The Indian government has finally unveiled the much-awaited Income Tax Bill 2025. Spanning 622 pages, this comprehensive bill introduces various clauses, chapters, and schedules, bringing significant updates to the tax system. The bill is set to become effective from April 1, 2026. While we will be covering various provisions and terms in future blogs, here …
Continue reading “India’s New Income Tax Bill 2025: Key Changes You Need to Know”
The much-anticipated Income Tax Bill 2025 has finally been introduced, aiming to repeal the Income-tax Act, 1961, and replace it with a more streamlined and efficient tax regime with effect from 1st April 2026. This legislative overhaul is designed to modernize India’s direct tax system without incurring significant additional expenditure beyond the existing administrative costs. …
Continue reading “Do You Know Why the New Income Tax Bill 2025 is Introduced? Here’s the Reason”
Tax Deducted at Source (TDS) compliance is an essential responsibility for deductors under the Income Tax Act, 1961. If you are not required to submit the relevant statement, it is advised to submit a declaration via the TRACES portal. However, if filing is mandatory, it is crucial to adhere to the provisions outlined by the …
Continue reading “Understanding TDS Compliance: Filing, Implications, and Actions to be Taken”
Donations made to political parties qualify for deductions under the Income Tax Act, 1961, under Section 80GGC. This provision is sometimes misused by salaried individuals who have limited avenues for tax savings, using it as a means to reduce their taxable income. However, there are also genuine contributions made to political parties that rightfully qualify …
Continue reading “Donation of Political Parties May Now Subject to Scrutiny: Genuine or Bogus?”
Background of the Case The Income Tax Appellate Tribunal (ITAT), Ahmedabad, “C” Bench, delivered its judgment on January 24, 2025, in the case of Kshama Sanjay Tripathi (Appellant) vs. The Income Tax Officer, Ward-4(2)(2), Ahmedabad (Respondent). This judgment pertains to an appeal filed by the assessee for the assessment year 2010-11. The core issues revolved …
An appeal has been filed by the Assessee challenging an order passed by the Learned Commissioner of Income Tax (Appeals) [“Ld. CIT(A)”], National Faceless Appeal Centre (NFAC), Delhi, concerning the assessment year 2014-15. The appeal revolves around the interpretation and application of Section 54EC of the Income Tax Act, specifically regarding the eligibility for exemption …
The recent case, Mohan Lal Jain vs. ACIT (ITA No. 746/Del/2023), concerning the Assessment Year (A.Y.) 2017-18, deals with Section 54 of the Income Tax Act, 1961. This section provides an exemption for taxpayers who reinvest the proceeds from a property sale into another residential property within the stipulated time frame. Case Background The appellant, …
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Introduction The Income Tax Appellate Tribunal (ITAT), Mumbai, in its recent ruling on ITA No. 1739/Mum/2024, delivered a significant judgment in favor of the appellant, Smt. Shanti A. Motwane. The case pertained to the assessment year (A.Y.) 2013–14 and was adjudicated by a bench comprising Ms. Kavitha Rajagopal (Judicial Member) and Smt. Renu Jauhri (Accountant …
This appeal, filed by Mr. Ashok Kumar Pandey, pertains to the assessment year 2013–14 and challenges the order passed by the National Faceless Appeal Centre (NFAC), Delhi, under Section 250 of the Income Tax Act, 1961. The dispute primarily revolves around the determination of the appellant’s residential status under the provisions of the India-USA Double …
The Income Tax Appellate Tribunal (ITAT), Pune Bench “A,” recently deliberated on a notable case concerning the taxation regime opted by Mr. Akshay Nitin Malu, a businessman engaged in cloth manufacturing. This case, ITA No.1651/PUN/2024, pertained to the assessment year 2022–23 and presented a critical examination of the taxpayer’s choice between the old and new …
