India’s capital gains tax structure underwent notable revisions in the Union Budget 2024-2025, especially concerning the taxation of shares and mutual funds. For investors—both seasoned and new—understanding how short-term and long-term capital gains are taxed in FY 2024-25 (AY 2025-26) is crucial for maximizing post-tax returns and planning investment strategies wisely. In this article, we …
The Income Tax Department has introduced a major change that impacts partnership firms and LLPs in India starting from April 1, 2025. Despite being notified earlier via Notification No. 13/2022 dated June 22, 2022 and Circular No. 14/2022 dated June 28, 2022, many taxpayers are either unaware or still not complying with this crucial update. …
For many Non-Resident Indians (NRIs), the income tax filing season in India can be a confusing and time-sensitive task, especially when the Income Tax Return (ITR) utilities are not yet issued by the Income Tax Department. If you are an NRI looking to file your ITR this year, it is important to stay updated on …
Continue reading “NRI ITR Filing in India: What to Do When ITR Utilities Are Not Yet Issued”
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 …
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 …
Continue reading “ITAT Delhi Provides Full Relief in Demonization-Era Cash Deposit Case”
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 …
