Income Tax : Despite Section 115BAC(1A) introducing slab rates for AOPs, CPC and tax utilities continue applying outdated rates, causing confli...
Income Tax : Compare surcharge rates under the new and old tax regimes. Learn how income thresholds impact tax liabilities for individuals and ...
Income Tax : Budget 2025 introduces new income tax amendments, including changes in tax slabs, TDS limits, and rebates under sections 115BAC an...
Finance : Union Budget 2025 focuses on growth engines like MSME, agriculture, and exports. Major tax reforms include a ₹12L exemption limi...
Income Tax : Union Budget 2025-26 introduces tax reforms, revised income tax slabs, increased rebate under Section 87A, and changes in TDS/TCS ...
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 : ITAT Ahmedabad grants relief to Ria Zaveri Trust, ruling that excessive surcharge imposed by CIT(A) was unjustified. Decision alig...
Income Tax : Petitioner No.1 is a society registered under the Societies Registration Act of 1860 and the Bombay Public Trusts Act of 1950. It ...
Income Tax : ITAT Pune sets aside CPC's order, ruling that Akshay Malu's return under the old tax regime is valid, despite filing Form 10-IE fo...
Income Tax : Bombay HC clarifies that rebate under Section 87A can be adjudicated during assessment, not restricted at the threshold based on S...
Income Tax : ITAT Kolkata held that denial of concessional tax rate benefit under section 115BAC of the Income Tax Act merely for delayed filin...
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...
Explore the intricacies of income tax regimes and mandatory filing obligations for individuals below 60 years. Understand old vs. new tax slabs with illustrative examples.
Explore crucial updates in ITR forms for the Financial Year 2023-24. From tax regime shifts to added disclosures, stay informed for seamless filing. Get expert insights.
Introduction: The financial year 2023-24, corresponding to the assessment year 2024-25, introduces significant amendments that impact taxability, exemptions, and deductions. These changes are pivotal for taxpayers aiming to navigate the altered fiscal landscape effectively. Understanding these amendments is crucial for optimizing tax planning and compliance. Applicable Sec Particulars Taxability Sec 50AA Taxability of Debt Fund […]
Explore how opting for tax under Section 115BAC affects exemptions in various heads of income. Learn about deductions not available and key considerations for taxpayers.
Explore the tax implications for salaried individuals and independent professionals. Learn when professional fees may be treated as salary income, with insights from key judgments.
The Income-tax Act has prescribed time limit in respect of various procedures, applications, etc. (like time limit for filing an appeal to the Commissioner of Income-tax (Appeals), deposit of tax on distributed profits of domestic companies, filing return of income, filing belated return of income, etc.).
Explore the calculation of taxable salary income under Section 115BAC. Compare old and new tax regimes, exemptions, deductions, and benefits.
Explore differences between old and new tax regimes in India from an individual taxpayer’s perspective. Learn about exemptions, deductions, and their implications in this comprehensive analysis.
Explore the New Tax Regime (Section 115BAC) introduced in the Income Tax Act, 1961 by the Indian government. With lower tax rates and simplified rules, discover its applicability, income tax rates for FY 2023-24, and the impact on exemptions. Make informed choices for FY 2023-24 with our detailed guide.
Learn about marginal relief in the new income tax regime and how it benefits small taxpayers. Explore examples and understand how even a small increase in income above ₹ 7 lakh can result in higher tax liability.
