Clipped from: https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=88912 HC held that the Assessing Officer could not reopen the assessment merely on a change of opinion. The court found that the petitioner
Category: Income Tax
*******Reopening quashed as information in notice is ambiguous and fails to establish live link with evidence
Clipped from: https://taxguru.in/income-tax/reopening-quashed-information-notice-ambiguous-fails-establish-live-link-evidence.html Pranav Ramesh Pariikh Vs DCIT (Gujarat High Court) Gujarat High Court held that reopening of assessment under section 148 of the Income Tax
*******Matter restored to CIT(A) as personal hearing notice was sent via email inspite of specifically opting out
lipped from: https://taxguru.in/income-tax/matter-restored-cit-a-personal-hearing-notice-email-inspite-specifically-opting.html Sarita Konda Vs ITO (ITAT Raipur) ITAT Raipur restored the matter to the file of CIT(A) for fresh adjudication as intimation of fixation
*******Taxpayers can now use Excel utility to file ITR-1, ITR-4 for AY 2025-26 – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/taxpayers-can-now-use-excel-utility-to-file-itr-1-itr-4-for-ay-2025-26/article69636493.ece These forms are now available for reporting income earned between April 1, 2024, and March 31, 2025, with the filing deadline set for
*******ITR Filing: Excel utilities for ITR-1, ITR-4 released; Check if you can use them to file Income Tax Return – Income Tax News | The Financial Express
lipped from: https://www.financialexpress.com/money/income-tax-itr-filing-excel-utilities-for-itr-1-itr-4-released-check-if-you-can-use-them-to-file-income-tax-return-3862422/ Taxpayers can download these utilities, fill in their income details offline, validate the information, and then generate a JSON file. The Income Tax Department has
*******Income Tax Return: Get Form 16 from your employer and what to do if Form 16 missing | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/it-s-time-to-get-form-16-from-your-employer-and-what-to-do-if-it-s-missing-125052900982_1.html Form 16 summarises salary paid and tax deducted at source in a financial year; it’s needed to file returns Form 16. Photo: Shutterstock
*******Salaried taxpayers alert: You can’t claim LTA under New Tax Regime; check details – BusinessToday
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
*******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
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