⏰ Mark Your Calendar! The ITR Filing Due Date for FY 2025-26 (AY 2026-27): For salaried individuals and non-audit cases, the strict deadline is July 31, 2026. Gone are the days when filing your Income Tax Return (ITR) was just a routine paperwork chore or a quick trick to get a refund. Today, the Income Tax Department tracks nearly every financial move you make using advanced artificial intelligence and highly connected digital systems like the Annual Information Statement (AIS). In fact, hardworking salaried professionals are now the absolute backbone of…

Synopsis of the Case In this case, a taxpayer (the assessee) booked a residential flat in 2011 and paid the purchase price using bank cheques. However, the formal registration of the property was delayed and only completed in 2017. By 2017, the government-assessed value of the property had significantly increased. The Income Tax Department tried to tax the buyer on the difference between the 2017 property value and the 2011 purchase price. The Income Tax Appellate Tribunal (ITAT) ruled in favor of the taxpayer, stating that since the payment was made…

Buying a property in India is a massive financial milestone, but the legal landscape has shifted dramatically. The Income Tax Department has fundamentally transformed real estate into its ultimate tool to enforce tax compliance, and the burden is no longer just on the seller. Today, the buyer is legally forced to act as the government's primary tax collector. A single procedural mistake can result in 100% penalties, brutal tax notices, or even property confiscation.At Shahnawaz and Associates, our Property taxation consultancy service is specifically designed to shield buyers from these…

The tax landscape in India has officially transformed. With the Income-tax Act, 2025 coming into full effect from April 1, 2026, the traditional way of filing TDS and TCS returns is obsolete. The old alphabet-soup of sections (194C, 194J, 206C) has been replaced by three master sections, universal reporting codes, and entirely new tax forms. Furthermore, the recent Budget 2026 has introduced major rate cuts and threshold hikes for foreign remittances. If you are a business owner, deductor, or tax professional, here is your definitive May 2026 guide to staying…

A very common question business owners, freelancers, and influencers ask is: "What is the maximum bank transaction limit before the Income Tax Department notices me?"There are countless stories of individuals panicking because their bank accounts were suddenly frozen due to crossed thresholds. Many independent professionals operate under a dangerous myth: "I operate on a small scale; no one is watching my transaction limits."The reality is vastly different. The system no longer relies solely on what you voluntarily declare. Through forensic data aggregation and automated systemic reporting, the Income Tax Department…

Expert Insights from CAshahnawaz.com | Navigating the Income Tax Act 1961 & The Historic 2025 Transition Welcome to CAshahnawaz.com! If you manage a charitable trust, NGO, educational institution, or Section 8 company in India, staying perfectly compliant with the Income Tax Department’s donation reporting rules is critical to your organization's survival. This comprehensive, deep-dive guide breaks down everything you need to know about filing your donation statements, maintaining immaculate audit trails, avoiding crippling penalties, and preparing for the monumental legislative shifts coming with the Income Tax Act 2025. Statutory Due…

The Central Board of Direct Taxes (CBDT) has issued a new notification on January 21, 2025, introducing special provisions for non-resident businesses engaged in operating cruise ships under Section 44BBC of the Income-tax Act, 1961. These changes, known as the Income-tax (First Amendment) Rules, 2025, aim to regulate and define the conditions for computing profits and gains for such operations.Key Highlights of the NotificationApplicability:The rules apply to non-residents operating cruise ships for leisure and recreational purposes in India.Conditions to Qualify for Section 44BBC:To benefit under this section, the following conditions…

The Central Board of Direct Taxes (CBDT) issued Circular No. 15/2024 on 4th November 2024, specifying monetary limits for various authorities granting such relief. The powers are distributed as follows: Pr. CIT/CIT can handle cases where the interest amount is up to Rs. 50 lakh; CCIT/DGIT for amounts between Rs. 50 lakh and Rs. 1.5 crore; and Pr. CCIT for amounts exceeding Rs. 1.5 crore. This structure ensures that requests are handled by the appropriate level of authority based on the size of the tax demand. To qualify for a…

CBDT on 30th Oct 2024 through Circular 14/2024 condones late filing of Income tax Return to claim the deduction of Section 80P for the Co operative societies for the Assessment year 2023-24. One of the condition to avail the deduction of 80P is to furnish the return on or before the due date under sub section (1) of section 139 of the Act. This was applicable from 01/04/2018 by Finance Act 2018.CBDT had condoned the same for AY 2018-19 to AY 2022-23 by Circular 13/2023 dated 26.07.2023 . the current Circular…