India is about to witness the biggest overhaul in its income tax system in more than six decades. From April 1 next year, the ...

Highlights the legal obligations of timely ITR filing, penalties for delays, and the benefits of maintaining a clean financial ...

If passed, the Service Members Tax Relief Act would eliminate federal income tax on all active-duty and reserve pay, as well as military bonuses.

In case of a genuine hardship, the taxpayer can file a condonation request under section 119(2)(b). If condonation request is ...

Income Tax: There are certain scenarios in which you can file a revised return, but these do not include the filing of a ...

Proposed regulations under Sections 863(b) and 865(e)(2) implement changes by TCJA to section 863(b), the primary sourcing provision for income from the sale of inventory produced by a taxpayer ...

The Court ruled that once a resolution plan is approved, prior tax liabilities are extinguished. Notices issued under Sections 148 and 142(1) for periods before approval were therefore ...

Every year several taxpayers wait anxiously for their income tax refunds to get credited to their bank account. For many, the ...

Income Tax Refund 2025 is delayed due to scrutiny of wrongful deductions. CBDT promises most refunds by December with ...