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Income Tax : The article explains how ESOP taxation in unlisted companies occurs at both exercise and buyback stages. It highlights perquisite ...
Income Tax : The FAQs explain the revised CBDT guidelines on compounding offences under the Income-tax Act effective from 17 October 2024. They...
Income Tax : Learn the eligibility, investment conditions, exemption limits, timelines, and withdrawal provisions for capital gains exemptions ...
Income Tax : This FAQ serves as a reference for the Income-tax Act provisions relating to cash receipts, loans, repayments, and electronic paym...
Income Tax : This FAQ covers all ten notified ICDS, explaining their scope, applicability, disclosures, and treatment of various tax-related tr...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : The ITAT Mumbai held that sales tax and similar State Government incentives were capital receipts because the schemes were intende...
Income Tax : The ITAT Visakhapatnam held that the Commissioner cannot invoke Section 263 where the Assessing Officer has already conducted inqu...
Income Tax : The ITAT Visakhapatnam held that deduction under Section 80P cannot be allowed where the assessee failed to file a valid return of...
Income Tax : The Tribunal directed the Assessing Officer to grant Foreign Tax Credit, observing that delayed filing of Form No. 67 is only a pr...
Income Tax : The ITAT Jaipur held that reassessment under Section 147 was invalid because the Assessing Officer merely relied on Investigation ...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
Rental income in the hands of owner is charged to tax under the head Income from house property. Rental income of a person other than the owner cannot be charged to tax under the head Income from house property. Hence, rental income received
We all think that we are eligible for Interest Deduction U/s. 24(b) up to Rs. 2,00,000/- on home loan taken for Self Occupied property. But many taxpayers are not aware that in some cases the deduction of Housing Interest on Self Occupied Property is available only upto Rs. 30,000/- instead of Rs. 2,00,000/-. In this article we have discussed Such provisions.
The Public Provident Fund is the darling of all tax saving investments. You invest in it and you get a deduction on your income. Besides, the interest you earn on it is tax-free. Since it is a scheme run by the Government of India, it is also totally safe.
As we are in the middle of the financial year , it is time to start planning your tax saving strategies. A house can also be used to reduce the tax liability to a certain extent. Under Section 24 of the Income Tax Act, deduction in respect of interest paid up to Rs 1.5 lakhs (2 lakh from AY 2015-16) per annum on a home loan is allowed.
March of any year is the month when one feels as if he is being subject to extortion – not in its literal meaning but in the form of tax deduction at source or advance tax or forced to invest in tax saving investments. There could be moments when you feel that you have paid too much of taxes or too much of tax has been deducted from your salary.
Form 26As can be viewed/ downloaded through e-filling website incometaxindiaefiling.gov.in, internet banking or TRACES website based on the choice of the taxpayer to view his tax credit. Note:‑ For records greater than 20,000 a download request for Form 26AS as a text file needs to be submitted at TRACES by its registered users. For any […]
A new section 87A by Finance bill 2013 has been introduced for Income Tax Deduction of Rs. 2000/- for Assessment Year 2014-15. This rebate can be availed Tax payer/Assessee under section 87A. It is necessary to read clauses 19 and 20 of the bill to make it more clear-
In computation of income under the head Profits and gains of business or profession (PGBP), some of the expenses are allowed under Income Tax Act 1961 and can be claimed by the assessee only in the year in which the payment is actually made.
The income tax return season is in full swing with 31st July approaching fast. While filing the income tax return salaried people only provide copy of the form No. 16 to the person preparing his income tax returns without any further details.
AS REGARDS taxation of political parties, the income tax law prevalent in India has shown a kind and compassionate treatment. Section 13A of the Income-tax Act, 1961 confers tax-exemption to recognized political parties for income from house property, income by way of voluntary contributions, income from capital gains and income from other sources.
