Clipped from: https://www.businesstoday.in/personal-finance/tax/story/ltcg-up-to-rs125-lakh-you-can-now-skip-itr-2-and-file-using-sahaj-or-sugam-forms-474290-2025-05-01 Until now, even a small amount of LTCG required filing ITR-2. This change makes tax filing simpler and less time-consuming for small investors,
Category: Income Tax
Income Tax Dept notifies ITR-1, ITR-4 forms – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/i-t-dept-notifies-itr-1-itr-4-forms/article69509100.ece The due date for filing returns by individuals and entities whose accounts are not subject to audit is July 31, 2025 After a
*****Tax Reassessment Invalidated Due to Procedural Defect in Notice Service Under Section 148 Proceedings
Clipped from: https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=87893 ITAT adjudicated a tax reassessment case involving procedural … April 30, 2025 Case Laws Income Tax AT ITAT adjudicated
*****Tax Assessment Notices Invalidated Limitation Period Expired Tribunal Order Beyond Statutory Timeframe Renders Notices Null and Void
Clipped from: https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=87895 HC upheld the petition, declaring assessment notices for AY … April 30, 2025 Case Laws Income Tax HC HC
*****Tax Reassessment Order Upheld Procedural Defects Cured Jurisdictional Challenge Rejected Appellate Remedies Available
Clipped from: https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=87899 HC dismissed writ petitions challenging tax reassessment order. … April 30, 2025 Case Laws Income Tax HC HC dismissed
Tax Liability After Death Section 93 Requires Legal Representatives Notification Before Proceeding Against Deceased Taxpayer
Clipped from: https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=87904 HC held that Section 93 addresses tax liability post-death but … April 30, 2025 Case Laws GST HC HC
Procedural Fairness Prevails Notice Defect Invalidates Demand Order Grants Petitioner 30-Day Response Window Under Natural Justice Principles
Clipped from: https://www.taxmanagementindia.com/web/tmi_highlights_details.asp?id=87900 HC ruled that the Petitioner was denied natural justice due to … April 30, 2025 Case Laws GST HC
*******Absence of cross-examination vitiates third-party statements: ITAT Nagpur
Clipped from: https://taxguru.in/income-tax/absence-cross-examination-vitiates-third-party-statements-itat-nagpur.html DCIT Vs Sanjay Gaurishankar Agrawal (ITAT Nagpur) 1. Facts of the Case 1.1 The assessee, Shri Sanjay Gaurishankar Agrawal, had received unsecured loans
*****No Tax on LTCG and STCG from equity mutual funds and shares: 4 situations explained – No Tax on LTCG and STCG from equity mutual funds and shares: 4 situations explained BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/paying-capital-gains-tax-on-mutual-fund-gains-know-when-you-can-avoid-473613-2025-04-25 LTCG from listed equity shares or equity-oriented mutual funds, typically taxed at 10% beyond Rs 1.25 lakh in gains, can be exempt if
*****Assessment of Deceased Person Under Income Tax Act, 1961
lipped from: https://taxguru.in/income-tax/assessment-deceased-person-income-tax-act-1961.html Chartered Accountants, Advocates, or Tax Practitioners normally advise their clients to prepare a WILL and clarify which assets will be given to whom.
*****No More Nil TDS Certificates Under New Tax Bill 2025: Impact on Indians and NRIs Explained
Clipped from: https://www.taxscan.in/no-more-nil-tds-certificates-under-new-tax-bill-2025-impact-on-indians-and-nris-explained/510176/ The proposed Income Tax Bill 2025 has removes the option to obtain a Nil TDS certificate for all the taxpayers, including Indian residents
*******I am 62-year-old and I submitted Form 15H to my bank, but TDS was still deducted on my interest income. What should I do? – I am 62 year old and I submitted Form 15H to my bank, but TDS was still deducted on my interest income. What should I do? BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/i-am-62-year-old-and-i-submitted-form-15h-to-my-bank-but-tds-was-still-deducted-on-my-interest-income-what-should-i-do-473260-2025-04-23 Senior citizens are eligible for specific tax benefits, such as the ability to fill out Form 15H to prevent TDS from being deducted
*******Tax filing 2025-26: Form 16 gets an upgrade — What salaried taxpayers need to know – Tax filing 2025 26: Form 16 gets an upgrade What salaried taxpayers need to know BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/tax-filing-2025-26-form-16-gets-an-upgrade-what-salaried-taxpayers-need-to-know-473440-2025-04-24 The new Form 16 includes additional details compared to previous versions, providing taxpayers with a more comprehensive overview of their financial information. Now,
Settlement payment will not be business expenses, says Income Tax Dept – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/settlement-payment-will-not-be-business-expenses-says-income-tax-dept/article69487246.ece Consent fee paid by businesses under SEBI Act, SCRA Act, Depository Act and Competition Act will now not to be treated as business
*******ITR filing 2025: A step-by-step guide for senior citizens to file income tax returns – Income Tax News | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax-itr-filing-2025-a-step-by-step-guide-for-senior-citizens-to-file-income-tax-return-3817328/ An individual resident who is 60 years or above in age but less than 80 years at any time during the previous year
*****Income Tax Assessments Must Rely on Cogent Evidence, Not Assumptions: Delhi HC
Clipped from: https://taxguru.in/income-tax/income-tax-assessments-rely-cogent-evidence-assumptions-delhi-hc.html Rohit Gandhi Vs ITO (Delhi High Court) Delhi High Court held that the Income Tax Assessments must be based on cogent evidence rather
*****Deduction u/s. 54F granted to son towards purchase of two property out of inherited property
https://taxguru.in/income-tax/deduction-u-s-54f-granted-son-purchase-property-inherited-property.html Clipped from: https://taxguru.in/income-tax/deduction-u-s-54f-granted-son-purchase-property-inherited-property.html Praveen Tyagi Vs ITO (ITAT Delhi) ITAT Delhi held that property purchased in the name of mother out of sale consideration of
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