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Tax : The ITAT Pune held that the option exercised under Section 115BAC continues for subsequent years unless it is withdrawn or becomes...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...
Navigate the New Income Tax Regime for Salaried Employees with insights on regime selection, salient features, available deductions, tax calculator, rebate, and break-even analysis. Stay informed for effective tax planning.
Section 192 of the Income Tax Act, 1961 is applicable to all employers who are responsible for deducting tax at source from the salaries of their employees. This section applies to all types of employees, including full-time, part-time, and contractual employees, as long as they are earning a salary.
CBDT vide Circular No. 04/2023-Income Tax clarified that Each year, employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New under section 115BAC) and deduct TDS accordingly, If intimation is not made by an employee then his default tax regime is new Income Tax regime u/s 115BAC. CBDT […]
Section 115BAC was introduced in Finance act 2020 as New Tax Regime whereby new tax rates were introduced for Individuals and HUF as an option to existing tax rates applicable.
Understand the new Critical Examination of Section 115BAC – New Tax Regime from the latest Union Budget. Learn about the applicability, rate of tax and more.
Just before the Finance Minister presented Budget 2023 in the Lok Sabha, my father, echoing the sentiments of many, said: “Being a middle class salaried person, why would anyone opt for the simplified tax regime u/s 115BAC?” This question may have to be re-looked especially after the Budget announcement by the Finance Minister. In her […]
Gain insight into the latest Income Tax changes proposed in Finance Bill, 2023 with this blog post. See the tax rates & chart with the new regime for AY 24-25!
Understand the taxation elects in the Budget 2023: Gross Income – Taxing Gross Income explained in detail.
A new scheme of taxation has been introduced by the Finance Act ,2020 by insertion of a new Section 115BAC. The basic feature of this new tax regime is lower tax rates as compared to existing slab rates but on the other hand the assessee has to forego around 70 exemptions and deductions presently available .
Rejection of ITRs specifically claiming option u/s 115BAC by filing of Form 10-IE Possibility of major bug in new IT Portal specific to cases u/s 115BAC – Regarding
