Clipped from: https://www.businesstoday.in/personal-finance/tax/story/salaried-taxpayers-alert-you-cant-claim-lta-under-new-tax-regime-check-details-478086-2025-05-28 The new tax regime from FY 2025-26 offers zero tax on incomes up to Rs 12 lakh, making it an attractive option for
Category: Income Tax
*******Confused About Which ITR Form to File for AY 2025–26? Here’s Your Complete Guide
Clipped from: https://www.taxscan.in/confused-about-which-itr-form-to-file-for-ay-heres-your-complete-guide/522283/ Filing your Income Tax Return (ITR) for the Assessment Year (AY) 2025–26, corresponding to the Financial Year (FY) 2024–25, requires careful selection of
Income Tax Returns: 2024 ITR Still Not Processed Despite 3 Grievances, CA Flags Delay on ‘X’
Clipped from: https://www.taxscan.in/income-tax-returns-itr-still-not-processed-despite-3-grievances-ca-flags-delay-on-x/522243/ Incidents like these serve as a reminder of the need for fast resolution and improved communication, particularly as the government keeps focusing on
*******Filed wrong ITR, missed appeal window? Here’s how one mistake cost a taxpayer Rs 1.5 Lakh – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/filed-wrong-itr-missed-appeal-window-heres-how-one-mistake-cost-a-taxpayer-rs-15-lakh-477937-2025-05-27 Filing your ITR without understanding key provisions can cost you dearly. A salaried taxpayer in Mumbai learned this the hard way after missing
*******https://www.bajajfinserv.in/investments/income-tax-slabs
New Income Tax Slabs and Rates for FY 2025-26 (AY 2026-27) https://www.bajajfinserv.in/investments/income-tax-slabs New Income Tax Slabs and Rates for FY 2025-26 (AY 2026-27): Up to
*******Long Term Capital Gain Tax on Property – LTCG Rate 2025
lipped from: https://www.bajajfinserv.in/investments/long-term-capital-gain-tax-on-property Long-term capital gains (LTCG) on property held for over 24 months are taxed at either 12.5% without indexation or 20% with indexation, depending
*******CBDT gears up for new Income Tax Bill implementation, plans workforce training – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/cbdt-gears-up-for-new-income-tax-bill-implementation-plans-workforce-training/article69619839.ece The bill, currently under review by a Parliamentary Select Committee, is expected to be cleared in the Monsoon Session. Ahead of the passage
*******ITR hacks for senior citizens: Don’t miss THESE tax benefits available for pensioners in 2025 – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/itr-hacks-for-senior-citizens-dont-miss-these-tax-benefits-available-for-pensioners-in-2025-3857557/ In this story, we will discuss about the various tax benefits available for senior citizens those availing retirement benefits like commuted pension, gratuity,
*******Reassessment u/s. 148 untenable as mandatory requirement of 149(1)(b) not complied
Clipped from: https://taxguru.in/income-tax/reassessment-u-s-148-untenable-mandatory-requirement-149-1-b-complied.html Novo Nordisk India Private Limited Vs DCIT (Karnataka High Court) Karnataka High Court held that assumption of jurisdiction under section 147 of the
*******ITAT Quashes Reassessment Proceedings Without Documentary Evidence and Borrowed Satisfaction
Clipped from: https://www.taxscan.in/reassessment-proceedings-initiated-without-documentary-evidence-and-based-on-borrowed-satisfaction-itat-quashes-proceedings/521001/ The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ),quashed reassessment proceedings initiated without any documentary evidence and based solely on borrowed satisfaction. The Revenue-appellant appealed
*******CPC cannot continue to Rectify and Re-rectify intimation u/s 143(1)(a) of Income Tax Act Repeatedly: Delhi HC [Read Order]
Clipped from: https://www.taxscan.in/cpc-cannot-continue-to-rectify-and-re-rectify-intimation-u-s-1431a-of-income-tax-act-repeatedly-delhi-hc/520944/ The repeated use of rectification powers, without due consideration of earlier corrective actions, was deemed improper. This aspect was not considered by the
*******Reassessment order set aside as passed without disposal of objections: Karnataka HC
Clipped from: https://taxguru.in/income-tax/reassessment-order-set-passed-disposal-objections-karnataka-hc.html Hewlett Packard Financial Services (India) Pvt Ltd Vs DCIT (Karnataka High Court) Karnataka High Court held that reassessment order under section 148 of
*******Reopening u/s. 148 beyond 4 years quashed as material facts fully & truly disclosed: ITAT Raipur
Clipped from: https://taxguru.in/income-tax/reopening-u-s-148-4-years-quashed-material-facts-fully-disclosed-itat-raipur.html Pradeep Kumar Agrawal Vs ITO (ITAT Raipur) ITAT Raipur held that reopening of proceedings under section 148 of the Income Tax Act beyond
*******Don’t File Your ITR Without Reconciling AIS &; TIS — Here’s Why?
Clipped from: https://taxguru.in/income-tax/donaet-file-itr-reconciling-ais-tis-aehereaes-why.html Introduction It’s ITR season again, and many taxpayers are logging in to find something new on their Income Tax portal — AIS (Annual Information
***Taxation of Gifts and Zero Rating of Gift Transactions In The Hands of Individual
Clipped from: https://taxguru.in/income-tax/taxation-gifts-rating-gift-transactions-hands-individual.html Section 56(2)(x) of the Income Tax Act, 1961, is a wide-ranging anti-abuse provision aimed at taxing gifts and property transfers; received without consideration
***Section 50C addition without referring to Valuation Officer not sustainable: ITAT Ahmedabad
Read more at: https://taxguru.in/income-tax/50c-addition-referring-valuation-officer-sustainable-itat-ahmedabad.htmlCopyright © Taxguru.in Clipped from: https://taxguru.in/income-tax/50c-addition-referring-valuation-officer-sustainable-itat-ahmedabad.html Mohammedaarif Yunusbhai Patel Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that addition invoking provisions of section 50C(2) of
***Bombay HC quashes Income Tax Order passed before Deadline to file SCN Reply
Clipped from: https://www.taxscan.in/income-tax-assessment-order-passed-hours-before-deadline-to-file-scn-reply-bombay-hc-quashes-revenue-order/520629/ The Bombay High Court recently upheld the principles of natural justice, quashing an income tax reassessment order that was passed by the department
*******ITR Filing 2025: This year’s Form 16 will be more detailed don’t miss any exemption this time – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/itr-filing-2025-this-years-form-16-will-be-more-detailed-dont-miss-any-exemption-this-time-477337-2025-05-22 As the ITR filing deadline of July 31 nears, salaried taxpayers must keep an eye out for Form 16—now more detailed than ever.
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