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Tax : The ITAT Pune held that the option exercised under Section 115BAC continues for subsequent years unless it is withdrawn or becomes...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 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.
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.
Presently, rebate is allowed u/s 87A of Rs. 12,500/- in old regime of Income Tax, if any resident individual whose total income during the previous year does not exceed Rs. 5,00,000. Rebate is available only to the extent of Rs.12,500, and if total income exceeds Rs. 5,00,000 no rebate will be available.
ITAT Patna held that as assessee duly complied with the requirement of maintaining the records of the donors in the form of their names and addresses the same cannot be held as anonymous donations and accordingly provisions of section 115BBC of the Income Tax Act are not attracted.
Explore the detailed analysis of the new tax regime under sections 115BAC, 115BAA, and 115BAD for F.Y. 2023-24 A.Y. 2024-25. Understand the impact on taxpayers, key changes, and factors influencing the choice between old and new tax regimes. Stay informed to make well-informed decisions and comply with the latest tax regulations.
