Income Tax Advisory – Important Updates
1. The Central Board of Direct Taxes (CBDT)’s ongoing “NUDGE” campaign to verify deductions and exemptions The Income-tax Department has observed that certain taxpayers may have claimed ineligible refunds by reporting deductions or exemptions to which they were not entitled, leading to an understatement of income. To address this, such taxpayers are being contacted through […]
Recent Judgements in Direct Tax
1. Penalty for Non-Disclosure of Foreign Assets Is Discretionary This Special Bench ruling of the Income Tax Appellate Tribunal (ITAT), Mumbai examined the scope and nature of Section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Facts of the Case Husband and wife failed to report their […]
Direct Tax Update For the Month of September 2025
CBDT extends due date for filing Tax Audit Report for A.Y 2025-26 to 31st October 2025 The Central Board of Direct Taxes (CBDT) has extended the due date for furnishing audit reports under the Income-tax Act, 1961 for AY 2025-26 (PY 2024-25). · Original Due Date: 30th September 2025 · Extended Due Date: 31st October […]
Rebate u/s 87A available even if tax payable on STCG on listed shares under section 111A : ITAT
Section 87A of the Income Tax Act, 1961 provides a tax rebate to resident individual taxpayers whose total income does not exceed a specified threshold. For the financial year 2023-24 (assessment year 2024-25), under the new tax regime, individuals with a total income up to ₹7,00,000 are eligible to claim a rebate of up to […]