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Income Tax : Taxation plays a key role in reducing income inequality through progressive tax policies, redistribution, and public services. Lea...
Income Tax : Understand tax obligations for freelancers in India, including GST, deductions, advance tax, and compliance strategies to manage t...
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 : 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 Delhi held that accumulation under section 11(1)(a) of the Income Tax Act is to be allowed at 15% of gross receipts. Accordin...
Income Tax : ITAT Chandigarh held that treating capital gains earned on sale of shares as bogus merely on the basis of warning letter of SEBI w...
Income Tax : Bombay High Court invalidates reassessment notice under Section 148 of the Income Tax Act, citing failure to meet jurisdictional c...
Income Tax : ITAT Jaipur held that exercise of revisionary power under section 263 of the Income Tax Act on the basis of audit objection is not...
Income Tax : Bombay High Court dismisses Shandilya Properties LLP's petition challenging an income tax assessment order, directing them to exha...
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...
ITAT Chandigarh held that disallowance for late deposit of employees’ share of PF/ ESI contribution to relevant funds beyond prescribed due date under respective Act is duly sustainable in law.
In this article, we will delve into the intricacies of income tax calculation for senior citizens. We will explore the tax-free amount for senior citizens, the tax slabs applicable in 2023, and provide useful tips on how senior citizens can reduce their income tax burden.
ITAT Hyderabad held that when there was an apparent mistake in the order of the AO in accepting the returned income instead of substituting the same with the assessed income there was an apparent error rectifiable under section 154 of the Income Tax Act.
ITAT Mumbai held that amount cannot be treated as unexplained and accordingly addition u/s 69A of the Income Tax Act unsustainable as amount duly recorded in books of account and offered to tax as professional fees.
ITAT Pune held that no proper justification offered by the assessee in respect of difference of turnover reported in audit report and ITR. Accordingly, addition towards the said difference sustained.
ITAT Delhi held that amendment to section 36(1)(va) of the Income Tax Act and section 43B of the Income Tax Act brought in Finance Act, 2021 is prospective in nature i.e. effective from 01.04.2021 and not retrospective in nature.
ITAT Lucknow held that benefit of exemption cannot be disallowed merely because the same was claimed u/s 54F of the Income Tax Act instead of claiming u/s 54 of the Income Tax Act. Such mistake is inadvertent and typographical mistake.
ITAT Delhi held that penalty under section 271(1)(c) of the Income Tax Act not imposable when income is assessed on estimate basis and accordingly additions are made therein on estimate basis.
Article explores Section 192(1C) of Income-tax Act, which permits eligible start-ups to deduct or pay tax on ESOP perquisite within 14 days of specified events. Criteria for being an ‘eligible start-up’ and benefits associated with this provision will be discussed.
The scope of reopening assessments under the Income Tax Act, 1961 (IT Act) remains unclear, despite several reformative changes introduced by the Parliament through the Finance Act, 2021.
