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Income Tax : The revised ITR forms for AY 2026-27 introduce new tax slabs, expanded ITR eligibility, and enhanced disclosure requirements. Unde...
Income Tax : The article argues that the daily backup requirement under Rule 46(8) applies only to books maintained in electronic mode, not mer...
Income Tax : Judicial authorities have held that Foreign Tax Credit is a substantive right and cannot be denied merely due to procedural delays...
Income Tax : This guide explains how unexplained cash credits under Section 68 and related provisions can attract steep taxation under Section ...
Income Tax : The document outlines how MAT and AMT ensure that companies and eligible non-corporate taxpayers pay a minimum level of income tax...
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 : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : ITAT Delhi held that reassessment cannot survive when additions are made on issues unrelated to the reasons recorded for reopening...
Income Tax : The Delhi ITAT held that reassessment initiated beyond three years was invalid because the alleged escaped income represented by p...
Income Tax : The Telangana High Court refused to interfere with the assessment order in writ proceedings, citing the availability of an effecti...
Income Tax : ITAT Delhi confirmed disallowance of a Section 80GGC claim after relying on investigation findings that the political party operat...
Income Tax : The Tribunal ruled that non-deduction of tax pursuant to subsisting High Court directions cannot attract liability under Sections ...
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...
The Securities and Exchange Board of India (SEBI) had proposed draft regulations relating to two new categories of investment vehicles namely, the Real Estate Investment Trust (REIT) & Infrastructure Investment Trust (Invit). These regulations were placed in public domain for comments. The final Regulations are yet to be notified.
The Customs Act, 1962 proposed to be amended so that a reference in said Act to a Chief Commissioner of Customs or a Commissioner of Customs may also include a reference to the Principal Chief Commissioner of Customs or the Principal Commissioner of Customs, as the case may be. Further, Principal Chief Commissioner of Customs and Principal Commissioner of Customs also proposed to be included in the class of officers of customs.
Personal Taxation Basic exemption limit to be increased from Rs. 2 lakhs to Rs. 2.5 lakhs for taxpayer below the age of 60 years and from Rs. 2.5 lakhs to Rs. 3 lakhs, in case of senior citizens. The existing limit of deduction under section 80C to be increased from Rs. 1 lakh to Rs. […]
1. Rates of Income Tax, Surcharge and Cess – There is no change in the rate of income tax, surcharge , education and SHE cess. The rates for AY 2015-16 will remain the same as in AY 2014-15. 2. Income Tax basic exemption Slabs -enhanced . The new income tax basic exemption limits has been increased. The revised limits are as under:
To Remove Tax Arbitrage Long-term Capital Gains on debt oriented Mutual Fund and its qualification as Short-term capital asset – Section 2(42A) Amended Unlisted security and a unit of a mutual fund (other than an equity oriented mutual fund) shall be a short-term capital asset if it is held for not more than 36 months. Accordingly rate of tax on long term capital gains increased from 10 percent to 20 percent on transfer of units of Mutual Funds, other than equity oriented funds. Corresponding Amendment also made in Section 112 of the Act
1.0 DIRECT TAXES No change in the tax rates. No change in applicable Surcharge and Education Cess. Personal income tax exemption limit increased by Rs. 50,000 i.e. from Rs. 2,00,000 to Rs. 2,50,000 in the case of individual taxpayers who are below the age of 60 years. Similarly, the exemption limit in case of senior […]
This downloadable Income Tax Calculator, calculate Tax on your Income for for Financial Year 2014-15 / Assessment Year AY 2015-16 Automatically without any hassle.
Tax Proposals of Budget-2014 for Salaried and Retired People along with Automatic Income Tax Tax Calculator in Excel format for Financial Year 2014-15 or Assessment Year 2015-16.
Personal Income-tax exemption limit raised by Rs. 50,000/- that is, from Rs. 2 lakh to Rs. 2.5 lakh in the case of individual taxpayers, below the age of 60 years. Exemption limit raised from Rs. 2.5 lakh to Rs. 3 lakh in the case of senior citizens. This is very good initiative by the NDA Govt. since public is already suffering from the Inflation, so I think this will provide some relaxation to Middle class persons.
Tax Benefits/ Exemptions to Individual/ HUF Basic Exemption Limit for FY 2014-15 is increased to Rs. 250000/- for individuals (whether male or female) below 60 years of age. For persons of 60 years or above, the basic exemption limit is raised to Rs. 300000/- Limit for Deduction u/s 80C has been increased to Rs. 150000/-. […]
