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<p>The decision of the Commissioner of Income Tax(Appeals)[CIT(A)] has been carried by the Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) permitting the tax deducted at Source (TDS) credit of ₹168.61 crore, noting discrepancies in 26AS form due to late payment of TDS and revised filings, and asked the AO to verify the credit. On [&hellip;]</p>

<p>The assessment order has been set aside by the Pune Bench of Income Tax Appellate Tribunal ( ITAT ) which was computed under the new regime quoting that the return was submitted under the new regime and requirements u/s 115 BAC not fully satisfied. The taxpayer Akshay Nitin Malu is an individual who is in [&hellip;]</p>

<p>On January 24, the Supreme Court refused to entertain a Public Interest Litigation contesting the provisions of the Income Tax Act, which impose an obligation on private employers to deduct tax at source (TDS) on the salaries paid by them. A bench including Chief Justice of India Sanjiv Khanna and Justice Sanjay Kumar mentioned that [&hellip;]</p>

<p>The upcoming Union Budget 2025, scheduled for February 1, will be presented by Finance Minister Nirmala Sitharaman, Experts from the industry concerning the &#8220;Insurance for All&#8221; are anticipating reforms to propel India towards its goal. Increasing insurance penetration and financial inclusion objective announcements are expected by the insurance sector. Policyholders Tax Incentives Enhancement of tax [&hellip;]</p>

<p>The Central Board of Direct Taxes (CBDT) in a bid to address the emerging challenges from implementing the Direct Tax Vivad Se Vishwas Scheme, 2024, has given a clarification via a gazette notification dated January 20, 2025. Through the Finance (No. 2) Act, 2024, the scheme has been legislated and come into force from October [&hellip;]</p>

<p>The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT) quashed the assessment for failure to issue the needed notice u/s 143(2) of the Income Tax Act,1961, and unjustified additions. The taxpayer Jivarajbhai Ramabhai Chaudhary submitted the plea 63 days late due to a mistake by the Chartered Accountant. The delay was elaborated on and not countered [&hellip;]</p>

<p>It was ruled by the Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT), that the misuse of credit cards via a friend could not be regarded as personal expenditure. The taxpayer, Abdulmannan Mohammedkasad Bastawala, was a salaried employee. It was noted by the assessing officer that the taxpayer has merely cited the salary from [&hellip;]</p>

<p>When a business has no tax deductions during a specific period, filing a Nil TDS Return is a way to comply with legal and regulatory requirements related to tax withholding. Top Reasons Why Businesses Should File Nil TDS Returns If a business hasn&#8217;t had any Tax Deducted at Source (TDS) during a certain period, it [&hellip;]</p>

<p>The Confederation of Real Estate Developers&#8217; Associations of India (CREDAI), which represents more than 13,000 developers, urged the central government to introduce a fixed 15% income tax rate for cheaper housing projects in the forthcoming union budget 2025. It is presumed under the industry body that the same measure shall motivate the developers to build [&hellip;]</p>

<p>The taxpayer’s plea was dismissed by the Kolkata Bench of Income Tax Appellate Tribunal (ITAT) for the penalty imposed u/s 271(1)(c) of the Income Tax Act,1961 for Assessment Year 2013-14, as withdrawn under the Vivad se Vishwas Scheme. The petitioner/taxpayer, Raj Kumar Agarwal HUF appealed against the 09.05.2024 order of the Commissioner of Income Tax(Appeals), [&hellip;]</p>

<p>The Pune Bench of the Income Tax Appellate Tribunal (ITAT) remanded the case related to the addition of Rs. 24,89,121 as gross receipts of commission income u/s 144 of the Income Tax Act, 1961, for fresh adjudication. Prakash Dipchand Kapadnis the taxpayer does not submit the ITR for the Assessment Year 2013-14 under Section 139(1) [&hellip;]</p>

<p>In the aforesaid case, the ITAT remanded the case to the CIT(A) post noting that no effective chance was provided before the taxpayer, and the taxpayer was enabled to verify the AO additions if the opportunity may be provided. The taxpayer has chosen the presumptive basis of taxation u/s 44AD. The AO has started the [&hellip;]</p>

<p>Ernst &amp; Young mentioned that the Union Budget 2025-26 must give priority to furnishing tax relief before the common taxpayers via raising the basic exemption limit in the updated tax regime and lessening the compliance load on small and medium enterprises. It was recommended by the global consulting firm that the basic exemption threshold in [&hellip;]</p>

<p>This article discusses the key modifications in TDS Return Form 24Q for all salaried individuals. The government from October 1, 2024, mandated employers to regard the TDS/TCS deducted on non-salary income when calculating TDS on salary. The motive of this adjustment is to lessen the additional TDS deductions often faced by salaried employees by ensuring [&hellip;]</p>

<p>The income of the taxpayer company emerged in India, as the payer,&nbsp;Genpact India,&nbsp;was also located in India. Hence, under the source rule u/s 5(2), the income obtained via the taxpayer company accrued or emerged in India. The method of furnishing technical services via the taxpayer and getting the payments that have the source in India [&hellip;]</p>

<p>With the approaching Union Budget 2025-26 the discussions strengthen on easing the tax system of India. Recommendations have been shared with Finance Minister Nirmala Sitharaman, from the Industry bodies, including the Federation of Indian Chambers of Commerce and Industry (FICCI), advocating tax reforms to augment the ease of doing business and diminish complexity. Facilitating the [&hellip;]</p>

<p>For the forthcoming Union Budget 2025-26 The Pre-Budget consultations chaired by the Union Minister for Finance &amp; Corporate Affairs Smt. Nirmala Sitharaman concluded in New Delhi. Over a month-long period, the consultations were carried out and started on 6th December 2024. In the proceedings of the in-person consultations, exceeding than 100 invitees across 09 stakeholder [&hellip;]</p>

<p>According to the report, the Gujarat State GST department has escalated its concentration on business-to-consumer (B2C) sectors, objecting to solving tax compliance issues. For potential tax evasion and non-compliance, industries like coaching classes, ice cream parlours, salons and mobile phone dealers are under the probe. Tax evasions are exposed in the raids that emerged recently [&hellip;]</p>

<p>The Income Tax Department in an update to the taxpayer has declared the availability of utilities for filing ITR-5, ITR-6, and ITR-7 starting today, January 01, 2025. The process will streamline taxpayers, including firms, companies, trusts, and other entities, in complying with their annual tax filing obligations. The updated utilities will initiate all necessary amendments, [&hellip;]</p>

<p>Section 14A of the Income Tax Act, 1961 was a Non-Obstante clause that can be applied prospectively from 01.04.2022 and quashed the order of PCIT, the Surat Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled. The taxpayer Meri Life Sciences Private Limited is a company that furnishes an income tax return for [&hellip;]</p>