Income Tax : This guide explains the tax deductions, TDS relief, advance tax exemption, and return filing benefits available to senior and supe...
Income Tax : The provisions under Sections 80C, 80D, 80DD, and 80DDB provide tax deductions because taxpayers incur eligible expenses on life i...
Income Tax : Explore the meaning and definition of Section 2(14) Capital Assets, including FAQ's, case laws, and exemptions. Learn how it appli...
Income Tax : Discover income tax benefits enjoyed by senior and super senior citizens under Income Tax Act of 1961, from higher deductions to s...
Income Tax : Advocating for an increase in the limit of expenditure on treatment under Section 80DDB of the Income Tax Act. Discover why the cu...
Income Tax : ne of the pillars of the of the taxation proposals included in the Finance Minister’s budget speech for 2015-16 was extension of...
Income Tax : ITAT Hyderabad deleted the Section 115BB addition after holding that the gaming platform's records showed a net loss, not taxable ...
Income Tax : The Tribunal sent the issue of deduction for political donations back to the Assessing Officer after finding that bank transaction...
Income Tax : The Tribunal upheld 200% penalty under Section 270A for misreporting income through ineligible deductions. Admitted incorrect clai...
Income Tax : ITAT Kolkata deletes the Section 271(1)(c) penalty against Asit Kumar Dutta. The Tribunal ruled that an incorrect deduction claime...
Income Tax : Notification No. 78/2015 - Income Tax The prescription in respect of the diseases or ailments specified in sub-rule (1) shall be ...
This guide explains the tax deductions, TDS relief, advance tax exemption, and return filing benefits available to senior and super senior citizens under the Income-tax Act. It highlights the key concessions available to eligible taxpayers.
ITAT Hyderabad deleted the Section 115BB addition after holding that the gaming platform’s records showed a net loss, not taxable winnings.
The provisions under Sections 80C, 80D, 80DD, and 80DDB provide tax deductions because taxpayers incur eligible expenses on life insurance, health insurance, dependent care, and medical treatment. Understanding the applicable limits, qualifying conditions, and documentation requirements can help taxpayers maximise legitimate tax savings while ensuring compliance with the Income-tax Act.
The Tribunal sent the issue of deduction for political donations back to the Assessing Officer after finding that bank transaction details had not been properly verified. Fresh adjudication was directed after giving the assessee an opportunity of hearing.
The Tribunal upheld 200% penalty under Section 270A for misreporting income through ineligible deductions. Admitted incorrect claims were treated as conscious misrepresentation, not a bonafide error.
ITAT Kolkata deletes the Section 271(1)(c) penalty against Asit Kumar Dutta. The Tribunal ruled that an incorrect deduction claimed by mistake, with full disclosure, does not constitute furnishing inaccurate particulars of income.
Explore the meaning and definition of Section 2(14) Capital Assets, including FAQ’s, case laws, and exemptions. Learn how it applies to agricultural land and its tax implications.
Discover income tax benefits enjoyed by senior and super senior citizens under Income Tax Act of 1961, from higher deductions to special rates.
Advocating for an increase in the limit of expenditure on treatment under Section 80DDB of the Income Tax Act. Discover why the current limits are inadequate for taxpayers.
Annual Information Statement and Taxpayers Information Summary are two of the new statements recently introduced by the Income Tax department. The information reflected under the Annual Information Statement is categorized under 50 different information categories. One such information category is ‘Receipts from life insurance policy’ which is taken up and explained in the present article. […]
