Income Tax Commissioner, 4 others held by CBI for Rs 70 lakh bribe
Posted Date : 11-May-2025 , 12:10:11 pm | Posted By CASANSAAR
CBI on Saturday arrested Jeevan Lal Lavidiya, commissioner of income-tax (exemptions), Hyderabad, along with four others, including a senior employee of Shapoorji Pallonji Group, in a bribery case involving Rs 70 lakh.
Jeevan Lal, a 2004 batch Indian Revenue Service officer, is the son of Wyra BR...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 300
|
 |
New ITR-2 form notified for income tax return filing AY 2025-26
Posted Date : 06-May-2025 , 08:06:10 am | Posted By CASANSAAR
New ITR-2 form notified: The Central Board of Direct Taxes (CBDT) has notified the ITR-2 Form for AY 2025-26, which includes key changes such as separate reporting of capital gains, allowance of capital loss on share buybacks from October 1, 2024, and a raised threshold for reporting assets and liab...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 734
|
|
Shah Rukh Khan wins Income Tax case as ITAT Rules In his favour
Posted Date : 10-Mar-2025 , 08:34:20 am | Posted By CASANSAAR
The Income Tax department had disputed Shah Rukh Khan's declared income of Rs 83.42 crore for 2011-2012, rejecting his claims for foreign tax credit for taxes paid in the UK.
Actor Shah Rukh Khan has secured a big victory in a dispute with the Income Tax authorities, with the Income Tax Appel...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 3688
|
|
New income tax bill proposes allowing officers access to your email, social media
Posted Date : 06-Mar-2025 , 09:42:51 am | Posted By CASANSAAR
The new income tax bill has recently been in the news, and not for the reasons taxpayers would hope. While the government said it’s all about simplifying tax laws, buried within the bill is a provision that hands sweeping powers to tax authorities allowing them to dig through emails, trading a...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 4774
|
|
SC upholds validity of arrests under Customs, GST laws but provides checks and balances
Posted Date : 28-Feb-2025 , 08:15:31 am | Posted By CASANSAAR
The Supreme Court on Thursday upheld the Constitutional validity of arrest and prosecution provisions under Goods and Services Tax Act and the Customs Act but provided safeguards against coercive actions including arrest. Experts highlight that the ruling is a significant development in tax enforcem...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 531
|
|
Parliament Select Committee to discuss Income Tax Bill 2025
Posted Date : 24-Feb-2025 , 08:47:46 am | Posted By CASANSAAR
The first meeting of the Select Committee examining the Income Tax Bill 2025 will be held on Monday. At the meeting, officials of the Ministry of Finance will brief the panel members on the salient features of the proposed legislation.
The 31-member committee headed by senior BJP MP Baijayant P...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 445
|
|
Select Committee to examine new Income Tax Bill, Report in Monsoon Session
Posted Date : 14-Feb-2025 , 09:21:17 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Thursday asserted that the new Income Tax Bill does not have merely mechanical but structural changes.
She introduced the Bill in the Lok Sabha. She requested the Speaker Om Birla to constitute a Select Committee for examining the Bill. “The committee ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2929
|
|
Income-tax Bill, 2025, tabled in Parliament towards achieving comprehensive simplification of the Income-tax Act, 1961
Posted Date : 13-Feb-2025 , 08:24:21 pm | Posted By CASANSAAR
The Income-tax Bill, 2025 was tabled in Parliament today, marking a significant step toward simplifying the language and structure of the Income-tax Act, 1961.
The simplification exercise was guided by three core principles:
Textual and structural simplification for ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2653
|
|
FM Nirmala Sitharaman likely to table New Income Tax Bill in Parliament today
Posted Date : 13-Feb-2025 , 10:38:47 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman will introduce the new Income-Tax Bill 2025 in the Lok Sabha on February 13. The Bill aims to consolidate and amend the taxation laws of the country.
“Smt. Nirmala Sitharaman to move for leave to introduce a bill to consolidate and amend the law relating ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2532
|
|
No Income Tax on Annual Income Upto Rs. 12 Lakh Under New Tax Regime
Posted Date : 01-Feb-2025 , 05:10:20 am | Posted By CASANSAAR
LIMIT TO BE Rs. 12.75 LAKH FOR SALARIED TAX PAYERS, WITH STANDARD DEDUCTION OF RS. 75,000
UNION BUDGET 2025-26 BRINGS ACROSS-THE-BOARD CHANGE IN INCOME TAX SLABS AND RATES TO BENEFIT ALL TAX-PAYERS
TAX SLAB RATE REDUCTION AND REBATES TO RESULT IN SUBSTANTIAL TAX RELIEF TO MIDDLE CLASS, THE...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 4860
|
|
Tax benefits to adopt emerging tech, expanding credit guarantee in Budget to help boost SMEs
Posted Date : 29-Jan-2025 , 05:52:21 pm | Posted By CASANSAAR
NEW DELHI: Tax benefits to adopt emerging technologies like AI, announcement to set up dedicated manufacturing zones, and expanding credit guarantee schemes in the Budget will help boost the growth of SMEs, experts say.
They also said that AI-based credit assessments and risk profiling ca...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 500
|
|
Bombay High Court Final judgement on 87A tax rebate claim
Posted Date : 28-Jan-2025 , 07:49:05 pm | Posted By CASANSAAR
Final judgement on 87A tax rebate claim: The 67-page Bombay High Court judgement says yes taxpayers should be given the option to file their ITR with Section 87A rebate claim and the income tax department wrongly prevented this by modifying the tax utility post July 5, 2024. However, whether to hono...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 583
|
|
Government waives late fee for delayed GST filings
Posted Date : 24-Jan-2025 , 08:19:55 pm | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) announced a waiver of late fees for delayed filings of reconciliation statements and annual returns (GSTR-9C) for the financial years 2017-18 to 2022-23. Taxpayers must file the reconciliation statement by March 31, 2025, to avail the waiver.
...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 570
|
|
SC refused to PIL demanding scrapping of the TDS system of income tax
Posted Date : 24-Jan-2025 , 08:14:20 pm | Posted By CASANSAAR
The Supreme Court on Friday refused to entertain a PIL demanding scrapping of the TDS system of income tax collection under the Income Tax Act, saying it was “very badly drafted”.
A Bench led by Chief Justice of India Sanjiv Khanna said TDS was levied “everywhere”.
...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 545
|
|
CBDT clarifies past investment from Mauritius
Posted Date : 23-Jan-2025 , 07:15:23 pm | Posted By CASANSAAR
The Central Board of Direct Taxes clarified that the new Principal Purpose Test rule won't affect past investments under tax treaties with Mauritius, Cyprus, and Singapore, relieving taxpayer concerns. This test aims to scrutinise exemptions and prevent misuse of tax treaties for unjustifiable t...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 555
|
|
Direct Tax Vivad se Vishwas Scheme, 2024 update
Posted Date : 23-Jan-2025 , 04:08:28 pm | Posted By CASANSAAR
Direct Tax Vivad se Vishwas Scheme, 2024 update;
CBDT, vide notification no. 8/2025, makes the following order to remove the difficulty in respect of Direct Tax Vivad Se Vishwas Scheme, 2024 arisen in situations where,–– (a) an order in case of a person had been passed on or...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 579
|
|
Relief for more taxpayers in Vivad Se Vishwas Scheme
Posted Date : 21-Jan-2025 , 07:02:27 pm | Posted By CASANSAAR
Vivad Se Vishwas Scheme 2024: As per a new update now more taxpayers are eligible to apply for Vivad Se Vishwas Scheme and settle their pending income tax dispute cases. Under the Vivad Se Vishwas Scheme, taxpayers need to pay the disputed tax amount and then the government will cancel the litigatio...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 668
|
|
90k Salaried individuals withdraw Rs 1,070 Cr worth wrongful tax deduction claims
Posted Date : 17-Jan-2025 , 10:08:29 am | Posted By CASANSAAR
As many as 90,000 salaried individuals, both from PSUs and the private sector, have withdrawn wrongful tax deductions claims totalling Rs 1,070 crore as of December 31, 2024, government sources said on Thursday.
During various search & seizure and survey operations conducted by Income T...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2702
|
|
Country
Posted Date : 14-Jan-2025 , 07:51:38 am | Posted By CASANSAAR
Country’s net direct tax collection surges by nearly 16% to Rs. 16.9 lakh crore
The Country’s net direct tax collection has surged by nearly 16 per cent to around 16 lakh 90 thousand crore rupees in the current financial year so far. According to the Central Board of Direct Taxe...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 990
|
|
Tax-free gratuity limit for employees
Posted Date : 14-Jan-2025 , 07:02:59 pm | Posted By CASANSAAR
Government employees can get gratuity up to Rs 25 lakh
Tax-free gratuity limit for employees: The government has hiked the maximum amount of gratuity that a government employee can receive to Rs 25 lakh. The new limit is effective from January 1, 2024. However, not many are aware of the tax-exe...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1279
|
|
Updated Return can be furnished u/s 139(8A) of the Income Tax Act 1961 by any person
Posted Date : 10-Jan-2025 , 04:29:08 pm | Posted By CASANSAAR
Updated Return can be furnished u/s 139(8A) of the Income Tax Act 1961 by any person
An Updated return can be furnished u/s 139(8A) of the Income Tax Act 1961 by any person, whether or not he has furnished a return under sub-section (1) or sub-section (4) or sub-section (5), for an assessment yea...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 495
|
|
Cash transactions may attract up to 100% penalty by Income Tax Department
Posted Date : 09-Jan-2025 , 05:02:56 pm | Posted By CASANSAAR
Cash transactions may attract up to 100% penalty by Income Tax Department
Penalty on cash transactions: Recently in a brochure the Income Tax Department has said that taxpayers should avoid using cash for their daily transactions as in certain specified cases penalty for an amount equal to the ca...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 447
|
|
Indian Govt Plan to Simplify its Income Tax filling rules in Budget 2025
Posted Date : 08-Jan-2025 , 08:10:08 am | Posted By CASANSAAR
Indian Govt Plan to Simplify its Income Tax filling rules in Budget
Budget 2025 Income Tax Filing: India plans to simplify income tax filing rules to make it less tedious for taxpayers and reduce disputes. The changes being discussed include using formulas and tables, and reducing additional form...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 348
|
|
RBI releases Draft Formats of Financial Statements of Co-operative Banks
Posted Date : 07-Jan-2025 , 07:08:23 pm | Posted By CASANSAAR
RBI releases Draft Formats of Financial Statements of Co-operative Banks
In terms of Section 29, read with Section 56 of the Banking Regulation Act, 1949, co-operative banks are required to prepare a balance sheet and profit and loss account as on the last working day of the year in the Forms set...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 315
|
|
RSS Union Urge to Finance Minister for Exempt income-tax up to ?10 lakh
Posted Date : 07-Jan-2025 , 02:13:26 pm | Posted By CASANSAAR
RSS Union Urge to Finance Minister for Exempt income-tax up to ?10 lakh
Union Budget 2025: RSS-affiliated unions proposed several measures during their pre-budget consultations with Finance Minister Nirmala Sitharaman. They suggested raising the tax-exempt income to ?10 lakh, expanding MGNREGA to...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 313
|
|
ITR forms updated to Allow tax rebate under section 87A
Posted Date : 07-Jan-2025 , 01:57:30 pm | Posted By CASANSAAR
ITR forms updated to allow 87A tax rebate claims, but there's a catch
Income tax rebate u/s 87A: Eligible taxpayers who have income up to Rs 5 lakh/7 lakh can claim tax rebate under section 87A up to Rs 12,500/25,000. The Income Tax Department has now updated the excel utility to allow 87A ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 270
|
|
No Section 87A tax rebate despite ITR filing forms being updated recently
Posted Date : 06-Jan-2025 , 06:19:41 pm | Posted By CASANSAAR
No Section 87A tax rebate despite ITR filing forms being updated recently
87A tax rebate: The ITR filing utilites for ITR-2 and ITR-3 has been updated on January 4, 2025 however, the JSON schema is not yet updated and it still reflects logic as of July 5, 2024. This means you can file a revised o...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 279
|
|
Last opportunity for eligible taxpayers to claim 87A tax rebate
Posted Date : 04-Jan-2025 , 07:10:37 pm | Posted By CASANSAAR
Last opportunity for eligible taxpayers to claim 87A tax rebate
Income tax rebate u/s 87A: Following the Bombay High Court order to extend the revised and belated income tax return (ITR) deadline to January 15, 2025, CBDT has extended it. ?If you are eligible to claim section 87A tax rebate but p...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 410
|
|
Enhancing Tax Transparency on Foreign Assets and Income
Posted Date : 03-Jan-2025 , 03:24:49 pm | Posted By CASANSAAR
Enhancing Tax Transparency on foreign assets & Income: Understanding CRS & FATCA
A. Purpose of CRS and FATCA
In this globalized economy, tax transparency and compliance has become paramount to ensure that taxpayers disclose their global income and assets accurately...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 347
|
|
PIL in SC seeks abolition of TDS system, cites constitutional violations
Posted Date : 03-Jan-2025 , 11:36:34 am | Posted By CASANSAAR
A Public Interest Litigation (PIL) has been filed in the Supreme Court seeking the quashing of the Tax Deducted at Source (TDS) system. The petition, filed by advocate Ashwini Kumar Upadhyay, argues that the TDS mechanism is arbitrary, irrational, and violates fundamental rights.
The TDS system r...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2974
|
|
|
