NEW INCOME TAX PENALTIES UNDER INCOME TAX ACT 2025 Based on the information from Income-tax Act, 2025, here is a comprehensive table detailing the various sections for penalties, their nature, and the corresponding amounts: Section Nature of Default / Offence Amount / Quantum of Penalty 298(2) Undisclosed income determined during a block period (search cases).… Read More »
New Income Tax Form no under New Income Tax Rules 2026 Here are the various Form Numbers and their descriptions under the Income Tax Rules 2026, Audit and Assessment Forms Form No. 6: Audit report for claiming deduction of certain preliminary expenses under section 44 or expenses for prospecting of certain minerals under section 51.… Read More »
New Section for Notices in Income Tax Act 2025 Section 171(2): Notice requiring a person who has entered into an international or specified domestic transaction to furnish information or documents during any proceeding. Section 175(7): Notice in writing to require a person to provide details of securities to discover whether income-tax has been borne in… Read More »