Clipped from: https://economictimes.indiatimes.com/wealth/tax/many-property-sellers-have-to-pay-3-5-times-more-tds-and-tcs-due-to-issues-with-income-tax-tds-tcs-rules-five-such-i-t-rules-need-overhaul/articleshow/124362089.cms Simplifying Income-tax Rules: Practical Suggestion for TDS Reform (Representative image) The Income-tax Act, 2025 (New Act) marked a historic shift from the Income-tax
Category: Income Tax
Declaring business or F&O income below 6% of turnover? Tax audit report may be mandatory – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/declaring-business-or-fo-income-below-6-of-turnover-tax-audit-report-may-be-mandatory/articleshow/124403900.cms If you are declaring your business or F&O income / loss less than 6% of your turnover then you can be required to
TDS mismatch can’t cost you Rs 1 crore: ITAT Mumbai quashes tax demand on Form 26AS – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/tds-mismatch-cant-cost-you-rs-1-crore-itat-mumbai-quashes-tax-demand-on-form-26as-497494-2025-10-09 The case involved a taxpayer with income exceeding Rs 20 crore and TDS claims of over Rs 4.8 crore. However, the Central Processing
‘Taxpayers paying twice…’: Expert flags TDS credit anomalies under new Income Tax Act – BusinessToday
lipped from: https://www.businesstoday.in/personal-finance/tax/story/taxpayers-paying-twice-expert-flags-tds-credit-anomalies-under-new-income-tax-act-497306-2025-10-08 While the new Income-tax Act promises clarity and simplicity, several procedural rules remain stuck in the past. Expert warns that unresolved TDS credit
*******Turnover limit for Tax audit is Rs. 1 crore or Rs. 10 crore under section 44AB of the Act – Taxontips
Clipped from: https://www.taxontips.com/turnover-limit-for-tax-audit-is-rs-1-crore-or-rs-10-crore-under-section-44ab-of-the-act/ Section 44AB deals with the limit for conducting Tax audit under the Income Tax Act. For Individual, HUF and firm they can skip
*******Maintenance of accounts by certain persons carrying on profession or business
Clipped from: https://incometaxindia.gov.in/Acts/Income-tax%20Act,%201961/2025/102120000000090803.htm 44AA. (1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or
*New TDS rules from Sept 25: Big relief for senior citizens and small investors. Check details – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/new-tds-rules-from-sept-25-big-relief-for-senior-citizens-and-small-investors-check-details-496015-2025-09-27 The annual interest exemption limit for TDS has been doubled from ₹50,000 to ₹1,00,000. For example, if a retiree earns ₹80,000 in annual
***Missed the ITR Deadline? Here’s what you need to know about filing a Belated Return for AY25 26 – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/missed-the-itr-deadline-heres-what-you-need-to-know-about-filing-a-belated-return-for-ay25-26-495986-2025-09-27 Taxpayers who missed the deadline get another opportunity to comply by filing a belated return. The Income Tax (I-T) Department has confirmed that
*Your income tax queries answered: F&O losses, HRA for parents, and foreign share gains – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/your-income-tax-queries-answered-fampo-losses-hra-for-parents-and-foreign-share-gains-3990903/ Get clarity on key income tax rules for Indian residents. Learn if Futures & Options (F&O) losses can be set off against Long-Term
*Do I have to pay income tax if I gift a flat to my wife? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/do-i-have-to-pay-income-tax-if-i-gift-a-flat-to-my-wife/articleshow/124151569.cms Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us
*Wedding Gifts Not Taxable under Income Tax: ITAT deletes ₹10 Lakh Cash Deposit Addition [Read Order]
ITAT held that the wedding gifts were customary and exempt from tax. They also deleted ₹10 lakh under section 69A, and allowed ₹10,000 deduction under
*JDA Does Not Constitute Transfer u/s. 2(47): ITAT Deletes Capital Gains Addition on Security Deposit [Read Order]–[ Read the last para which says it was a security deposit which was refundable ]
Clipped from: https://www.taxscan.in/top-stories/jda-does-not-constitute-transfer-u-s-itat-deletes-capital-gains-addition-on-security-deposit-1433422 The tribunal examined the collaboration agreement which revealed that the ₹5 crore was a security deposit and not sale consideration, and that possession
*******Section 148 Reassessment Notices Must Follow Faceless Procedure: Delhi HC
Clipped from: https://taxguru.in/income-tax/section-148-reassessment-notices-follow-faceless-procedure-delhi-hc.html Mehak Jagga Vs ITO (Delhi High Court) The Delhi High Court has dismissed a petition filed by Mehak Jagga challenging a reassessment notice issued by
*******In a clear change of strategy, govt turns to tax benefits to boost demand
Clipped from: https://www.business-standard.com/opinion/columns/govt-turns-to-tax-benefits-to-boost-demand-faces-fresh-challenges-125092301396_1.html The ‘Festival of Savings’ appears to be the new policy instrument to revive and sustain growth A major takeaway from Prime Minister Narendra
*******Unexplained Income Provisions: Sections 68, 69, 69A, 69B, 69C & 69D
Clipped from: https://taxguru.in/income-tax/unexplained-income-provisions-sections-68-69-69a-69b-69c-69d.html Unexplained Income Provisions: Sections 68, 69, 69A, 69B, 69C & 69D of the Income-tax Act, 1961 Executive Summary This article analyses Sections 68,
Time-Barred Reassessment Notices Quashed: Limitation Period Enforced
Clipped from: https://taxguru.in/income-tax/time-barred-reassessment-notices-quashed-limitation-period-enforced.html Seema Goel Vs CIT(A) (ITAT Delhi) Strikes Down July 2022 Notices for AYs 2015-16 & 2016-17- No Escape from Limitation Assessee, an individual,
*Tax Dept gives big relief to income taxpayers regarding Section 87A tax rebate claim
Clipped from: https://economictimes.indiatimes.com/wealth/tax/tax-dept-gives-big-relief-to-income-taxpayers-regarding-section-87a-tax-rebate-claim/articleshow/124048219.cms Tax Dept. waives interest on tax demand notices issues for claiming Section 87A tax rebate on special rate incomes The Central Board of
