Page 5 - Latest Updates on Income tax
Oman to become 1st Gulf state to levy income tax, aims to cut oil reliance
Oman will introduce a 5% income tax on top earners in 2028, aligning with Vision 2040 to diversify income, strengthen public finances, and reduce reliance on oil revenue
 "Oman to become 1st Gulf state to levy income tax, aims to cut oil reliance")
Net direct tax collection dips 1.39% to Rs 4.59 trillion in Apr-Jun
During April 1-June 19, 2025, corporate tax collection witnessed a slowdown at about Rs 1.73 trillion, a decline of over 5 per cent year on year
 "Net direct tax collection dips 1.39% to Rs 4.59 trillion in Apr-Jun")
HC helps NRI avoid massive tax: why selecting a correct ITR form is key
A Delhi HC ruling protects an NRI from a huge tax demand, highlighting the importance of correct TDS filings in property sales and offering key lessons for NRIs.
 "HC helps NRI avoid massive tax: why selecting a correct ITR form is key")
Increased I-T scrutiny: NGOs, HNIs, and past cases under the scanner
New CBDT guidelines target NGOs, HNIs, and repeat offenders. Tax expert says, 'There is no way to avoid compulsory scrutiny if you fit the checklist.'
 "Increased I-T scrutiny: NGOs, HNIs, and past cases under the scanner")
Maharashtra uses tax data to check fake claims in Ladki Bahin scheme
State government says Income Tax data needed to weed out fake beneficiaries
 "Maharashtra uses tax data to check fake claims in Ladki Bahin scheme")
China's overseas income tax global crackdown expands beyond ultra-rich
Chinese authorities are seeking to boost fiscal income and narrow a record budget deficit as Beijing has ramped up stimulus to counter US tariffs
 "China's overseas income tax global crackdown expands beyond ultra-rich")
Dalmia Bharat under I-T lens post HC nod on reopening of assessment
Madras HC rules in favour of tax department on reopening Dalmia Cement's case involving KKR's ₹500 crore investment, triggering fresh scrutiny over round-tripping
 "Dalmia Bharat under I-T lens post HC nod on reopening of assessment")
Section 54F exemption: Observe timelines for selling asset, buying another
Recent judgement emphasises that co-ownership of multiple floors in the same building does not disqualify taxpayer for this exemption under Section 54F
 "Section 54F exemption: Observe timelines for selling asset, buying another")
Old vs new tax regime: Consider income and deductions before you pick
If you declared one regime to your employer for TDS but later find the other more beneficial, you can still switch when filing your income-tax return
Filing tax returns with wrong ITR form can invalidate and delay process
Resident individuals may use ITR-1 if their total income is within ₹50 lakh and comes from salary or pension
 "Filing tax returns with wrong ITR form can invalidate and delay process")
ITAT body raises concern over high pendency of cases at Delhi Benches
The Bar association claimed that Delhi has the "highest pendency" of cases among ITAT Benches, many involving complex legal issues and high revenue stakes
 "ITAT body raises concern over high pendency of cases at Delhi Benches")
May 2025 tax filing & compliance deadlines: What's due, when, and by whom
From TDS/TCS filings to Form 61A/B submissions: know what's due, when, and who must act. Stay compliant to avoid penalties
 "May 2025 tax filing & compliance deadlines: What's due, when, and by whom")
Individual taxpayers with LTCG up to ₹1.25 lakh can use simplified ITR-1
Until now, salaried individuals having income under the head LTCG were required to file Form ITR-2
 "Individual taxpayers with LTCG up to ₹1.25 lakh can use simplified ITR-1")
Final call! Clear your tax disputes under VSV 2.0: Here's how
Taxpayers must not make errors in filing applications and calculating disputed amount, says expert
 "Final call! Clear your tax disputes under VSV 2.0: Here's how")
Mismatch in Form 16 and AIS? How to fix issue before filing tax return
Income tax department may send notice if the information mismatch is not resolved
 "Mismatch in Form 16 and AIS? How to fix issue before filing tax return")
Recognised startups spared Section 68 scrutiny, others under watch: CBDT
The clarification comes amid income-tax notices issued to startups for foreign funding routed via Singapore
 "Recognised startups spared Section 68 scrutiny, others under watch: CBDT")
Centre appoints four senior IRS officers as members of CBDT board
The appointments fill the vacant positions in the CBDT, which is the apex body responsible for administering direct tax laws in India
No I-T on new flat received exchange for old under Section 56(2)(x)
The judgment is likely to benefit prospective homeowners who are planning to exchange their old homes for upgraded accommodations in newly developed residential projects
 "No I-T on new flat received exchange for old under Section 56(2)(x)")
Courts must flag cash deals of ₹2 lakh or more to tax dept, says SC
Experts say that the judgment means anyone who has accepted such a cash payment will now think twice before filing a case in court
 "Courts must flag cash deals of ₹2 lakh or more to tax dept, says SC")
Old vs new tax regime: Key factors to help you choose before filing
After successfully filling out the income-tax return, the next step is to verify it. If a return is filed but not verified within permitted time, it shall be deemed as invalid return
 "Old vs new tax regime: Key factors to help you choose before filing")