Page 5 - Latest Updates on Income tax
TDS section applied by payer doesn't decide a person's tax regime
Choose 44ADA if your occupation is mentioned in Section 44AA(1); explain choice of regime with supporting documents
 "TDS section applied by payer doesn't decide a person's tax regime")
CBDT issues SOP to track capital gains from JDAs, reports due Oct 31
CBDT has issued an SOP for field officers to track capital gains from JDAs using RERA data, cross-checking with ITRs and requiring reports to be submitted by October 31, 2025
 "CBDT issues SOP to track capital gains from JDAs, reports due Oct 31")
A step-by-step guide to filing timely and accurate income tax return
With the September 15 deadline about a fortnight away, begin now to avoid the last-minute rush and heightened risk of errors
 "A step-by-step guide to filing timely and accurate income tax return")
Zomato parent Eternal gets over ₹40 crore tax demand from GST authority
In its late-night regulatory filing on Monday, the company said the total demand includes ₹17.19 crore in GST, ₹21.42 crore in interest, and a penalty of ₹1.71 crore
 "Zomato parent Eternal gets over ₹40 crore tax demand from GST authority")
Assessee must comply with summons issued by tax authority: Supreme Court
"Assessee" under the Income Tax Act of 1961 refers to any individual or entity that holds the legal liability of tax payment or any other financial commitments as specified by the Act
 "Assessee must comply with summons issued by tax authority: Supreme Court")
New Income Tax Bill does not entail too many changes in tax planning
It will, however, make income tax laws easier to comprehend and adhere to for the lay taxpayer
Simple language, lucid, says FM as Parliament passes Income Tax Bill, 2025
Opposition members staged a walkout in the Rajya Sabha during the discussion, mirroring their protest in the Lok Sabha on Monday
 "Simple language, lucid, says FM as Parliament passes Income Tax Bill, 2025")
New Income-Tax Bill restores alternate minimum tax relief for LLPs
Lok Sabha clears revised I-T Bill, along with tax law amendments
 "New Income-Tax Bill restores alternate minimum tax relief for LLPs")
Monsoon session: Lok Sabha passes two tax bills amid din, without debate
These Bills, introduced by Finance Minister Nirmala Sitharaman, were passed without any debate amid vociferous protest by member of Opposition over revision of electoral rolls in Bihar
 "Monsoon session: Lok Sabha passes two tax bills amid din, without debate")
FM Sitharaman introduces modified Income Tax Bill in Lok Sabha
Introducing The Income-TaIntroducing The Income-Tax (No.2) Bill, 2025, Sitharaman said the bill seeks to consolidate and amend the law relating to income-tax and will replace the Income Tax Act, 1961
 "FM Sitharaman introduces modified Income Tax Bill in Lok Sabha")
FM Sitharaman withdraws Income Tax Bill, revised draft to be tabled Aug 11
Finance minister will submit a revised version of the I-T Bill, incorporating most of the Select Committee's recommendations
 "FM Sitharaman withdraws Income Tax Bill, revised draft to be tabled Aug 11")
No retrospective change in I-T Bill, only simplification: Baijayant Panda
The old law had become so complicated that even experts couldn't give the clear answer, says Panda
 "No retrospective change in I-T Bill, only simplification: Baijayant Panda")
Foreign firm using shared premises in India liable to income tax: SC
SC rules foreign firm's control over Indian business via shared office space qualifies as a permanent establishment, triggering income tax liability
 "Foreign firm using shared premises in India liable to income tax: SC")
Income Tax Bill: Select panel proposes wider transfer-pricing net
Companies wielding substantive influence with other firms may face more scrutiny
 "Income Tax Bill: Select panel proposes wider transfer-pricing net")
Select Committee submits report on Income Tax Bill, 2025; seeks key edits
A panel of 31 Lok Sabha members, led by Baijayant Panda suggested over 30 changes to ensure clarity, fairness, and alignment with existing laws in the proposed Income Tax Bill, 2025
 "Select Committee submits report on Income Tax Bill, 2025; seeks key edits")
Parl panel report on new Income Tax Bill, 2025 to be tabled in LS on Monday
The 31-member Select Committee, chaired by BJP leader Baijayant Panda, was appointed by Lok Sabha Speaker Om Birla to scrutinise The new Income Tax Bill, 2025
 "Parl panel report on new Income Tax Bill, 2025 to be tabled in LS on Monday")
Claiming false deductions? I-T dept steps up scrutiny, warns of penalty
The warnings come as the government has given taxpayers more time to file their returns - the deadline is now September 15. But experts say this extra time comes with stricter checks
Lok Sabha select committee proposes 285 changes to Income Tax Bill, 2025
The Income Tax Bill, 2025, will replace the Income Tax Act, 1961. The government aims to implement the new Income Tax law from April 1, 2026
Guide to filing tax return: View all your financial activities in one place
AIS and TIS are documents that will help you check all your income and tax details
 "Guide to filing tax return: View all your financial activities in one place")
Income Tax department releases ITR-2, ITR-3 excel utilities for AY26
This enhanced integration aims to simplify compliance for taxpayers and reduce errors in return filing