income tax

A visual representation of CBDT’s Compliance-Cum-Awareness Campaign focusing on transparency and taxpayer obligations.

CBDT’s Compliance-Cum-Awareness Campaign: A Step Toward Enhanced Transparency

The Central Board of Direct Taxes (CBDT) is revolutionizing the way taxpayers report foreign income and assets through its Compliance-Cum-Awareness Campaign for AY 2024-25. This initiative aims to foster transparency and voluntary compliance, emphasizing accurate disclosure under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. As the global tax environment evolves with data-sharing frameworks

llustration of TDS return revision process online

TDS Return Revision Online – Process & Benefits Explained

We’re only human—mistakes can happen, even in filing taxes. Errors in Tax Deducted at Source (TDS) returns might occur due to incorrect details or missing information. Fortunately, revising a TDS return is an option that can help correct these errors. This article will guide you through the online and offline processes, available correction tools, and the benefits of revising TDS

Priest Nun salary tax FilingIn

Priest and Nun Salaries in Aided Schools Subject to Tax

In a landmark ruling, the Supreme Court has confirmed that priests and nuns working as teachers in government-aided schools are subject to income tax on their salaries.   The Background of the Supreme Court’s Decision In a recent high-profile case, the Supreme Court of India upheld the Madras High Court’s decision regarding the taxability of salaries earned by nuns and

Income tax revamp FilingIn

Income Tax Act Revamp 2024: Key Updates for Simplification

In the 2024-25 Union Budget, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman announced an overhaul of the Income Tax Act, 1961. Following this announcement, the Central Board of Direct Taxes (CBDT) set up an internal committee to lead a comprehensive review of the Act. The Committee for Comprehensive Review, chaired by Mr. V.K. Gupta, Chief Commissioner of

Rent tax FilingIn

Rental Income Taxation: House Property vs. Business Income

Rental income in India may fall under either House Property Income or Profits and Gains from Business or Profession (PGBP), based on how the property is utilized. This classification impacts the deductions available, tax liabilities, and reporting on Income Tax Returns. Let’s break down how rental income can be classified, recent legal developments, and how these apply in practice. Understanding

tax refund FilingIn

Claim Tax Refund Without PAN ? – Filing ITR Guide

Filing income tax returns (ITR) is crucial for obtaining tax refunds when excess tax is deducted at source. In cases where an individual does not have a Permanent Account Number (PAN), certain challenges arise. This article explores whether your mother can claim a tax refund if her tax has been deducted without a PAN, particularly when it involves interest income

Fiscal FilingIn

India’s Fiscal Deficit for FY25: Key Highlights & Outlook

India’s fiscal performance for the first half of FY25 (H1FY25) reflects a balanced approach to economic pressures and spending priorities. The country’s fiscal deficit for April through September 2024 was recorded at ₹4.7 trillion, equating to 29.4% of the full-year target of ₹16.16 trillion, according to data from the Controller General of Accounts (CGA). This outcome indicates a notable improvement

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India Pillar-2 Tax Rules: Delay and Impact Analysis

India is carefully evaluating the OECD-led Pillar 2 tax framework, which proposes a minimum 15% corporate tax for multinational enterprises (MNEs) with global revenues over €750 million. Despite support for global tax reform, the Indian government is likely to delay the Pillar 2 implementation due to its limited revenue benefit and potential impact on sovereign tax policy. The Pillar 2

Taxpayers FilingIn

High-Income Taxpayers in India Rise Fivefold in a Decade

India has witnessed a remarkable increase in its high-income taxpayer base over the past decade. With more individuals reporting annual taxable incomes exceeding ₹1 crore, the growth highlights the nation’s expanding economy and growing affluence. In this article, we delve into the numbers, trends, and factors contributing to the rise of high-income taxpayers, emphasizing the broader tax base and its

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Income Tax Department Releases Updated Form 3CA-3CD & 3CB-3CD Utility

The Income Tax Department has once again made life easier for taxpayers and auditors by launching version 1.3.3 of its Common Offline Utility for Form 3CA-3CD and 3CB-3CD. This critical update, rolled out on October 15, 2024, brings enhanced performance, improved accuracy, and new features that streamline the filing of audit reports under Section 44AB of the Income-tax Act, 1961.

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