Income Tax : Explains how the new tax regime under Section 115BAC impacts higher-income salaried taxpayers, analysing the 25% slab, loss of ded...
Income Tax : Explains key deductions under Chapter VI-A and highlights frequent taxpayer errors, including documentation lapses and section-wis...
Income Tax : Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, incl...
Income Tax : Comparison of Old vs. Default Tax Regimes (Sec 115BAC) for salaried income. Covers tax slabs, Standard Deduction, and Surcharge ra...
Income Tax : Know the differences between Sections 80TTA and 80TTB of the Income-tax Act. Learn eligibility, deduction limits of Rs.10,000 and ...
Income Tax : The Finance Act, 2025, introduces new tax slabs and a higher rebate threshold for salaried individuals. This summary explains how ...
Income Tax : An overview of the Government's tax exemption framework, removal of deductions, and proposed revisions to reduce tax liability for...
Income Tax : Rejection of ITRs specifically claiming option u/s 115BAC by filing of Form 10-IE Possibility of major bug in new IT Portal specif...
Income Tax : New Income Tax Regime, Section – 115BAC, Income-tax Act, 1961 Tax on income of individuals and Hindu undivided family under ...
Income Tax : On 26th June, the Central Board of Direct Taxes (CBDT) has made certain changes in Income Tax Rules vide Notification No. 38/20...
Income Tax : The Tribunal examined denial of rebate due to technical computation issues. It held that deduction must be granted as income was b...
Income Tax : The Tribunal held that a one-day delay in filing Form 10IE for an earlier year cannot defeat the assessee’s right to be taxed un...
Income Tax : The Tribunal held that Section 87A rebate applies to STCG and LTCG taxed under Sections 111A and 112 when income is within ₹7 la...
Income Tax : The Tribunal observed that Form 10-IE was available on record before return processing and should have been considered. The assess...
Income Tax : ITAT ruled that a resident individual, opting for new tax regime with income below ₹7 lakhs, is eligible for full S 87A rebate, ...
Income Tax : CBDT vide Circular No. 04/2023-Income Tax clarified that Each year, employer shall seek information from each of its employees r...
Income Tax : Perquisites & Allowances to Taxpayer opting Lower Tax Rate Option- Section 115BAC CBDT issued Notification No. 38/2020-Income ...
Income Tax : An employee, having income other than the income under head profit and gains of business or profession and intending to opt for th...
The Finance Act, 2025, introduces new tax slabs and a higher rebate threshold for salaried individuals. This summary explains how these changes aim to provide financial relief and potentially boost consumption.
Compare the new default tax regime (Section 115BAC) and the old regime. Understand the differences in tax rates, surcharge, and a comprehensive list of allowed vs. disallowed deductions.
Learn how to report tax regime changes in ITR-3 for AY 2025–26 using Form 10-IEA. Includes rules, filing steps, and common taxpayer scenarios.
Budget 2025 updates tax slabs under section 115BAC, offering zero tax up to ₹12 lakh income with rebate and marginal relief. Old regime remains unchanged.
ITAT Mumbai held that Private Discretionary Trust whose income is chargeable to tax at maximum marginal rate is not leviable to pay surcharge if the slab rates are below Rs. 50 Lakhs. Accordingly, surcharge is not leviable in the present case and appeal is allowed.
Compare India’s old and new tax regimes for FY 2025-26. Find the break-even point based on deductions to choose the best option.
ITAT cochin bench held that the benefits of new tax regime u/s 115BAC shall not be denied even if there is a delay in filing of Form No. 10IE, provided Form 10IE is filed along with the return of income and it is available at the time of processing the return.
Compare the old and new tax regimes for FY 2025-26 to find out which one suits your financial situation, with details on exemptions, deductions, and tax slabs.
ITAT Mumbai rules in favor of Lintas Trust on surcharge issue, clarifying no surcharge applies when income is below ₹50 lakh as per Finance Act provisions.
Tax loss harvesting is a tax planning strategy that allows taxpayers, especially investors, to lower their capital gains tax liability by selling securities at a loss.
