Income Tax : Analysis of Sections 87A and 115BAC(1A) of the Income Tax Act, 1961, detailing their implications for taxpayers, including rebates...
Income Tax : Explore top tax-saving options beyond Section 80C for FY 2023-24, including NPS, health insurance premiums, medical expenses, home...
Income Tax : Explore the controversial amendment to Section 87A of Income Tax Act, 1961 effective from AY 2024-25. Detailed analysis of its imp...
Income Tax : Explore potential amendments to presumptive taxation, concerns about the New Tax Regime impact, and insights on Faceless Assessmen...
Income Tax : Section 194P, which exempts senior citizens aged 75 or more from filing tax returns if they have only pension and interest income ...
Income Tax : AGFTC & ITBA urge Finance Minister to address Income Tax Portal issues, incorrect Section 87A relief interpretation, and extend IT...
Income Tax : Individual taxpayers having taxable annual income up to Rs.5 lakhs will not be required to pay any income tax. The Finance Ministe...
Income Tax : In the Income-tax Rules, 1962, in Appendix II, in Form No. 15H in Part II, in note 10, the following proviso shall be inserted, na...
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.
AGFTC & ITBA urge Finance Minister to address Income Tax Portal issues, incorrect Section 87A relief interpretation, and extend ITR filing deadline for AY 2024-25.
Explore top tax-saving options beyond Section 80C for FY 2023-24, including NPS, health insurance premiums, medical expenses, home loan interest, electric vehicle purchases, charitable donations, savings account interest, and rebates.
Explore the controversial amendment to Section 87A of Income Tax Act, 1961 effective from AY 2024-25. Detailed analysis of its impact on tax liability and potential issues addressed. Learn how a drafting error may lead to unintended consequences.
Explore potential amendments to presumptive taxation, concerns about the New Tax Regime impact, and insights on Faceless Assessment in the recent interim budget. Understand the proposed withdrawal of outstanding demands and its implications.
Section 194P, which exempts senior citizens aged 75 or more from filing tax returns if they have only pension and interest income from specified banks. Understand who deducts tax, eligibility, and compliance
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.
Have questions about income tax payment? Read this article to find answers to frequently asked questions about income tax, including payment deadlines, income classification, gross total income, deductions, tax liability computation, and more.
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.
Explore the amendments to Section 115BAC by the Finance Act, 2023. Get insights into the rebate for individuals opting for the new tax scheme and changes in maximum exemption limits, deductions, surcharge rates, and tax slabs. Stay informed for A.Y. 2024-25 and beyond.
