Key Income Tax Deductions & Exemptions Available in Both Old and New Regimes
Key Income Tax Deductions & Exemptions Available in Both Old and New Regimes The new tax regime (Sec. 115BAC) disallows most deductions (80C, 80D, etc.) and exemptions (HRA, LTA, etc.), but some important benefits continue under both regimes. 1. Standard Deduction [Sec. 16(ia)] Available to salaried taxpayers and pensioners. Old Regime: Flat ₹50,000. New… […]
Extension with Arrogance: CBDT’s Gift Wrapped in Insult
Extension with Arrogance: CBDT’s Gift Wrapped in Insult The Central Board of Direct Taxes (CBDT) has once again played its favorite game – “Extend the date, deny the problem.” On 25th September 2025, the Board extended the due date for filing Tax Audit Reports (TARs) from 30th September to 31st October 2025. A sigh of relief?… […]
CBDT Extends Specified Date for filing of Various Reports of Audit for the Assessment Year 2025-26
CBDT Extends Specified Date for filing of Various Reports of Audit for the Assessment Year 2025-26 The post CBDT Extends Specified Date for filing of Various Reports of Audit for the Assessment Year 2025-26 appeared first on The Tax Talk.
Rajasthan High court stringent observations against CBDT on Glitches on Income tax portal.
Rajasthan High court stringent observations against CBDT on Glitches on Income tax portal. HC Court said as under: 1) As reflected from the figures submitted by CBDT, the shortfall in TaxAuditreports are likely to ensure considerable chaos and may result in widespread non-compliance by tax payers with statutory requirements. 2) Judicial precedents exist wherein… […]
Interesting petition filed in Gujarat High Court by Chartered Accountants Association, Surat for seeking tax audit extension & issuance of utilities on 01st April every year….
Interesting petition filed in Gujarat High Court by Chartered Accountants Association, Surat for seeking tax audit extension & issuance of utilities on 01st April every year…. The post Interesting petition filed in Gujarat High Court by Chartered Accountants Association, Surat for seeking tax audit extension & issuance of utilities on 01st April every year…. […]
CBDT waives interest on Late payment of Tax Demand due to Income Tax Rebate claim on special Rate Income
CBDT waives interest on Late payment of Tax Demand due to Income Tax Rebate claim on special Rate Income The copy of the order is as under: The post CBDT waives interest on Late payment of Tax Demand due to Income Tax Rebate claim on special Rate Income appeared first on The Tax Talk.
Provisions Under various Black Money Laws in India
Provisions Under various Black Money Laws in India A. Income Tax Act, 1961 (Domestic Undisclosed Income) The IT Act has several sections targeting unexplained or concealed income and assets: 1. Section 69 / 69A / 69B – Treats unexplained cash, investments, or assets, including shares and partnership capital, as taxable income. 2. Section 115BBE –… […]
Writ Petition in Delhi High Court filed by AIFTP for seeking extension of due dates for tax audits, returns & trust registration applications !
Writ Petition in Delhi High Court filed by AIFTP for seeking extension of due dates for tax audits, returns & trust registration applications ! The copy of the order is as under: The post Writ Petition in Delhi High Court filed by AIFTP for seeking extension of due dates for tax audits, returns & trust […]
Tax Audit Report (TAR) Due Date Extension: Courts Step In as Deadline Nears
Tax Audit Report (TAR) Due Date Extension: Courts Step In as Deadline Nears As the clock ticks towards the looming 30th September deadline, the tax audit season has once again turned into a season of litigations and courtroom battles. Out of nearly 40 lakh Audit Reports (ARs) that are required to be filed this year, barely 4 lakh have… […]
The Never-Ending Drama of Tax Audit Due Date Extension
The Never-Ending Drama of Tax Audit Due Date Extension September is to tax professionals what April is to fools: a season of repeated déjà vu, the same comedy being replayed every year with new characters but the same old script. Yes, we are talking about the grand Tax Audit Report (TAR) due date extension saga,… […]
