At present, small tax-payers with special rate income such as short-term capital gains are unable to claim the rebate under section 87A, even if their income is below the basic exemption limit, as the ...

The upcoming Union Budget 2025-26 is poised to introduce significant changes to India's tax landscape, aiming to simplify ...

Taxpayers must note that the deadline for filing a belated income tax return or submitting a revised return for the ...

According to a report, Union Finance Minister Nirmala Sitharaman is set to announce an overhaul of the Income Tax Act of 1961 ...

Not filing an ITR on time can have numerous consequences, from penal interest and late fees to possible jail time. Meanwhile, if you file your return within the period for filing a belated return and ...

In the matter abovementioned ITAT deleted addition made on account of undisclosed cash deposits during demonetization period after observing that assessee has substantiate means of income for ...

Eligible taxpayers who have income up to Rs 5 lakh/7 lakh can claim tax rebate under section 87A up to Rs 12,500/25,000. The ...

ITAT Ahmedabad held that interest received by co-operative society from SBI, which is a Nationalized Bank, is not allowable as per the section 80 (P) of the Income Tax Act. Accordingly, AO directed to ...

It is important to note that eligible taxpayers who were previously unable to claim the Section 87A tax rebate can now do so ...

Overall tax revenues grew by over 10% in 2024 when not considering the “distorted” Apple payout, the Irish government said ...

Submitting tax-saving proofs on time not only reduces TDS but also streamlines your tax compliance. While the new tax regime ...

As Budget 2025 nears, more changes to the new tax regime are expected to simplify taxes and benefit salaried employees and pensioners.