Income Tax : Explore income-tax rates applicable over the last ten assessment years for individuals, companies, firms, LLPs, HUFs, and co-opera...
Income Tax : Understand every reporting requirement under Form 3CD as amended by the Finance Act, 2026. This guide explains clause-wise disclos...
Income Tax : Learn the difference between Sections 80TTA and 80TTB, including eligibility, deduction limits, and the types of interest income c...
Income Tax : A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to ...
Income Tax : The article explains how taxpayers often wrongly assume that housing loan loss benefits remain available under the new tax regime....
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Tax : The ITAT Pune held that the option exercised under Section 115BAC continues for subsequent years unless it is withdrawn or becomes...
Income Tax : ITAT Mumbai ruled that the amended first proviso to Section 87A refers to total income and does not distinguish between normal inc...
Income Tax : ITAT Chennai held that inclusion of taxable long-term capital gains in total income does not disentitle an assessee from claiming ...
Income Tax : ITAT Rajkot held that Section 87A does not expressly prohibit rebate on tax payable on short-term capital gains under Section 111A...
Income Tax : ITAT Agra held that neither Section 87A nor Section 111A expressly prohibits rebate on tax payable on short-term capital gains for...
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...
A guide to available income tax deductions for AY 2025-26 under various default tax regimes (115BAA, 115BAB, 115BAC, 115BAD, 115BAE) for different taxpayer types.
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.
