Income Tax Articles

Condonation of Delay in ITR Filing u/s 119(2)(b) of the Income Tax Act, 1961

CA Varun Gupta 19 February 2025 at 08:26

The Income Tax Act, 1961 establishes specific timelines for the filing of income tax returns (ITR). However, taxpayers may encounter unexpected situations that lead to delays in meeting these deadlines.

Understanding 'Tax Year' vs. 'Financial Year' in the New Income Tax Bill

Ayush 18 February 2025 at 13:02

One of the most notable changes is the introduction of the term "tax year," which replaces the concept of the "previous year" and the "assessment year" from the Income Tax Act, 1961.

A Comparative Study on the Old and New Tax Bill

Poojitha Raam Vinay 18 February 2025 at 10:34

On 13th February 2025, Hon'ble Finance Minister Smt Nirmala Sitharaman proposed the New Tax Bill. The new bill is proposed to come into force on April 1, 2026. ..

Missed Intra-Head LTCG Setoff: Impact of Section 112 Amendments vs. Section 48

Prahlad Raykar 18 February 2025 at 08:33

Long-Term Capital Gain(LTCG)- Intra head LTCG setoff missed due to amendments in section 112 and not in Sec48.

This Valentine's, Fall in Love with Simpler Tax Laws!

CA Umesh Sharma 18 February 2025 at 08:33

The govt has proposed this fresh and straightforward law, one that taxpayers will appreciate-perhaps even fall in love with! Just like a well-crafted Valentine's letter is easy to read and understand, this new Bill aims to win the hearts of taxpayers by bringing clarity, simplicity, and ease to tax compliance.

Comprehensive Comparison of Section Numbers: Income Tax Act, 1961 vs. Income Tax Act, 2025

CA Varun Gupta 18 February 2025 at 08:33

To assist with this transition, the government has released a comparison chart that maps the sections of the Income Tax Act 1961 to their corresponding sections in the Income Tax Act 2025. This chart will be highly beneficial in helping you quickly locate the new sections if you remember the old section numbers.