Clipped from: https://www.financialexpress.com/money/no-refund-on-itr-ay-2025-26-until-income-tax-department-completes-investigation-on-your-3900399/?ref=hometop_hp Despite over 75 lakh income tax returns being filed and more than 71 lakh verified so far this year, the Income Tax Department
Day: July 2, 2025
You can know what final income tax scrutiny order contains even before it is issued – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/you-can-know-what-final-income-tax-scrutiny-order-contains-even-before-it-is-issued/articleshow/122179111.cms Tax scrutiny The Income Tax Department recently highlighted a Chartered Accountant’s post on X regarding the working of the current income tax scrutiny process. The Income Tax Department
Cost Inflation Index (CII) for FY 2025-26 (AY 2026-27) notified by Income Tax Department: Know its applicability for LTCG tax calculation – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/cost-inflation-index-cii-for-fy-2025-26-ay-2026-27-notified-by-income-tax-department-know-its-applicability-for-ltcg-tax-calculation/articleshow/122199470.cms CII inflation The rules for calculating long-term capital gains (LTCG) have changed, but the Cost Inflation Index (CII) is still required in certain
*******NRI’s Property Investment Explained with Bank Statements and Agreements: ITAT Quashes Addition Due to Jurisdictional Error
Clipped from: https://www.taxscan.in/top-stories/nris-property-investment-explained-with-bank-statements-and-agreements-itat-quashes-addition-due-to-jurisdictional-error-1426663 The Tribunal quashed an addition of ₹69.99 lakh under Section 69 of the Income Tax Act, 1961, ruling that the notice issued by
Managing Section 143(2) Income Tax Scrutiny Notices for AY 2024–25: A Guide for Tax Practitioners with Checklist for Taxpayers
Clipped from: https://www.taxscan.in/top-stories/managing-section-1432-income-tax-scrutiny-notices-for-ay-202425-a-guide-for-tax-practitioners-with-checklist-for-taxpayers-1426630 The Income Tax Department has issued a flurry of Income Tax Scrutiny Notices for the Assessment Year 2024-2025, owing ITR-Form 26AS-AIS Mismatches The
Income Tax Filing Checklist for NRIs: What You Must Know Before Filing in India
Clipped from: https://www.taxscan.in/top-stories/income-tax-filing-checklist-for-nris-what-you-must-know-before-filing-in-india-1426618 NRIs should report all Indian income, use the correct ITR form, and check documents carefully to ensure smooth and compliant income tax filing
Bank Passbook Not Regarded as ‘Books of Account’: ITAT Rejects S. 68 Addition Made Without Assessee’s Books [Read Order]
Clipped from: https://www.taxscan.in/top-stories/bank-passbook-not-regarded-as-books-of-account-itat-rejects-s-68-addition-made-without-assessees-books-1426611 The Tribunal concluded that the very basis for applying Section 68 in this instance was lacking, while finding validity in the assessee’s reasoning
Major GST Reforms for MSMEs: CBIC eases Registration and Filing Under QRMP Scheme
Clipped from: https://www.taxscan.in/top-stories/major-gst-reforms-for-msmes-cbic-eases-registration-and-filing-under-qrmp-scheme-1426570 CBIC’s new GST reforms simplify registration and quarterly filing for MSMEs, easing compliance and boosting business growth in India. Micro, Small, and Medium
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