Section 260A of the Income Tax Act, 1961, provides for an appeal to the High Court against orders passed by the Income Tax Appellate Tribunal (ITAT), effective from October 1, 1998. It allows both the taxpayer and the tax department to appeal, but only if the High Court is satisfied that the case involves a substantial question of law.
Income Tax Department. Appeal to High Court. 260A . (1) An appeal shall lie to the High Court from every order passed in appeal by the Appellate Tribunal before the date of establishment of the National Tax Tribunal, if the High Court is satisfied that the case involves a substantial question of law.
It is mandatory to submit Form 10-IEA for Opt out or Re-entering in to New Tax regime by Individuals, HUF, AOP (other than co-operative societies),BOI & AJP who have income from business or profession.
Overview of Section 206A
Section 206A of the Income Tax Act mandates certain entities (mainly banks, co-operative societies, and public companies) to furnish statements of interest paid, even if no TDS was deducted on such interest.
120 days from the date on which order of Tribunal is received by the assessee or the Principal Chief Commissioner/Principal Commissioner/Chief Commissioner or Commissioner. High Court may admit appeal after 120 days if it is satisfied that there was sufficient cause for delay.
A stranger cannot be permitted to file an appeal unless he/she is able to satisfy the court that he/she is aggrieved by the order. Such an appeal should necessarily be filed after obtaining leave from the court; The person should be able to establish that the order has caused a direct injury.
Can an Appeal be filed after 30 days? Income Tax Law has provided a period of 30 days for filing Appeal before CIT (A). However, in exceptional cases where assessee has reasonable cause, due to which he is not able to file Appeal within prescribed time, then CIT (A) has power to condone the delay. 6.
Some of the major tax changes effective from April 1, 2025, are revised tax slabs, rebate of up to Rs. 60,000, revised ITRU deadlines, calculation of partner's remuneration allowable as a deduction and revised TDS/TCS threshold limits.
Rate of TDS : TDS is to be deducted at the rate of 2 percent on payments made to the supplier of taxable goods and/or services, where the total value of such supply, under an individual contract, exceeds two lakh ifty thousand rupees.
What is the difference between 10IEA and 10IE? Form 10IE was required to opt for the new tax regime when the old tax regime was the default, applicable for AY 2021-22 to AY 2023-24. From AY 2024-25 onwards, since the new tax regime is the default, taxpayers must file Form 10IEA to opt for the old tax regime.
You generally don't have to file U.S. federal taxes if your income falls below the standard deduction for your filing status (e.g., single, married) and age, but you might still need to if you have self-employment income over $400, certain investment income, or received Social Security benefits that become taxable due to other income. Even if not required, filing is smart to claim refundable credits or get refunds, but some people, like certain low-income seniors or those with only non-taxable income, are typically exempt.
In case you (as a person having business/ professional income) 'opted out' of new tax regime in earlier Assessment Year and you want to continue the old tax regime in ITR, you don't need to file the Form 10-IEA every year.
An Individual, HUF, AOP (not being co-operative societies), BOI or Artificial Juridical Person with business or professional income must submit Form 10-IEA if they wish to pay income tax as per the old tax regime.
100% Deduction (No Limit) – Donations to funds like the National Defense Fund, Prime Minister's National Relief Fund, National Foundation for Communal Harmony, and National/State Blood Transfusion Council qualify for a full 100% tax deduction without any limit.
LTC exemption would be allowed for up to two journeys taken within a block of four calendar years. Block year refers to a specific period of four years, during which an employee is allowed to claim LTA for up to two trips. The current block year for claiming LTA started in 2022 and will end in 2025.
For the 2025 tax year, the seven federal tax rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. A key income threshold to watch for high-income filers is $197,300 for single filers and $394,600 for married couples filing jointly.
April 2025 heralds some of the most important changes to employment law in several decades, with the Government's Employment Rights Bill beginning implementation, as well as the obligatory National Minimum Wage increase.
Under the new income tax regime for 2025-26, any taxable income up to ₹12,00,000 attracts a full rebate of ₹60,000 (under Section 87A), resulting in a nil tax liability.
Exemptions from Foreign Remittance Tax
The following types of remittances are exempt from TCS applicability: Education Loans: financed by banks/financial institutions (u/s 80E). Remittances Under Rs. 10 lakh: for education and medical purposes.
While the U.S. can legally tax you twice on the same income, most American expats never pay taxes twice. The IRS provides powerful tools like the Foreign Earned Income Exclusion and Foreign Tax Credit that eliminate or significantly reduce double taxation for Americans living abroad.
Below is a summary of the key updates: Old deadline: September 30, 2025. New deadline: October 31, 2025.
Summary Opinion: this opinion is issued in cases heard in the Small Cases division of the Tax Court, where the Tax Court hears disputes that are less than $50,000. This opinion cannot be relied on as precedent, and the decision cannot be appealed.