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”
Introduction: In a recent landmark decision, the Income Tax Appellate Tribunal (ITAT) issued a significant verdict in the case of Ajay Kumar Aggarwal versus ACIT, Central Circle-13, New Delhi. The appeals (ITA Nos. 4002 to 4009/Del/2017) cover Assessment Years 2007-08 to 2014-15, and the order, pronounced on April 5, 2023, carries considerable implications for the …
Introduction: The Income Tax Appellate Tribunal, Delhi Bench, recently ruled on the matter of Reloy Shield Private Limited (the appellant) against the Deputy Commissioner of Income Tax, Circle 19 (1), New Delhi (the respondent). The appeal, registered as I.T.A. No. 972/Del/2023, pertains to the assessment year 2020-21 and challenges the order of the Commissioner of …
Continue reading “Income Tax Appellate Tribunal Decides on Employee Contribution to PF and ESI”
Introduction: Taxpayers often find themselves entangled in the complex web of income tax notices and litigations, navigating through a myriad of rules, regulations, and legal nuances. In such intricate scenarios, the services of a qualified Chartered Accountant (CA) become indispensable. CAs play a pivotal role in assisting taxpayers in understanding, responding to, and resolving income …
Introduction Income Tax Return (ITR) filing season is an annual ritual that salaried employees in India must go through. It is a legal requirement to report your income and pay taxes accordingly. The Indian government provides several types of ITR forms, each catering to different taxpayer categories. In this article, we will focus on ITR-1, …
The residential status of the company is determined as per section 6(3) of the income tax act 1961. Residential status is important because the determination of income and income tax liability all depend on the residential status. It is a first step that every taxpayer must follow either a resident or non-resident. Indian company An …
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Advance tax is an Income tax. As the name suggests advance tax is paid much before the period of filing of income tax return. Income tax act has prescribed section 208 that makes it obligatory for the taxpayer to pay tax in advance. There have been few conditions and due dates prescribed that taxpayer must …
What is Income tax return ITR stands for income tax return. As the name suggests that it is a declaration of income by person in every financial year to the income tax authority. Income tax authority has prescribed the forms for filing income tax return. A person falling under the mandatory category should file his …
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The CENTRAL BOARD OF DIRECT TAXES on 21st April 2022 notified a new rule under the income tax rules 1962 namely rule 12AB specifying the conditions under which person is required to file income tax tax return. The notification is increasing the scope of person liable to file income tax return. This rule will definitely …
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As per rule 114B, following are the transactions in which quoting of PAN is mandatory by every person except the Central Government, the State Governments and the Consular Offices: Sale or purchase of a motor vehicle or vehicle other than two wheeled vehicles. Opening an account [other than a time-deposit referred at point No. 12 …
