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 : This guide explains the tax benefits, deductions, presumptive taxation schemes, and compliance relaxations available to small busi...
Income Tax : CBDT allows eligible salaried taxpayers with LTCG up to ₹1.25 lakh under section 112A to file ITR-1, simplifying return filing f...
Income Tax : This guide explains the tax treatment of salary, allowances, perquisites, retirement benefits, and deductions under the Income-tax...
Income Tax : The Income Tax Department is using AI, data analytics, AIS, and PAN-based verification to identify incorrect HRA exemption claims....
Income Tax : From April 2025, standard and family pension deductions will increase to ₹75,000 and ₹25,000 under the new tax regime, boostin...
Income Tax : Discover the Ministry of Finance's latest tax changes: ₹75,000 standard deduction, enhanced pension benefits. Potential savings ...
Income Tax : Perquisites includes the value of any concession in the matter of rent respecting any accommodation provided to the assessee by hi...
Income Tax : Cautionary Advisory on Reports of tax evasion by under-reporting income or inflating deductions/Exemptions by salaried taxpayers. ...
Income Tax : The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable...
Income Tax : The ITAT Pune held that compensation received under an Early Retirement Scheme could not be taxed as profits in lieu of salary und...
Income Tax : The Income Tax Appellate Tribunal (ITAT), Chennai, held that an ex-gratia payment received by an employee upon the closure of the ...
Income Tax : In the case of Sanjay Baweja Vs DCIT, the Delhi High Court ruled that one-time payments in lieu of ESOPs do not constitute salary ...
Income Tax : ITAT Delhi dismisses Revenue's appeal against order of Commissioner of Income Tax (Appeals) regarding valuation of perquisites and...
Income Tax : Explore the ITAT Delhi ruling on Devi Dayal Vs DCIT regarding taxation of salary earned by a non-resident outside India. Detailed ...
Income Tax : CBDT amends Income-tax Rules 1962. This change, effective August 21, 2025, revises Rule 21AIA, omitting sub-rule (4) and redefinin...
Income Tax : CBDT notifies new perquisite rules under Section 17(2); salary limit ₹4 lakh and gross total income limit ₹8 lakh for claiming...
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 : Corrigendum for the Notification bearing G.S.R. No. 615 (E) dated 18.08.2023 i.e. Income Tax Notification No. 65/2023 dated 18th A...
Income Tax : CBDT has modified Income Tax Rules, 1962, to determine the value of perquisite for residential accommodation provided by employers...
HRA exemption and home loan deductions operate under separate sections of the Income Tax Act. Taxpayers may claim both under the old tax regime if the arrangement is genuine.
The new form consolidates multiple income disclosures into one, enabling accurate TDS deduction. Key takeaway: unified reporting reduces excess tax deduction and refunds.
Explains salary taxation under Income-tax Act 2025 from April 2026, covering sections, perquisites, deductions, TDS changes and new forms.
The case explains how salary income is computed on a gross basis with only specific deductions permitted. It clarifies the scope of taxable components and highlights the restrictive nature of allowable deductions under the Income-tax Act.
From April 2026, 8 cities qualify for 50% HRA exemption. New rules impact calculations, compliance, and disclosures for salaried taxpayers.
Form 124 allows employees to declare tax-saving claims to employers. Filing ensures correct TDS calculation with eligible deductions.
Employers are required to issue a detailed perquisites statement where salary exceeds Rs.1.5 lakh. This ensures accurate reporting and taxation of employee benefits.
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.
A structured guide to Sections 15–17 covering salary components, perquisites, and deductions. Explains exemptions, TDS rules, and relief provisions clearly.
Sections 15–17 define salary broadly to include allowances, perquisites, and retirement benefits. Tax is charged on the earlier of due or receipt basis.
