded and electronically generated …
As of May 16, 2025, the Income Tax Department has yet to enable the e-filing utilities for Income Tax Return (ITR) filing for Assessment Year (AY) 2025-26. Although all ITR forms (ITR-1 to ITR-7) have already been notified, the utilities …
In a significant move to streamline tax administration, the Income Tax (I-T) Department has set an ambitious goal to resolve over 2 lakh tax disputes, involving a disputed amount of ₹10 lakh crore, at the first appeal level during the …
In a significant ruling, the Delhi High Court has declared a reassessment notice issued under Section 148 of the Income Tax Act as invalid, citing non-compliance with the mandatory provisions of Section 151(1) of the Act. The judgment was delivered in …
In a significant tax ruling, the Chhattisgarh High Court has held that a bona fide belief combined with the genuineness of a transaction constitutes a valid “reasonable cause” under Section 273B of the Income Tax Act, 1961, thereby preventing the …
As the Income Tax Return (ITR) filing season for Assessment Year (AY) 2025-26 approaches, taxpayers across India are gearing up to gather essential documents like salary slips, bank interest certificates, Form 16, dividend statements, and other income-related records. While timely …
The Central Board of Direct Taxes (CBDT) has officially notified the Income Tax Return (ITR) Form 2 for the Assessment Year 2025-26. This form applies to individuals and Hindu Undivided Families (HUFs) who do not earn income from business or profession. However, …
The Karnataka State Chartered Accountants Association (KSCAA) has formally approached the Central Board of Direct Taxes (CBDT) seeking urgent clarification on the denial of rebate under Section 87A of the Income Tax Act for Short-Term Capital Gains (STCG) taxed under …
Tax Deducted at Source (TDS) isn’t just for large corporations. In India, small businesses and even individuals may be required to deduct and deposit TDS in specific situations. Understanding your responsibilities is crucial to remain compliant and avoid penalties. 1. TDS …
The Income Tax Department, under the Central Board of Direct Taxes (CBDT), has officially released the ITR-5 Form for Assessment Year (AY) 2025-26, covering income earned during Financial Year (FY) 2024-25. Announced on May 1, 2025, the updated form incorporates …
In a significant ruling, the Gauhati High Court has upheld a refund of income tax deducted from the salary of a Border Security Force (BSF) officer belonging to a Scheduled Tribe community. The division bench comprising Chief Justice Vijay Bishnoi …
The Central Board of Direct Taxes (CBDT) has officially released ITR Form 3 for Assessment Year 2025-26 through Notification No. 41/2025 dated April 30, 2025. This move comes in alignment with the amendments introduced via the Finance Act, 2024, and aims to bring greater …