-
Understanding ‘Profession’ under Income Tax: Definition, Key Examples, and Distinction from Business
Introduction: Demystifying the Tax TermsAre you confused about what exactly qualifies as a “Profession” under Indian Income Tax law and how it is distinct from “Business”? Let’s break down these conce...
-
Interest Entitlement on Seized Money and Assets under the Income Tax Act, 1961
Overview of Interest on Seized Assets and MoneyGul Ltd. sought interest from the Income Tax Department for assets and funds seized during a departmental search. The claim rests on the legal framework...
-
Section 87A Rebate and Tax on Short-Term Capital Gains under Section 111A: A Review of Recent ITAT Ruling
Background and Recent DevelopmentsThe application of rebate under Section 87A, especially concerning short-term capital gains (STCG) taxed under Section 111A, has recently sparked considerable debate...
-
Section 269SS of the Income Tax Act – Restrictions on Cash Transactions Above ₹20,000
1. OverviewThe Income Tax Act, 1961, has been designed to foster accountability and prevent the movement of unaccounted-for funds. Among its various safeguards, Section 269SS plays a vital role by cur...
-
Taxation of Income from House Property under the Income Tax Act, 1961 (FY 2024-25)
Overview of Income from House PropertyIncome from House Property is categorized as one of the five primary income heads under the Income Tax Act, 1961, spanning Sections 22 to 27. This head concerns r...
-
Tax Exemption Advantages for Non-Residents under Indian Income Tax Law
Navigating the Indian tax regime can be particularly complex for non-residents, given the diverse sources of income and global mobility. However, the Income Tax Act, 1961, along with relevant Double T...
-
Capital Gains Exemption on Sale and Purchase of Property Between Spouses: An In-Depth Analysis of Tribunal Ruling in Kavita Manoj Damani v. ITO
Introduction: The Case That Caught Everyone’s AttentionAt a recent tax seminar, the focus shifted from standard tax talk to the so-called “loopholes” in tax planning. The case of Kavita Manoj Damani h...
-
Comprehensive Overview of ITR-U: Section 139(8A) for Updated Income Tax Returns
Introduction to Updated Returns under Section 139(8A)i) Understanding ITR-U and Its SignificanceIntroduced via the Finance Act, 2022, Section 139(8A) of the Income Tax Act, 1961, brought forth the con...
-
Capital Gains Taxation Strategy: Managing Gains Effectively While Filing Income Tax Returns for FY 2024–25 (AY 2025–26)
Overview of Recent Developments in Capital Gains TaxationThe Finance Act, 2024 brought significant amendments to capital gains tax, effective from 23 July 2024. This has resulted in a dual tax regime...
-
ITR-3 Filing under the Income Tax Act, 1961: An In-Depth Overview
Introduction to ITR-3ITR-3 is the prescribed return form for individuals and Hindu Undivided Families (HUFs) who generate income from business or a professional activity. This form is particularly com...
-
Bombay High Court Clarifies Section 54: Exemption Available for Multiple Residential Units Acquired Before 2014
OverviewThe Bombay High Court, in the case of Krishnagopal B. Nangpal v. Deputy Commissioner of Income Tax, provided much-needed clarity on the interpretation of Section 54 of the Income Tax Act, 1961...
-
Agricultural Income and Its Tax Treatment
Introduction: Is Agricultural Income Truly Tax-Free in India?India often claims that agricultural income is exempt from tax, but the reality includes several significant rules and exceptions. For asse...
-
Decoding the Revised Income Tax Bill, 2025: Key Changes from the Original Bill
In July 2024, the Indian Finance Minister announced a comprehensive review of the Income-tax Act, 1961 with the goal of simplifying the law, reducing litigation, cutting compliance costs, and eliminat...
-
Taxation of Corporate Guarantee Fees under Double Taxation Avoidance Agreements
1. Overview of the DisputeThe taxation of corporate guarantee fees under Double Taxation Avoidance Agreements (DTAA) has been a subject of considerable debate, particularly regarding their characteriz...
-
Revised Income Tax Legislation
A Simplification Exercise or Substantive Reform?1. Introduction to the New Tax FrameworkIn February 2025, the Finance Minister presented the Income-tax Bill, 2025 (hereinafter referred to as the "Init...
-
Taxation and Recognition of Property Acquired Through Joint Development Agreements (JDA)
Overview of Joint Development Agreements (JDA)(i) What Constitutes a JDA?A Joint Development Agreement is a formal contract between a property owner and a real estate developer, where:The owner provid...
-
JioFinance's ₹24 ITR Filing Service: Affordable Tax Compliance or Risky Shortcut?
Introduction: Digital Tax Filing RevolutionizedJio Financial Services, in association with TaxBuddy, has introduced a budget-friendly Income Tax Return (ITR) filing service through its JioFinance app....
-
Comprehensive Guide to Carry Forward of Share Trading Losses for Assessment Year 2025-26
1. IntroductionShare trading losses, if properly managed, can significantly reduce future tax liabilities for assessees engaged in equity, derivatives, or delivery-based transactions. The right to car...
-
Key Provisions of the Income-Tax (No. 2) Bill, 2025: A Comprehensive Overview
Introduction and Legislative IntentThe Income-Tax (No. 2) Bill, 2025 was formally introduced in the Lok Sabha on August 11, 2025, by the Finance Minister, Smt. Nirmala Sitharaman. The Bill aims to con...
-
Clarificatory Amendments in Tax Laws: Prospective or Retrospective Application?
Introduction(i) Overview of Legislative AmendmentsStatutory provisions, especially in tax laws, undergo frequent modifications for various reasons such as addressing loopholes, taxing previously untax...