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 …
As the Income Tax Return (ITR) filing season for Assessment Year (AY) 2025–26 is underway, one of the most important documents for taxpayers to verify before filing their returns is the Annual Information Statement (AIS). The AIS is a comprehensive …
The Income Tax Department has officially released the Excel-based utilities for ITR-2 and ITR-3 for the Assessment Year (AY) 2025–26, marking an important development for taxpayers with complex income streams such as capital gains, business income, foreign assets, and crypto earnings. These utilities …
Section 270A of the Income Tax Act, 1961, introduced by the Finance Act, 2016, marked a significant shift in the penalty regime by replacing the earlier Section 271(1)(c). It aims to penalize under-reporting and misreporting of income, with penalties ranging from 50% to 200% of …
Section 270A of the Income-tax Act, 1961, introduced with effect from Assessment Year 2017-18, aims to penalize cases of under-reporting and misreporting of income. It replaced the older Section 271(1)(c), streamlining the penalty mechanism with fixed rates and detailed categorization. However, despite its clarity …
In a significant ruling, the Kerala High Court has held that reassessment proceedings initiated under Section 148A of the Income Tax Act are unsustainable if the alleged escaped income is less than ₹50 lakhs and the notice is issued beyond …
In a significant judgment, the Delhi High Court reaffirmed the principle that deployment of funds by a charitable organization in a wholly owned subsidiary for regulatory compliance, and not with the intention to earn income, does not amount to an …
In a significant ruling safeguarding taxpayer rights and reinforcing judicial scrutiny over reassessment proceedings, the Calcutta High Court in Vikas Rungta v. ITO quashed the reassessment initiated under Section 148 of the Income Tax Act, 1961. The Court observed that the reopening …
In a recent ruling, the Calcutta High Court clarified that the time granted to the assessee to respond to a notice under Section 148A(b) of the Income Tax Act must be excluded while calculating the limitation period for passing the …
In a significant judgment, the Chhattisgarh High Court has ruled that assessment proceedings pending before the Income Tax Appellate Tribunal (ITAT) shall be deemed to be pending before the Assessing Officer (AO) for the purpose of granting retrospective benefit under …
In a significant ruling, the Telangana High Court held that insolvency proceedings under IBC cannot be used to escape tax scrutiny. It clarified that reassessment under Section 147 of the Income Tax Act remains valid even after CIRP approval, especially …
In a landmark ruling, the Gujarat High Court quashed multiple income tax penalties against Technovaa Plastic Industries, reinforcing legal protection for companies under approved IBC resolution plans. This judgment highlights critical safeguards against arbitrary penalties, particularly under Section 270A of …
With the ITR filing deadline extended to September 15, 2025, for non-audit cases, taxpayers must exercise caution while claiming deductions. The Income Tax Department is adopting a zero-tolerance approach towards false or ineligible claims in the Income Tax Return (ITR). Avoiding such errors …
A Section 8 Company, registered under the Companies Act, 2013, is formed for charitable or not-for-profit purposes such as promoting commerce, art, science, education, sports, research, social welfare, etc. While these companies are non-profit in nature, they are not automatically …
In a significant ruling, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has clarified that a reference to the District Valuation Officer (DVO) under Section 142A of the Income Tax Act, 1961, can only be made during the …