Income Tax

While presenting the Union Budget 2024-25, Finance Minister Nirmala Sitharaman emphasized tax simplification, improved taxpayer services, and reduced litigation. Simplifying Taxation for Greater Transparency and Efficiency.  She has proposed thoroughly…

The appeals filed by staff unions and officers’ associations of various banks, impugning judgments which dismiss their writ petitions, where the vires of Section 17(2)(viii) of the Income Tax Act,…

Newly established and incorporated startups often face shortage of financial resources during their initial stages of operations. This further has a negative impact on their sales and profits. The situation…

After filling Income Tax Return, Income Tax authorities may select certain tax returns for detailed scrutiny and request that the individual submit documents evidencing the claims made in the return…

Budget 2022 has introduced the new section 139(8A) in Income Tax Act, 1961. Refer budget update @ Introduction of new Income Tax ‘Updated’ Return Type. Section 139(8A) enables the filing of…

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), has held that the claim of capital gain exemption under Section 54 of the Income Tax Act, 1961 on construction…

The Bombay High Court has quashed the reopening of income tax assessments after 4 years merely on the change of opinion of the Assessing Officer (AO). The bench of Justice…

Income Tax return filing is mandatory if the Total Income of an Individual exceeds the maximum amount which is not chargeable to income-tax i.e. Rs.2,50,000 for individuals whose age is…

The following tables will help you understand which ITR forms are taxpayers supposed to fill based on the nature of their income for the Assessment Year 2023-2024 (Financial Year 2022-23)…