Income Tax : Explore the latest exemptions, deductions and allowances available under the Income-tax Act for AY 2026-27. The guide covers salar...
Income Tax : Learn how business and professional income is computed under the Income-tax Act after the Finance Act, 2026. This guide explains t...
Income Tax : The Income-tax Act provides presumptive taxation schemes under Sections 44AD, 44ADA, and 44AE to reduce compliance burdens by allo...
Income Tax : This covers how business income is computed under the Income-tax Act, including normal and presumptive methods. It explains deduct...
Income Tax : A simple guide to the five heads of income under the Income Tax Act, 1961, explaining salary, house property, business income, cap...
Income Tax : From April 1, 2025, rental income from house properties must be reported under "Income from House Property," not as business incom...
Income Tax : The introduction of the Direct Taxes Code (DTC), which will replace the 50-year-old Income Tax Act, will make Foreign Institutiona...
Income Tax : The proposed reduction in corporate tax rate from 30% to 25% in the new direct tax code is only one side of the story. The cut ha...
Income Tax : A Double Taxation Avoidance Agreement was signed between India and Tajikistan today, i.e. 20th November, 2008. The Agreement was s...
Income Tax : The ITAT Mumbai ruled that an AO cannot reclassify rental income as business income if it was consistently assessed as income from...
Income Tax : Delhi High Court confirms arbitral award for Fujitsu's offshore supplies is business income, not taxable in India under Japan-Indi...
Income Tax : ITAT Mumbai clarifies tax on builders' unsold inventory, stating no deemed rental income on stock-in-trade. Also addresses 80G ded...
Income Tax : Income Tax Appellate Tribunal (ITAT) Pune recently ruled that notional rent on unsold flats held as stock-in-trade by a builder ca...
Income Tax : Delhi ITAT allows Shivsagar Builders' appeal, deleting additions for notional rent on inventory and clarifying taxable revenue bas...
Income Tax : Clause (via) in section 28 is inserted by Finance Act, 2018, w.e.f. Financial year 2018-19 and it provides taxation of Inventory i...
Finance : A. P. (DIR Series)CIRCULAR NO03/RBI under Section 195 of the Income Tax Act read with Rule 29B of the IT Rules, any person respons...
Explore the latest exemptions, deductions and allowances available under the Income-tax Act for AY 2026-27. The guide covers salary, house property, business, capital gains and other income.
Learn how business and professional income is computed under the Income-tax Act after the Finance Act, 2026. This guide explains taxable receipts, deductions, audits, presumptive taxation, and compliance requirements.
The Income-tax Act provides presumptive taxation schemes under Sections 44AD, 44ADA, and 44AE to reduce compliance burdens by allowing eligible businesses and professionals to declare income at prescribed rates. The key takeaway is that taxpayers opting for these schemes can avoid maintaining detailed books of account and tax audits, subject to specified eligibility conditions and turnover thresholds.
This covers how business income is computed under the Income-tax Act, including normal and presumptive methods. It explains deductions, disallowances, and treatment of various receipts under PGBP.
A simple guide to the five heads of income under the Income Tax Act, 1961, explaining salary, house property, business income, capital gains and other sources.
Explains when high-volume, systematic trading is treated as business income and highlights major criteria, tax rates, and compliance requirements.
A brief study of the tax provisions for Profits and Gains from Business or Profession, covering all chargeable incomes (including deemed income and recoveries) and permissible deductions under Sections 30 to 37, such as depreciation, R&D expenses, and general business costs.
The ITAT Mumbai ruled that an AO cannot reclassify rental income as business income if it was consistently assessed as income from house property in previous years.
Understand PGBP taxation in India: scope, deductions, presumptive schemes, and judicial interpretations under the Income-tax Act, 1961. Essential for entrepreneurs and professionals.
The Finance Act (No.2) of 2024 has changed how residential rental income is taxed in India, classifying it as “Income from House Property.”
