Income Tax

Government Releases Income-Tax Bill, 2025 – Download Now

The Indian government has released the Income-Tax Bill, 2025, proposing significant changes to the existing tax framework. This bill aims to simplify tax laws, improve compliance, and introduce new provisions affecting individuals and businesses. Key highlights of the bill include revised tax slabs, updated deductions, and new measures to curb tax evasion. The proposed changes […]

New Income Tax Bill 2025 : Live updates, Concept of Tax Year, Draft PDF

The Income Tax Bill, 2025 introduces several key changes compared to the Income Tax Act, 1961. Below are some of the major differences and amendments: 1. Structural Changes New Terminology: Introduction of “tax year” in place of “previous year.” Reorganization of Sections: The 2025 Bill consolidates and streamlines various provisions to make them more structured.

Claiming Deduction on Interest under Section 80TTA

Claiming Deduction on Interest under Section 80TTA

Most of the individuals own a savings bank account. However, only a few know that the interest received on it is taxable under the ‘Income from other sources’ head. But, there’s Section 80TTA to the rescue that can save taxes on interest received up to Rs 10,000. Section 80TTA of the Income Tax Act, 1961

Depreciation under Income Tax Act

Concept of Depreciation under Income Tax Act, 1961

Depreciation is discussed in Section 32 of the Income Tax Act of 1961. Depreciation is characterised as a decrease in the value of an object caused by wear and tear. People claim depreciation deductions only for accounting or taxation purposes The concept of depreciation is allowed under the Income Tax Act. Depreciation under the Income Tax

ITR 2

itr 2 form

The ITR-2 is filed by the individuals or HUFs not having income from profit or gains of business or profession and to whom ITR-1 is not applicable. It includes income from capital gains, foreign income, or any agricultural income more than Rs 5,000. The ITR-2 is a form used by Indian citizens as well as non-resident Indians

ITAT Jaipur Condones 724-Day Delay in Filing Appeal, Remands Case for Fresh Consideration

ITAT Jaipur Condones 724-Day Delay in Filing Appeal, Remands Case for Fresh Consideration

Jaipur, February 4, 2025 – The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) has condoned a delay of 724 days in filing an appeal by the assessee, citing “sufficient cause” and a “humanitarian approach” towards the circumstances leading to the delay. The case, concerning M/s. Choudhary Construction, was remanded back to the Commissioner

Delhi Tribunal Quashes Assessments in Search-Linked Tax Dispute

Delhi Tribunal Quashes Assessments in Search-Linked Tax Dispute

New Delhi, February 6, 2025 – In a significant ruling, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has quashed the assessments against multiple assessees, holding that the assessments made under Section 143(3) of the Income Tax Act, 1961, were invalid in law. The case pertains to the appeals filed against the orders

Cash Sale Limit Under GST/Income Tax Act

Cash Transaction limit under Income Tax Act, 1961 & GST

Money transfers have consistently been a major factor in the development of black money in the Indian economy. The government recently started several initiatives to reduce cash transaction limit and increase digital payments. With the advent of digital banking, India is slowly but steadily becoming a cashless economy, where major transactions are done through authorised

Rajasthan High Court Quashes Reassessment Notices Against Taxpayer Due to Procedural Lapses

Jaipur, January 4, 2024 – The Rajasthan High Court, Jaipur Bench, has quashed reassessment notices issued by the Income Tax Department against Bijendra Singh in connection with alleged undisclosed cash deposits for the Assessment Year 2015-16. The court found procedural lapses, including non-compliance with mandatory timelines and jurisdictional errors, rendering the notices invalid.   Background