My Concerns About the NEW INCOME TAX ACT
CA Harshil Sheth, an author of Income Tax Ready Referencer shares his view on upcoming New Income tax Law 2025.
Category: Income Tax Article
Recent Compliance Changes for Firms & LLPs under the Income Tax Act
The Indian Partnership Act, 1932, governs partnerships in India and similarly, The Limited Liability Partnership Act, 2008, governs LLPs in India. A valid partnership under both the Acts has been recognized by the Income Tax Act, 1961 and has also been granted a separate legal status in the Act.
Lok Sabha’s Amendments in Finance Act 2025: Analysis
On 25th March 2025, Lok Sabha passed the Finance Bill 2025 (now Finance Act,2025). While most of the proposals made in the Finance Bill are same, but certain modifications have been made to the few provisions relating to the block assessment, omission of equalisation levy and giving overriding powers to Section 44BBD over Section 115A as well as changes are there in Section 44DA.
Taxability of director renumeration: Salary or Business income
The taxation issues for directors significantly differs from that applicable to professionals or non-executive directors who are earning income under “Profits and Gains from Business and Profession” and executive directors who are earning income under salary
Important Key Points about the New Income Tax Bill, 2025
The New Income Tax Bill, 2025 set to take effect from April 1, 2026, represents a comprehensive overhaul of the existing tax framework. It consists of 536 clauses, 16 schedules, and 23 chapters, introducing significant changes to streamline and modernize tax administration. Key shifts include the introduction of a “tax year” concept, retention of the old tax regime with existing deductions, and the establishment of a new tax regime with updated rates. The bill delegates more powers…
TDS Rate Chart (FY 2024-25; AY 2025-26)
Author CA Aman Rajput, presented the TDS rate chart for FY 2024-25; AY 2025-26 in the table below.
TDS Credit shall be given for the assessment year for which income is assessable
The Income Tax Appellate Tribunal, Delhi (“the ITAT”) in Archana Airways Ltd v. ITO [I.T.A. No. 8755/DEL/2019 dated November 2,…
Interest paid on belated payments of service tax is allowable for deduction u/s 37(1) IT Act
The Income Tax Appellate Tribunal, Chennai (“the ITAT”) in Prince Holdings Madras (P) Ltd v. Deputy Commissioner of Income Tax…
Personal savings of a government employee cannot be suspected for several years
The Income Tax Appellate Tribunal, Ahmedabad Bench (“the ITAT”) in PiyushbhaiMangalbhai Patel Vs Income Tax Officer [I.T.A. No.198/Ahd/2020 dated October…