Articles by CA Varun Gupta

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

Posted by CA Varun Gupta

18 February 2025 7889 Views

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.

Comprehensive Guide to Vivad Se Vishwas Scheme 2024: Insights from Circular No. 12/2024

Posted by CA Varun Gupta

25 December 2024 788 Views

Overview of the Vivad Se Vishwas Scheme 2024 (VSVS 2024) in accordance with Circular No. 12 of 2024, Dated October 15, 2024

New Process for Condonation of Delay in Filing Forms 9A, 10, 10B and 10BB: Key Highlights of Circular 16/2024

Posted by CA Varun Gupta

17 December 2024 1138 Views

In certain instances, due to unforeseen circumstances, the assessee or auditor may file the audit report for the trust in Forms 9A, 10, 10B, or 10BB after the due date. As a result, it has become a common practice for the IT Department to treat the receipt amount as income of the trust and levy tax on it.

Arbitrary Rejections of Section 154 Rectification Requests Challenge Taxpayers

Posted by CA Varun Gupta

16 December 2024 433 Views

The recent rejection of a rectification request under Section 154 of the Income Tax Act, 1961, by the Income Tax Department without providing any explanation has drawn criticism.