Day: February 1, 2025
Opinion rendered by audit party alone can not be considered as belief of escapement of income which must be made directly and solely by the Income Tax Officer. In a recent judgment, the Hon’ble Supreme Court dismissed SLP of the Revenue against the judgment of the Bombay High …
Source of cash deposit being savings and family support plausible to certain extent –ITAT deleted addition on account of cash deposit in bank. In a recent judgment, ITAT Visakhapatnam partly deleted addition for cash deposit in bank considering that the assessee’s submission regarding accumulation of savings and receipt …
TDS sections for which payment threshold reduced by Budget 2025-26. See Table The Finance Bill 2025 has increased payments threshold limits for deduction of tax at source under various sections TDS provisions have various thresholds of amount of payment or amount of income, beyond which tax is required …
Removal of higher TDS/TCS u/s 206AB / 206CCA CCA for non-filers of return of income w.e.f. 01.04.2025 Section 206AB of the Income Tax Act, 1961 requires deduction of tax at higher rate when the deductee specified therein is a non-filer of income-tax return. Section 206CCA of the Act, …
Union Budget 2025-26 – Highlights of Income Tax Proposals The Union Finance Minister MS Sitharaman has presented Union Budget 2025-26 on 1st February 2025 at 11AM. Major Highlights of Income Tax and other Proposals : 1. Investment and turnover limit for classification of MSME increased. 2. Startups – …
Income Tax basic exemption limit and tax slabs for individuals & HUFs for AY 2026-27 as proposed in Union Budget 2025-26. Union Finance Minister shall present Union Budget 2025-26 in Parliament on 1st February 2025. Hopes are high that taxpayers shall be given much desired relief in taxation …
Section 87A Rebate for AY 2026-27 ( FY 2025-26 ) under New Tax Regime and Old Tax Regime as per Union Budget 2025-26. Amendment proposed, amount of rebate and eligibility. Section 87A Rebate for AY 2026-27 ( FY 2025-26 ). Union Finance Minister shall present Union Budget 2025-26 …
ICAI (Merger & Demerger of CA firms) Guidelines 2024 has been notified by the ICAI w.e.f. 31.01.2025 The guidelines provides for the modalities of mergers of CA firms to encourage and develop core competencies and to render professional services on a much larger geographical scale. As per guidelines, …
