Can I claim Section 89 relief even if the previous year’s ITR is not filed?
The Income Tax Department does not mandate the filing of ITR for previous years to claim Section 89(1) relief. Even if a taxpayer did not file an ITR for the…
New Tax Rules 2025: Key Takeaways Every Taxpayer Must Know
Taxation is a crucial aspect of financial planning, and with the introduction of the Income Tax Bill, 2025, the government aims to simplify the existing tax structure while making compliance…
Key Proposed Amendments to GST Laws in Finance Bill 2025
The Finance Bill 2025 introduces several crucial changes to the Goods and Services Tax (GST) framework, focusing on compliance, trade facilitation, and tax governance. Here’s a summary of the key amendments: 1.…
Comprehensive Guide on Capital Gains Tax in India
Introduction to Capital Gains Tax Capital Gains Tax is levied on the profit earned from the sale of a capital asset during a financial year. The taxability of such gains falls under the head "Capital Gains" in…
Supreme Court: Offence Before Show-Cause Notice is ‘First Offence’ Under Income Tax Compounding Guidelines
In a landmark ruling, the Supreme Court of India has overturned the Gujarat High Court's 2017 judgment, which had upheld the rejection of a compounding application for Assessment Year (AY) 2013-14 due to the late…
Supreme Court’s Interpretation of Section 141 of the NI Act: Clarifying Vicarious Liability in Cheque Dishonour Cases
The Supreme Court of India has recently delivered a significant ruling concerning Section 141 of the Negotiable Instruments Act, 1881 (NI Act), which deals with the dishonour of cheques by companies. This…
Union Budget 2025: A Boost to Investment and Economic Growth
Union Budget 2025: A Boost to Investment and Economic Growth
Marginal Relief in Taxation: Ensuring Fairness for Middle-Class Taxpayers
Marginal Relief in Income Tax 2025: A Game-Changer for the Middle Class Budget 2025 has introduced marginal relief to ensure fairness in taxation, especially for middle-class earners. This provision prevents individuals whose…
Budget 2025: 11 Game-Changing Highlights That Will Transform India’s Economy
Budget 2025: 11 Game-Changing Highlights That Will Transform India’s Economy