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Tax : The ITAT Pune held that the option exercised under Section 115BAC continues for subsequent years unless it is withdrawn or becomes...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...
Explore simplified summary of 10 important changes in Union Budget 2025 concerning direct taxes. Understand new income tax rates, MSME criteria, TDS thresholds, and more.
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 for the new regime.
Bombay HC clarifies that rebate under Section 87A can be adjudicated during assessment, not restricted at the threshold based on Section 115BAC tax calculation.
ITAT Kolkata held that denial of concessional tax rate benefit under section 115BAC of the Income Tax Act merely for delayed filing of form no. 10IE not justifiable since the substantial justice should not be denied due to technical lapse.
Bombay HC examines Section 87A rebate issues due to ITR software changes post-July 2024, affecting taxpayers’ rights. Interim relief granted; final hearing on Jan 2025.
Learn the key changes in income tax slabs for AY 2024-25 & 2025-26 under section 115BAC, including standard deductions and new tax rates.
Discover the key changes in India’s Income Tax Law from the Union Budget 2024-25. Highlights include revised tax slabs, increased deductions, and simplified taxation.
Read the full text of the ITAT Pune order in Akshay Devendra Birari Vs DCIT regarding the allowance of benefits under the new income tax regime. Learn about Form 10IE requirements and its impact on income tax assessments.
Analysis of Sections 87A and 115BAC(1A) of the Income Tax Act, 1961, detailing their implications for taxpayers, including rebates and the new tax regime options.
Discover the deductions and exemptions not available under the New Tax Regime (Section 115BAC) of the Income Tax Act, 1961, to make an informed decision.
