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Direct Tax Insights: Expert Analysis and Updates

Income Tax
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AI Hallucination in Court: ITAT Recalls Order Over Fake ChatGPT-Generated Case Laws in Buckeye Trust Tax Dispute

A recent tax tribunal order, hastily withdrawn after citing non-existent court judgments, has sparked concerns over the possible use of generative AI—a groundbreaking technology reshaping the world but notorious for sometimes fabricating information. In December, the Bengaluru bench of the Income Tax Appellate Tribunal (ITAT) issued an order referencing three Supreme Court judgments and one […] Print

Team CounselviseTeam Counselvise-March 20, 2025
Income Tax
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Advance Tax Payment

Advance tax may seem tricky, but knowing the basics can help you manage your money. This knowledge can also prevent surprises at the end of the financial year. In this blog, we’ll cover advance tax. We’ll explain who must pay it, key deadlines, and the online payment process. We’ll also show you how to calculate […] Print

Team CounselviseTeam Counselvise-March 10, 2025
Income Tax
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How Family Transfers Can Impact Your Tax Bill – Clubbing of Income

Have you ever thought that gifting an asset to a family member might save you tax? Think again! The Income Tax Department has laid down rules—known as clubbing provisions—that could bring that “gift” back to you in the form of extra tax. In this post, we’ll explain clubbing of income. We’ll discuss why it happens […] Print

Team CounselviseTeam Counselvise-March 07, 2025
Income Tax
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1961 to 2025 : Tax Transformation

Finance Minister Nirmala Sitharaman tabled the new Income Tax Bill, 2025, in Parliament on February 13, 2025. It aims to overhaul and modernize the existing framework of the 1961 Act by reducing complexity, removing outdated provisions, and streamlining compliance. Structural Changes Particulars 1961 Act 2025 Bill Number of Sections More than 700 536 Number of […] Print

Team CounselviseTeam Counselvise-February 15, 2025
Income Tax
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Section 80TTB for Senior Citizens in India

For many seniors, handling money in retirement is about smart planning and enjoying their golden years. One of the most beneficial provisions in the Indian Income Tax Act for this demographic is Section 80TTB. In this guide, we’ll cover Section 80TTB. We’ll discuss who can claim it, what types of income it covers, and how […] Print

Team CounselviseTeam Counselvise-February 07, 2025
Income Tax
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Budget 2025: Key Direct Tax Changes You Need to Know

The Union Budget 2025 has introduced several direct tax changes aimed at reducing the tax burden and easing compliance for individuals and businesses. With higher rebate limits, revised TDS thresholds, and relaxed rules for property ownership, these updates benefit salaried employees, senior citizens, small investors, and professionals. Here are the key highlights. 1. Higher Tax […] Print

Team CounselviseTeam Counselvise-February 04, 2025
Income Tax
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ICAI’s Key Suggestions for the Union Budget 2025

With the Union Budget 2025 set to be presented by Finance Minister Nirmala Sitharaman on February 1, the Institute of Chartered Accountants of India (ICAI) has put forth a set of recommendations aimed at simplifying tax laws, reducing litigation, and easing compliance burdens. Among the most notable suggestions is the introduction of joint taxation for […] Print

Team CounselviseTeam Counselvise-January 30, 2025
Income Tax
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Most Common Tax Disputes in Income Tax

Income tax disputes are a recurring challenge for taxpayers and tax authorities worldwide, and 2024 has been no exception. As tax systems evolve and regulations grow complex, disputes arise. They stem from misunderstandings, different interpretations of tax laws, and compliance issues. So, here is the list of most common tax disputes and this includes: 1. […] Print

Team CounselviseTeam Counselvise-January 28, 2025
Income Tax
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Form 16: Everything You Need to Know

Form 16 is a term that frequently pops up during the tax season in India, but what is it really, and why is it so important? Whether you’re a salaried employee navigating the world of taxes or just someone curious about India’s tax system, this guide will break down everything you need to know about […] Print

Team CounselviseTeam Counselvise-January 27, 2025