TAX CASE
ITR Filing Deadline Extension: Now Karnataka commerce body, Surat CA unit seek ITR due date extension
Several bodies are requesting an extension to the Income Tax Return (ITR) filing deadline. The Federation of Karnataka Chambers of Commerce & Industry and the Chartered Accountants Association, Surat, have also joined. They cite technical issues, form changes, and portal glitches as reasons for the delay.
Behind the scenes: Sitharaman chaired 3 separate meetings on GSTN preparedness for GST 2.0
Finance Minister Nirmala Sitharaman is preparing for the rollout of the next-generation GST with reduced rates and fewer slabs, effective September 22. Three meetings were conducted to assess GSTN's readiness and the necessary technological upgrades. The GST Council decided to decrease the number of slabs to two: 5% and 18%, with a 40% rate for ultra-luxury and tobacco products.
ITR filing deadline needs to be extended as portal glitch, Navratri, Dussehra festive season and new ICAI format for non-corporates, says RTCA
ITR filing due date: Tax consultants in Rajasthan are requesting an extension for the Income Tax Return filing deadline. They cite glitches on the e-filing portal as a major issue. The new format from ICAI for non-corporates is also causing delays. The festive season adds to the challenges. Associations want the deadline extended to November 15.
You have to file ITR if you carried out any of these eight transactions
Even with income below Rs 2.5 lakh (old regime) or Rs 3 lakh (new regime), filing ITR is mandatory if certain transactions occurred. These include spending over Rs 2 lakh on foreign travel, holding foreign assets, high TDS/TCS amounts, significant deposits in current or savings accounts, high business turnover or professional receipts, or substantial electricity bill payments.
Sold your house property or land? These nine sections in Income Tax law can help save capital gains tax
Indians can save capital gains tax on property sales. The Income Tax Act offers nine sections for tax reduction or zero tax. Sections cover residential, industrial, agricultural land sales. Investment in new properties or bonds provides exemptions. Relocation of industrial units to specific zones also offers tax benefits. Investing in eligible startups can reduce tax burden.
Father sells house worth Rs 67 lakh and shows only Rs 1,690 income in ITR, wins case in ITAT Ahmedabad; Know how
Dilip, an Indian taxpayer, won a case at the ITAT Ahmedabad regarding a Section 54 LTCG tax exemption. Despite initially facing scrutiny for claiming Rs 15.99 lakh as indexed cost of improvement with cash payments and selling his house below stamp duty value, the ITAT directed the tax officer to verify and allow his claim. Read more.
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Extend income tax audit deadline due to ITR portal glitch, enhanced reporting needs: BCAS
The Bombay Chartered Accountants' Society (BCAS) has urged for extensions to income tax deadlines, citing persistent glitches on the e-filing portal. BCAS, along with other associations, highlighted challenges like delayed utility releases, technical bottlenecks, and overlapping deadlines. They propose extending deadlines for tax audit reports and ITR filings to alleviate taxpayer burden and ensure compliance quality.
Now even BJP CA cell asks for ITR deadline extension due to technical glitches, data mismatch on the ITR portal
The Bharatiya Janata Party (BJP) CA Cell in Pune has urged Finance Minister Nirmala Sitharaman to extend Income Tax Return (ITR) and tax audit deadlines, citing challenges like delayed utility releases, technical glitches on the income tax portal, and reduced working days due to festivals and heavy rains. Several other associations like BCAS, have also requested extensions due to similar difficulties.
She sold her house for Rs 2.7 crore to buy seven new flats and paid no income tax, wins case in ITAT Delhi; Know how
Saroj sold her Punjabi Bagh house for Rs 2.7 crore. She then bought seven apartments in Greater Noida. She reported Rs 5 lakh income in ITR and claimed Rs 2.2 crore LTCG tax exemption. The tax department partially denied the exemption. Then Saroj appealed to ITAT Delhi. ITAT Delhi ruled in her favor.
Govt keeping 'good watch' on rupee, several currencies declined against USD: Sitharaman
Finance Minister Sitharaman stated the government is closely monitoring exchange rates as the rupee depreciates against the strengthening US dollar, a trend affecting multiple currencies. The rupee hit a record low amid concerns over US tariffs, including a 50% levy on Indian goods.
If you don’t make these 8 disclosures, your ITR may be treated as defective
Filing income tax returns (ITR) requires careful attention to detail, as certain omissions can lead to a defective ITR. Key disclosures include foreign assets, income, crypto transactions, and unlisted equity shares. Failing to report these details, especially for residents with overseas holdings, can result in penalties and even imprisonment, though some relief exists for movable assets under Rs 20 lakh.
Modi-Xi handshake, tax cuts boost case for lagging Indian stocks
Prime Minister Narendra Modi’s symbolic handshake with President Xi Jinping in China, combined with fresh tax cuts at home, is fueling optimism that Indian equities will finally narrow the gap with their emerging-market peers.
How to file ITR if you have sold house or land in FY 2024-25
For AY 2025-26, individuals and HUFs selling property can save on capital gains by reinvesting in another property under Section 54/54F. Choosing the correct ITR form, like ITR-2 or ITR-3, is crucial. Depositing unutilized gains in the CGAS before filing the ITR is essential to avoid taxation. Taxpayers must report sale details and claim exemptions accurately in Schedule CG.
V K Sasikala paid Rs 450 Cr in old notes to buy sugar factory in Tamil Nadu during demonetisation: CBI
Central Bureau of Investigation has filed a case regarding the purchase of a sugar factory. V K Sasikala allegedly paid Rupees 450 crore in old currency during demonetisation. The payment was for Padmaadevi Sugars Limited. The Indian Overseas Bank faced a loss of Rupees 120 crore. Income tax department seized documents related to the deal.
GST reforms transformative, will ensure tax certainty: CBIC chief
CBIC Chairman Sanjay Kumar Agarwal announced transformative GST reforms aimed at providing tax certainty and stability for investors. While initial revenue may be slow, the reforms are expected to boost consumption and growth. The focus will shift to tackling tax evasion and enhancing the system, with the GST Appellate Tribunal expected to be operational by December.
ITR filing deadline extension now demanded by this Tax Bar Association due to many issues including technical glitches with ITR portal
The tax bar association, which includes tax practitioners, chartered accountants, company secretaries, advocates, and consultants, in its letter, highlighted how taxpayers and professionals have been struggling this year due to the late release of utilities, ongoing technical issues with the ITRportal, and additional compliance steps.
If Trump's biggest tariffs get thrown out, companies could get a refund - but not consumers
President Trump's imposition of tariffs under the International Emergency Economic Powers Act is facing legal challenges, with courts ruling he overstepped his authority. This could lead to the government refunding billions of dollars in collected tariffs to importers. The Supreme Court is now being asked to intervene, potentially impacting trade revenue and raising concerns about economic repercussions.
Trump says US would be on 'brink of economic catastrophe' unless justices rule his tariffs are legal
Donald Trump's administration urgently appealed to the Supreme Court to uphold his tariffs, claiming their removal would devastate the U.S. economy. Solicitor General D. John Sauer requested an expedited decision, emphasizing the tariffs' role in promoting peace and economic prosperity, and combating issues like fentanyl and the Russia-Ukraine conflict.
GST impact on air travel: Do you have to pay extra GST if your travel date is after September 22, 2025?
The GST council is implementing a two-tier GST rate system starting September 22, 2025, impacting air travel. Premium class tickets will see an increase to 18% GST, while economy remains at 5%. The GST rate at the time of booking and payment determines the applicable tax, even if the travel date is after the change.
GST 2.0: Tax on drones cut; premium airfares will gain altitude
GST on unmanned aircraft has been cut to 5% from 28%/18%, a sharp reduction that lowers entry costs for operators deploying drones in logistics, agriculture and mapping. Flight and target motion simulators - critical for pilot training - have been exempted from IGST, slashing the outgo on new training equipment for airlines and academies.
GST 2.0: What’s next for businesses and what can India Inc do?
The GST Council's recent announcements focus on rate consolidation, trade facilitation, and improved consumer ease. Rate reductions on B2C products aim to boost affordability, while input rate cuts for solar, textiles, and fertilizers correct inverted duty structures. The removal of the 'intermediary' provision simplifies export regulations.
GST relief to boost insurance penetration, ease burden on policyholders: Nilesh Sathe
The government's GST reform has eliminated the 18% tax on insurance premiums, a move expected to boost insurance penetration in India. While policyholders will benefit from lower costs, insurers may face challenges in adjusting premium structures due to the loss of input tax credit, potentially squeezing profit margins, especially on renewal policies.
From Rs 21,350 tax demand to zero tax; How a taxpayer won Section 87A case in ITAT Bengaluru
In a taxpayer-friendly ruling, the ITAT Bengaluru allowed Mr. Jakkaraju's Section 87A tax rebate claim, even though it was filed in a revised ITR. The tribunal emphasized that the initial failure to claim the rebate constituted a valid reason for revision. This decision aligns with a Bombay High Court ruling, ensuring taxpayers can rectify omissions and avail of entitled benefits.
How to pay zero or lower income tax on your residential property sale using Sections 54 and 54F
Indian income tax laws offer exemptions on long-term capital gains (LTCG) from selling residential property and land. Sections 54 and 54F of the Income Tax Act allow individuals and HUFs to avoid LTCG tax by reinvesting the gains into a new residential property, subject to specific conditions and timelines for purchase or construction.
Tax exemption for global funds extended to FY31
The CBDT has extended the tax exemption timeline for sovereign wealth and pension funds investing in India. Originally set to expire in FY25, the deadline is now extended to FY31, offering significant relief to these entities. This amendment encourages continued investment in infrastructure and priority sectors under Section 10(23FE) of the Income Tax Act.
ITR filing after deadline: What is condonation of delay request? How it can save you from penalties
The Income Tax Department has enabled condonation of delay applications for Form 10A filings, offering relief to taxpayers who missed deadlines due to genuine reasons. If approved under section 119(2)(b), taxpayers can file their ITR without penalties, interest, or additional taxes.
Inherited property taxation: Know how to save capital gains tax on sale of inherited property or land
Inheriting property doesn't trigger immediate taxes, but selling it does incur capital gains tax, with exceptions. Tax laws allow using the property's fair market value as of April 1, 2001, potentially lowering the tax burden. The cost of acquisition and holding period of the parent are carried forward, impacting the capital gains calculation upon sale.
Husband has to pay income tax for wife’s Rs 17-crore land sale deal due to this reason; ITAT Bangalore ruling explained
In a recent ruling, the Income Tax Appellate Tribunal (ITAT) Bangalore held that a wife is exempt from income tax on the ₹17.26 crore sale of land gifted by her husband. The ITAT cited Section 64(1)(iv) of the Income Tax Act, stating that income from assets gifted between spouses is taxable in the hands of the transferor, not the recipient.
Has the promised zero penalty privilege for small taxpayers been taken away in the New Tax Act 2025? Here’s what experts say
The Lok Sabha approved the Income Tax Act 2025. It clarifies rules for late ITR filing and tax refunds. A select committee suggested changes to Section 263. The bill removes sub-clause (1)(ix). Taxpayers can now claim refunds even with delayed returns. This resolves confusion for those filing after the deadline. The new rules aim to provide flexibility for refund claims.
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