Background of the Case The case involved Jayesh Sojpar Karnia HUF, who had filed an appeal against the order passed by the National Faceless Appeal Centre (NFAC) confirming additions made by the Assessing Officer (AO) under Sections 68 and 69C of the Income Tax Act, 1961. The assessee had purchased 10,000 shares of SantoshimaTradelinks Ltd. …
The Income Tax Return Form ITR-1, also known as Sahaj, is specifically designed for resident individuals with straightforward income sources. It is the most commonly used form by salaried employees, pensioners, and those earning from limited other sources. If your total income does not exceed Rs.50 lakh and you earn only from salary or pension, …
Continue reading “Who Can File ITR-1 (Sahaj) in AY 2025-26? Eligibility, Due Date, Documents & Tips”
In an important ruling by the Income Tax Appellate Tribunal (ITAT), Mumbai, the case of Surendra Kumar Rajmani Mishra vs. Income Tax Officer (I.T.A. No. 112/Mum/2024, Assessment Year 2012-13), sheds light on the complexities involved in tax assessments, particularly when large sums of money are allegedly linked to individuals with limited business activity. This case …
The Central Board of Direct Taxes (CBDT) has issued Notification No. 36/2025 dated 22nd April 2025, bringing important changes to the scope of Tax Collected at Source (TCS) under the Income-tax Act, 1961. With these changes, TCS will now apply not only to high-value motor vehicles but also to a broader range of luxury goods …
Continue reading “TCS on Luxury Goods Above Rs.10 Lakh: CBDT Notification 36/2025 Explained”
The Central Board of Direct Taxes (CBDT) has issued Notification No. 38/2025 dated 23rd April 2025, introducing important clarifications regarding the allowability of business expenditures under the Income-tax Act, 1961. This notification focuses on amendments made to Section 37, particularly relating to expenses incurred for purposes that are offenses or prohibited by law. Understanding these …
