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 …
In a significant judgment offering relief to a taxpayer, the Delhi Bench “SMC” of the Income Tax Appellate Tribunal (ITAT) has allowed the appeal of Ms. Meena Neupane, setting aside an addition of over Rs.24 lakhs made under Section 69A of the Income Tax Act. Background: Demonetization Deposits Trigger Scrutiny The case pertained to the …
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In a recent judgment that could set an interesting tone for similar cases, the Income Tax Appellate Tribunal (ITAT), Delhi Bench “SMC”, provided partial relief to an assessee in a matter involving cash deposits made during the demonetization period. Background of the Case The appeal was filed by Shri Abhishek, a resident of Rohtak, against …
Introduction The Income Tax Appellate Tribunal (ITAT) Delhi Bench delivered a landmark ruling in Sunil Kumar Jain vs. ITO (ITA No. 2429/Del/2023) on April 15, 2025, quashing reassessment proceedings for the Assessment Year (AY) 2012-13 due to procedural irregularities. This case highlights the critical importance of adhering to statutory requirements under the Income-tax Act, 1961, …
Background of the Case Smt. Yamini Kapoor, a Non-Resident Indian (NRI) residing at C-4, 6 Aurangzeb Road, Central Delhi-110001, with PAN CPDPK7608J, contested the CIT(A)’s decision affirming an addition of Rs. 8,51,000 as unexplained cash deposits under Section 69A read with Section 115BBE of the Income Tax Act, 1961 (the Act). The respondent was the …
Background of the Case Sanjeeta Chatterjee, a Non-Resident Indian (NRI) residing in Dubai since December 1997, challenged the orders of the Commissioner of Income Tax (Appeals) [CIT(A)], which upheld additions made by the Assessing Officer (AO) under Section 69A of the Income Tax Act, 1961. These additions stemmed from amounts credited to her Non-Resident External …
Limited Liability Partnerships (LLPs) have become a popular business structure in India due to their flexibility and limited liability benefits. However, to maintain their legal standing, LLPs must adhere to specific regulatory requirements, commonly referred to as LLP annual compliance. For Indian entrepreneurs and business owners, understanding and fulfilling these obligations is crucial to avoid …
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