Page 6 - Latest Updates on Income tax
Depositing big cash sums? Tax rules, I-T notices and what to watch out for
Even legitimate cash deposits can invite I-T notices if not explained properly, experts warn
 "Depositing big cash sums? Tax rules, I-T notices and what to watch out for")
ITAT ruling targets use of farmland deals for laundering 'black' money
New ITAT tax interpretation could tighten scrutiny of undervalued land deals, challenging the alleged use of agricultural land transactions for turning unaccounted cash into legitimate income
 "ITAT ruling targets use of farmland deals for laundering 'black' money")
Filing your income tax return? Here are some major mistakes to avoid
Filing errors can result in tax notices, interest and penalty charges, not to mention delays in getting your refund
Income-tax Bill 2025: Digital data and the question of power and privacy
A Parliamentary Select Committee reviewing the Bill is expected to submit its report during the monsoon session
Rise in personal income tax collections encouraging, sustainability suspect
Sustained growth in PIT would depend on sustained expansion in taxable economic activity, one that generates employment to support salary income and contributes to business income as well
 "Rise in personal income tax collections encouraging, sustainability suspect")
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")