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Income Tax : In the realm of taxation, income is classified into various categories, with one of the most significant being Income from Busines...
Income Tax : The Indian taxation framework, as delineated by the Income Tax Act of 1961, may initially seem daunting. Nevertheless, acquiring a...
Income Tax : Check the updated tax slabs for FY 2025-26. Know the new tax rates, rebate changes, exemption limits, and comparison with the old ...
Income Tax : Compare India's old and new tax regimes. Learn about tax slabs, deductions, and which option suits your income and investment habi...
Income Tax : Learn about Tax Deducted at Source (TDS) in India, its applicability, key sections, deduction process, penalties, and recent updat...
Income Tax : AIFTP urges swift disposal of 5,49,042 income-tax appeals pending with NFAC/CIT(A), some for over 5 years, to alleviate taxpayers'...
Income Tax : Comprehensive list of 30 banks available at the e-Filing Portal's e-Pay Tax service. Find out the new and migrated banks, along wi...
Income Tax : Learn about advance tax, who needs to pay it, due dates, payment methods, penalties, and exceptions. Understand advance tax instal...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ITAT Hyderabad rules on Shriram Trust's surcharge dispute, stating that surcharge applies only if income exceeds ₹50 lakh. Read ...
Income Tax : ITAT Mumbai deletes surcharge on Lintas Employees Trust, ruling that surcharge applies only if income exceeds ₹50 lakh. Read cas...
Income Tax : ITAT Mumbai ruled in favor of Ujjwal Business Trust, deleting surcharge levied by CPC on income below ₹50 lakh. Read the case su...
Income Tax : Revision order issued by PCIT was quashed against Make My Trip (India) Private Limited as AO had conducted a proper inquiry before...
Income Tax : ITAT Mumbai held that the receipt from parking facilities is to be treated as business income instead of income from other sources...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...
Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...
Corporate tax collections rose to 3.1% of GDP in FY 2023-24. Learn about tax rate reductions since 2019 and revenue foregone of ₹1.09 lakh crore in FY 2022-23.
Details on tax incentives for corporates, revenue loss since 2020, monitoring mechanisms, emerging sector benefits, and job creation impact.
Out of 3.94 crore valid ITRs for AY 2024-25, refunds were processed for 3.68 crore. Reasons for delays include invalid bank details and pending verifications.
The Budget 2025 introduces significant reforms in personal income tax, aimed at providing relief to middle-class taxpayers while simplifying the tax structure. The proposed changes focus on increasing the tax exemption limit, rationalizing tax slabs under the new regime, and ensuring greater disposable income in the hands of individuals. With a higher rebate threshold and […]
Punjab and Haryana High Court held that revisionary proceedings under section 263 of the Income Tax Act on the basis of audit objections raised by audit party justifiable since there was no verification done by AO during assessment proceedings.
Assessee also pointed out that the income from these credits was included in its accounts for the year and taxed accordingly. A claim for interest under section 244A for the short refund was also raised.
Compare Old vs. New Tax Regimes for FY 2025-26. Check tax slabs, deductions, rebates, and use the tax calculator to estimate your tax liability.
Government policies discourage savings by reducing tax benefits under the Old Tax Regime, impacting those with housing loans and insurance commitments.
Understanding the applicability of Section 87A rebate for capital gains under both the old and new tax regimes post-Budget 2025.
Budget 2025 proposes a 10-year registration for small charitable trusts with income under ₹5 crores, aiming to reduce compliance but excludes new trusts and Section 80G approvals.
