CAclubindia Articles
Condonation of Delay in ITR Filing u/s 119(2)(b) of the Income Tax Act, 1961
19 February 2025
2245 Views
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
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
18 February 2025
505 Views
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
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!
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
18 February 2025
7908 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.
Company and LLP Strike Off vs. Winding Up: Key Differences and Procedures in India
Businesses in India may shut down due to financial constraints, regulatory challenges, or strategic changes. The two main ways to close a Company or Limited Lia...
Impact of GSTR 2A on Input Tax Credit (ITC) Claims
GSTR 2A is a vehicle-generated statement in the GST portal that reflects inward materials based totally on the GSTR 1 filed via providers.
Form GST ENR-03: A Progressive Step Towards Inclusive E-Way Bill Compliance
CBIC introduced Form GST ENR-03. Effective from February 11, 2025, this form facilitates the enrollment of unregistered persons on the e-Way Bill portal, enabling them to generate e-Way Bills independently.
New Invoice Management System (IMS) in GST
IMS was developed by GST Council and GSTN (Goods and Services Network) and it was launched on 1st October 2024, made available to users on 14th October for ITC computation and claim process.
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