The Delhi High Court has recently raised alarm over the mounting backlog of appeals at the National Faceless Appeal Centre (NFAC), a body established to streamline tax assessments. With a staggering 540,000 appeals awaiting resolution, the court has urged immediate action to tackle the growing delays. Judicial Concern A division bench, led by Chief Justice…
The New Income Tax Regime, introduced in the 2020 budget by Finance Minister Nirmala Sitharaman under Section 115BAC of the Income Tax Act, offers an alternative to the traditional tax system. Designed to simplify tax calculations and provide benefits to taxpayers, this regime features altered tax slabs and reduced rates, but eliminates various exemptions and…
The Income Tax Department has recently unveiled detailed criteria for the mandatory scrutiny of Income Tax Returns (ITRs). These guidelines, released by the Central Board of Direct Taxes (CBDT) on May 3, 2024, specify how ITRs will be selected for close examination for the financial year 2024-25. These annual circulars have been a consistent effort…
The process of filing income tax returns has begun, but many salaried taxpayers are unable to file their returns due to not receiving Form 16. This form provides information about your income and the amount of tax deducted. Therefore, it becomes crucial for filing Income Tax Returns (ITR). Similarly, Form 16A and 27D are also…
The Income-tax Appellate Tribunal recently ruled that the difference between the proceeds received upon redemption of unlisted non-convertible debentures (NCDs) and their purchase cost should be classified as ‘interest income‘ and subjected to taxation under the category of ‘income from other sources‘ for the investor. Consequently, the ITAT (Mumbai bench) also disallowed tax benefits available…
Starting from the year 2024-25, there’s a new rule for companies. They must pay any pending bills to small businesses within 45 days. If they don’t, they’ll have to pay more tax for the years 2023-24. This is because they can only claim deductions for payments they make in that year. Companies need to follow…
The Indian Government has implemented several measures to provide relief to Cooperative Societies under the Income Tax Act. Here are some key steps: In summary, these measures aim to strengthen dairy cooperative societies, enhance financial inclusivity, and support farmers in their agricultural endeavors.
The Income Tax Act, 1961 in India had various provisions related to cash transactions to curb black money and promote transparency in financial transactions. Please note that tax laws and limits can change over time, here were some important cash transaction limits and provisions under the Income Tax Act: