Introduction The Delhi Bench of the Income Tax Appellate Tribunal has recently delivered an important judgment in the cases of Navneet Gupta & Sons vs ACIT ITA No. 7138 Del 2025 and Rajan Gupta & Sons vs ACIT ITA No. 7139 Del 2025, granting significant relief to taxpayers facing penalty proceedings under Section 271D of …
A significant ruling has recently been delivered by the Delhi Bench of the Income Tax Appellate Tribunal in the case of Vinay Chaudhary vs ACIT for AY 2021-22. The judgment is highly relevant for taxpayers, especially NRIs, investors, and individuals claiming exemption under Section 54F of the Income Tax Act. The Tribunal quashed the assessment …
Tax Deducted at Source (TDS) plays a crucial role in ensuring timely tax collection in India. With the introduction of the Income-tax Act, 2025, the government has made significant changes to simplify compliance and improve reporting systems. One of the most important developments is the introduction of Form 141, a unified challan-cum-statement for reporting TDS …
Continue reading “Form 141 under Income-tax Act, 2025 – Complete Guide to TDS Filing u/s 393(1)”
Tax Deducted at Source (TDS) remains one of the most important compliance mechanisms under Indian tax laws. With the introduction of the Income-tax Act, 2025, the provisions relating to TDS have been consolidated and streamlined under Section 393, replacing the scattered structure that existed earlier. This new framework not only simplifies compliance but also expands …
The introduction of the Income-tax Act, 2025 marks a significant shift in India’s tax framework. With a focus on simplification, clarity, and ease of compliance, the new Act aims to make return filing more structured and taxpayer-friendly. As we move towards filing Income Tax Returns (ITR) for Tax Year 2026–27 (income of FY 2026–27), it …
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The Income-tax Act, 2025 will come into effect from 1st April 2026. Many taxpayers are confused about how this change will impact their pending refunds, excess TDS claims and income tax return filing. The good news is that the government has ensured a smooth transition so that taxpayers do not lose their rights or face …
Introduction With the implementation of the Income-tax Act, 2025 effective from 1st April 2026, one of the most practical and immediate changes for taxpayers and professionals is the restructuring and renumbering of income tax forms. While the core compliance framework remains largely unchanged, the way forms are presented, numbered, and accessed on the e-Filing portal …
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A New Beginning for Taxpayers The start of a new financial year always brings fresh opportunities for tax planning, and FY 2026–27 is even more significant because it marks the implementation of the Income-tax Act, 2025. While the new law does not drastically change tax rates or introduce new taxes, it brings important refinements and …
Introduction With the transition to the Income-tax Act, 2025, taxpayers must clearly understand how self-assessment tax payments and carried forward MAT/AMT credits will be treated. While the new law introduces structural and terminological changes, the fundamental principles governing tax payments and credit availability continue largely unchanged. The key lies in understanding how the transition between …
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Introduction The introduction of the Income-tax Act, 2025 brings structural clarity and simplification across various provisions, including advance tax. While there are no major policy changes in the concept or applicability of advance tax, the provisions have been reorganized and simplified to improve readability and ease of compliance. The intent is to make it easier …
Continue reading “Advance Tax Payment under the Income-tax Act, 2025: What Taxpayers Need to Know”
