The Income Tax Department recently brought attention to an insightful post by Chartered Accountant (CA) Pradeep Goyal on X (formerly Twitter) that sheds light on how the current income tax scrutiny process works in India. The department highlighted the post …
Income Tax Return Filing 2025: With the ITR filing season for Assessment Year (AY) 2025-26 already underway, salaried employees, freelancers, and professionals are once again faced with the crucial decision — Should I opt for the old tax regime or the new tax regime? While the new …
In a significant ruling, the Income Tax Appellate Tribunal (ITAT) has struck down a reassessment order after finding that the Assessing Officer (AO) cited an invalid legal provision while reopening the case for Assessment Year (AY) 2006-07. Background of the …
The Income Tax Department of India is rolling out several important changes from July 1, 2025, impacting PAN-Aadhaar linkage, ITR forms, e-filing utilities, and tax payment deadlines. Taxpayers, both individuals and businesses, must stay updated to avoid penalties and ensure …
The Income Tax Department has introduced a more stringent scrutiny framework for FY 2025-26, powered by AI and advanced data analytics. From high-value transactions to undisclosed incomes, the tax authorities are leaving no stone unturned in identifying suspicious cases. Experts warn …
As the income tax return (ITR) filing season for Assessment Year 2025-26 progresses, many taxpayers are facing uncertainty due to the delayed release of utilities for ITR-2 and ITR-3 forms. While the Excel and JSON utilities for ITR-1 (Sahaj) and ITR-4 (Sugam) …
Filing an Income Tax Return (ITR) is not just a responsibility but a legal obligation for many individuals in India. Whether you are a salaried employee, a businessperson, a freelancer, or even a non-resident, understanding the rules for mandatory ITR …
ITAT Overturns 58.5L Cash Deposit Addition Made During Demonetization In a notable judgment providing relief to businesses scrutinized during the demonetization period, the Income Tax Appellate Tribunal (ITAT) has deleted an addition of Rs. 58.5 lakh made under Section 69A of the Income Tax Act, 1961. Background …
The Indian Income Tax Department (ITD) has intensified its crackdown on undisclosed cryptocurrency income, sending out notices to thousands of investors who failed to report earnings from Virtual Digital Assets (VDAs) such as cryptocurrencies and NFTs. With the implementation of …
The Delhi High Court has referred a significant legal question regarding income tax reassessment of foreign assets to a larger bench, potentially impacting numerous cases involving time-barred assessments. A division bench comprising Justice Vibhu Bakhru and Justice Tejas Karia passed …
As the Income Tax Return (ITR) filing season for Assessment Year (AY) 2025–26 kicks off, tax experts are urging taxpayers—especially businesses and professionals—to pay close attention to the reconciliation of their Goods and Services Tax (GST) returns with income tax …
The Income Tax Department of India has officially released the Excel utilities for ITR-1 and ITR-4 for the Assessment Year (AY) 2025-26 (pertaining to Financial Year 2024-25). This announcement was made on May 30, 2025, through a post on its official social media platform X (formerly Twitter). The …
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 …