In a significant move to streamline tax administration and align with global financial regulations, the Central Board of Direct Taxes (CBDT) issued Notification No. 10/2025 on January 27, 2025. This notification, officially titled the Income-tax (Second Amendment) Rules, 2025, introduces critical amendments to the Income-tax Rules, 1962. …
The sale of property in India has tax implications which depend on various factors like the type of property, holding period, and the residential status of the seller. Basically, it attracts capital gains tax. Following is an overview: 1. Nature of Capital Gains Holding period i.e. …
The Income Tax Department has launched the latest version (1.1.7) of the Common Offline Utility for filing Income-tax Returns (ITR) 1 to ITR 4 for Assessment Year 2024-25. This update, released on October 25, 2024, enhances the user experience and simplifies the return filing process for …
The Income Tax Department has released an updated version (1.5) of the Excel-based utility for filing ITR-3, catering to individuals and Hindu Undivided Families (HUFs) with income from profits and gains of business or profession. The new version, available since October 18, 2024, enhances the filing …
The Income Tax Department has launched the latest version (1.3.3) of the common offline utility for Form 3CA-3CD and 3CB-3CD, essential for taxpayers required to submit audit reports under Section 44AB of the Income-tax Act, 1961. The updated tool, available from October 15, 2024, streamlines the process …
On October 4, Finance Minister Nirmala Sitharaman called on the Income Tax department to address a complaint raised by a taxpayer who has faced delays in receiving a tax refund. Responding to a post on X (formerly Twitter), a user highlighted that his wife has been …
Finance Minister Nirmala Sitharaman has announced that the Budget 2024 has introduced several significant amendments to the Income Tax Act of 1961, which will come into effect on October 1, 2024. Some areas include changes in rates of TDS, changes in rates of STT, introduction of …
The Income Tax Department in Srinagar has announced a special drive to address taxpayer grievances in Jammu & Kashmir, scheduled for the first week of October 2024. This initiative aims to provide taxpayers with a dedicated platform to raise concerns and seek resolutions for income tax-related …
The Supreme Court has requested a response from the Income Tax Department regarding notices issued to a committee assisting the court in sealing residential premises used for commercial purposes. The court also summoned the concerned tax officer for an explanation. Justices AS Oka and Pankaj Mithal …
Union Budget 2024-25 provided for an enhanced monetary limit for filing appeals related to Direct Taxes, Excise and Service Tax in various judicial fora Hon’ble Supreme Court disposed of 573 direct tax cases in view of the revised monetary limit for filing off appeals The measures …
