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Income Tax : The standard deduction is one of the most popular deductions because it makes tax filing easier by lowering taxable income without...
Income Tax : Learn how residential status affects tax liability under the Income Tax Act, 1961. Understand ROR, RNOR, and NR classifications an...
Income Tax : Bombay High Court, in Chamber of Tax Consultants v. Director General of Income Tax (Systems) (2025), ruled that flaws in the ITR u...
Income Tax : Co-browsing helps taxpayers file ITR, change settings, and navigate the tax portal with real-time help from agents. Secure, free, ...
Income Tax : This article provides an in-depth analysis of India's tax brackets, key deductions, and recent amendments to income tax laws, help...
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 : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : ITAT Mumbai allows compensation for contract breach as business expense, dismisses revenue's appeal on advance additions in Logica...
Income Tax : ITAT Ahmedabad remands case due to incorrect notice delivery, allowing reassessment of unexplained deposits and income under natur...
Income Tax : ITAT Chennai remands case for fresh assessment, allowing Ramesh Sreenivasalu to submit documents on demonetization cash deposits. ...
Income Tax : ITAT Mumbai rules that trading results and gross profit cannot be disturbed if purchases, sales, and payments are substantiated. B...
Income Tax : ITAT Delhi directs inclusion of Magma Advisory Services Ltd. in Honda R&D's comparable list, rejecting TPO's reasons and DR's func...
Income Tax : Details of the Lok Sabha Select Committee's sittings on March 6-7, 2025, to examine the Income-Tax Bill, 2025, with oral evidence ...
Income Tax : CBDT updates income tax rules and forms for business and securitization trusts. Notification 17/2025 amends Rules 12CA & 12CC, imp...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
The ITAT Ahmedabad dismissed rectification orders passed under Section 154 of the Income Tax Act, upholding the setting off of business loss against property income and income from other sources.
Bombay High Court held that different view by Authority of Advance Ruling (AAR) in case of another Applicant cannot be ground for reopening of assessment under section 147 of the Income Tax Act.
ITAT Delhi held that passing of project-specific architectural drawings and designs with measurements did not amount to making available technical knowledge, know-how, or processes. Since ‘make available’ clause is not satisfied, services rendered to the AOP does not fall within the purview of FIS under Article 12(4)(b) of the India-USA DTAA.
ITAT Mumbai held that TPO rightly treated interest receivables as a loan outstanding given by assessee to its Associated Enterprises (AE) and charging interest on the same.
ITAT Delhi held that supplemental rent/maintenance reserve would be exempt from tax in the hands of lesser in India as per Section 10(15A) of the Act and hence, no disallowance u/s 40(a)(ia) for non-deduction of TDS. Hence, TDS not deductible on such amount paid to foreign company for acquiring aircraft on lease.
Amid disruptive weather conditions, Tax Advocates Association Gujarat pleads for an extension of the Income Tax Return filing deadline from 31st July to 31st Aug 2023.
Explore the Presumptive Taxation Scheme under Sections 44ADA and 44AE of the Income Tax Act 1961. Learn how individuals and partnership firms in specified professions can declare income at a prescribed rate, simplifying tax compliance. Understand the eligibility criteria, computation methods, ITR form usage, and the benefits of adopting these schemes for small business owners and professionals.
Understand the income tax provisions on the taxability of capital gains from the sale of land. Explore the types of capital gains, calculation methods, tax rates, and deductions available under sections 54F and 54EC. Learn how to optimize tax liabilities and make informed decisions when dealing with the sale of land.
Understand the new tax regime (NTR) from FY 2023-24 and learn how to save tax with allowable rebates, exemptions, and deductions.
As a salaried employee in India, optimizing tax savings is essential to maximize take-home income and achieve financial goals. The Indian Income Tax Act offers several tax-saving instruments and deductions that can help individuals reduce their tax liability while making prudent financial investments. In this article, we’ll explore some of the most popular tax-saving instruments available to salaried employees in India.
