CBDT Extends Tax Exemption Window for SWFs & Pension Funds The Central Board of Direct Taxes (CBDT) has officially extended the timeline for income tax exemptions under Section 10(23FE) of the Income Tax Act for Sovereign Wealth Funds (SWFs) and Pension Funds. The new deadline for qualifying investments is now March 31, 2030, up from …
Made a Political Donation? Income Tax Dept Tightens Scrutiny Many taxpayers who claimed deductions under Section 80GGC (political donations) are now receiving income tax notices. Section 80GGC allows individuals to claim deductions for contributions to registered political parties or electoral trusts. However, due to a surge in fake or unsupported claims, the Income Tax Department …
What is an Updated Income Tax Return (ITR-U) ? A facility allowing taxpayers to rectify mistakes, disclose omitted income, or file returns if they missed the due date. Introduced to reduce litigation and promote voluntary compliance. Updated Income Tax Return (ITR-U) is a mechanism introduced to promote voluntary tax compliance and reduce litigation. It allows …
ITR-5 filing eligibility and requirements in India for AY 2024-25 / FY 2023-24 Who Can File ITR-5 : Eligibility Who Can File ITR-5 ITR-5 is meant for entities other than individuals and HUFs, specifically: Firms (including LLPs) AOPs (Association of Persons) BOIs (Body of Individuals) Artificial Juridical Persons (AJP) Co-operative Societies Local Authorities Private Discretionary …
Mandatory ITR Filing Requirement Cases for the AY 2025–26: Filing your Income Tax Return (ITR) is not only a statutory duty—it ensures transparency in your finances, helps you claim refunds, and keeps you compliant with Indian tax laws. Summary of the ITR Filing Requirement for AY 2025–26 (FY 2024–25) : Who Needs to File ITR? …
Guide for choosing the correct ITR form for AY 2026 Guide for choosing the correct ITR form for AY 2026 (i.e., for income earned during FY 2024–25). Here’s a breakdown to help you or your clients file the correct Income Tax Return (ITR): Which ITR Form is Right for You? ITR 1 (Sahaj) : Eligible …
Impact Analysis of Section 43B(h) Amendment on timely Payments to MSME Micro, Small, and Medium Enterprises (MSMEs) are the backbone of India’s economy, playing a pivotal role in creating jobs and contributing to GDP. Finance Minister Nirmala Sitharaman has emphasized the critical role of MSMEs in India’s economy and reaffirmed the government’s dedication to ensuring …
Parents Can Claim Tax Collected at Source Credits for Foreign Education of Children: New Income Tax Rule: The recent changes by the Central Board of Direct Taxes provide a much-needed update to the process of claiming Tax Collected at Source credits, particularly beneficial for families with children studying abroad. These changes are intended to ease …
Disallowance Section 40(a)(ii) of Indian / Domestic Taxes: What is Section 40(a)(ii) & its Disallowance? The provision you’re referring to, which deals with disallowance of expenses due to failure to deduct TDS, actually falls u/s 40(a)(ia) . It seems there might be a mix-up regarding the specific provision you’ve mentioned. Section 40(a)(ii) actually deals with …
CBDT Guideline: Apply for condonation delay in filing ITRs for claims refunds or C/F losses New guidelines issued by the CBDT streamline the process for condonation of delay in filing ITRs specifically for claims related to income tax refunds or carrying forward losses. These Guideline Rules, which override all previous Income Tax instructions, grant different …