Income Tax

1. Taxability of Hardship Compensation in Redevelopment: Capital Receipt, Not Income(i) Overview and BackgroundIn the context of property redevelopment, members of co-operative housing societies often...

Background and Case Overview(i) Facts of the Case(a) The Income Tax Appellate Tribunal (ITAT) Mumbai examined the legality of reassessment proceedings for Assessment Years (AYs) 2013-14 and 2014-15.(b...

Introduction: TDS Complexities and a Landmark Case(i) TDS Mechanism and Practical IssuesTax Deducted at Source (TDS) often leads to confusion and litigation, even among well-versed assessees. A recent...

OverviewSection 234B of the Income-tax Act, 1961, mandates the payment of interest where there is a default in paying advance tax. A persistent issue has been whether this interest should also be levi...

1. Overview of Taxation for Non-Residents in Indiai. Scope of Taxable Income for Non-ResidentsUnder Indian tax law, the chargeability of income for residents and non-residents is clearly defined. Non-...

Introduction: Purpose and Structure of Interest ProvisionsInterest provisions in the Income Tax Act are designed to address the value of money lost due to delays in tax payments or errors in refunds....

Introduction: Unanticipated Tax SurprisesThe Indian Income Tax landscape is often full of unexpected developments, and recent events have again highlighted the element of surprise faced by assessees....

OverviewA recurring issue arises during income tax assessments when unexplained credits or investments, taxable under Section 115BBE, are added to a senior citizen’s income. Assessing Officers commonl...

Introduction to MTD for Income Tax Self Assessment(i) Overview of the MTD InitiativeMaking Tax Digital (MTD) is an ongoing project by HM Revenue & Customs (HMRC) aimed at modernizing how tax is report...

Overview of Salary Taxation FrameworkThe Income-tax Act, 2025, preserves its established approach for assessing salary income, segregating it into taxable salary and perquisites (as per Sections 15 to...

IntroductionSection 112 of the Income-tax Act, 1961, underwent a transformative amendment via the Finance (No. 2) Act, 2024, becoming effective from July 23, 2024. The new provisions under Section 112...

Overview of TDS on Salaries as per Section 392The Income Tax Act, 2025, consolidates and largely preserves the provisions previously found in Sections 192 and 192A, now encapsulated under Section 392....

Introduction to Section 87A Tax RebateSection 87A of the Income-tax Act, 1961, offers a direct reduction in tax liability for resident individuals whose total income stays within a specified threshold...

1. Overview of ITAT Pune’s Ruling under Section 263: Scrutiny of Advances for Property Acquisition(i) IntroductionThe Pune Bench of the Income Tax Appellate Tribunal (ITAT) recently addressed the scop...

Introduction: India's Drive Toward Semiconductor LeadershipIndia’s government has recognized the pivotal role played by the semiconductor industry in the advancement of technology. To accelerate India...

1. Overview and Legislative FrameworkSection 37(1) of the Income-tax Act, 1961 serves as the comprehensive provision for deduction of business or professional expenses that are not expressly mentioned...

Overview of Deductions and Exemptions under the Income-tax Act, 1961i) Range of Available DeductionsThe Income-tax Act, 1961 offers various deductions and exemptions to relieve the tax liability of as...

1. Introduction1.1. Electronic Filing and the Purpose of the Income Tax UtilityAssessees in India are mandated to submit their income tax returns electronically. To assist in this process, the Income...

October 2025 presents a demanding compliance landscape for Indian assessees and companies, with numerous statutory deadlines concentrated toward the month-end. The initial fortnight is marked by criti...

The transition from the Income-tax Act, 1961—India’s trusted tax statute for over six decades—to the new Income-tax Act, 2025, is a significant moment in the country’s fiscal landscape. While the new...