Income Tax

OverviewThe recent ruling of the Allahabad High Court in Pramod Swarup Agarwal v. Principal Director of Income Tax ((2025) TaxCorp (DT) 95279 (HC-ALLAHABAD)) has significantly shaped the discourse on...

IntroductionThe residential status of an assessee significantly influences the scope of taxable income according to the Income Tax Act, 1961. Individuals are categorized into three main groups: reside...

In today's discussion, we're exploring a fascinating tool designed to aid assessees in independently submitting their Income Tax Returns (ITRs) without relying on a tax consultant. Salaried individual...

The Indian taxation system plays a pivotal role in supporting public services and infrastructure investments essential for the nation's development. However, the complexities of personal income tax ru...

1. Overview The Income Tax Act, 1961, in India, segments income into five distinct categories: Salary, House Property, Profits and Gains from Business or Profession, Capital Gains, and Income from Oth...

1. INTRODUCTION: EXPLORING TAX CHALLENGES IN THE GIG ECONOMYThe rise of the gig economy has significantly transformed the employment scene in India, presenting new prospects and challenges for million...

1. IntroductionFor the Assessment Year (AY) 2023-24, the provisions of Section 167B of the Income Tax Act, 1961, dictated that an Association of Persons (AOP) was subject to the maximum marginal rate...

Overview of TDS on Salary(i) Applicability of Section 192 for TDS Deduction on Salary:(a) The obligation to deduct tax at source (TDS) on salary arises under Section 192 of the Income Tax Act, 1961.(b...

Overview of Section 54FSection 54F of the Income-tax Act, 1961, offers relief from capital gains tax for assessees who, after selling a long-term capital asset (excluding a residential house), invest...

1. Introduction: The Persistent Challenges in Section 270ASection 270A of the Income Tax Act, introduced to penalize under-reporting and misreporting of income, was intended as a clear-cut, machine-dr...

Overview of the New Refund PolicyEffective from April 1, 2024, the Indian Income Tax Department has implemented significant procedural changes regarding the issuance of income tax refunds. This revise...

OverviewThe Income-tax Act, 1961 prescribes specific deadlines for various types of assessments, including summary assessments, scrutiny assessments, best judgment assessments, and reassessments. If t...

Common Reasons for Delay in Filing Income Tax Returns(i) Factors Leading to Procrastination(a) Many assessees delay income tax return filing due to a busy professional life, which often leaves little...

Background: Reassessment Prior to 1st April, 2021i) Legal Foundation for Reassessment Prior to 2021Before 1 April 2021, the provisions under the Income Tax Act permitted the Assessing Officer (AO) to...

Introduction: Essentials of Form 10F for Double Taxation Avoidance AgreementsForm 10F plays a pivotal role for non-resident assessees seeking relief under a Double Taxation Avoidance Agreement (DTAA)...

1. Introduction to Deferred TaxDeferred tax emerges from the divergence between the profits reported in financial statements and the taxable profits computed as per the Income Tax Act, 1961. This diff...

Overview of TDS on Rent under Section 194-IBi) Applicability of Section 194-IBSection 194-IB of the Income Tax Act, 1961 was implemented from 1st June 2017 to enhance tax compliance on high-value rent...

Overview: The Necessity for Clear Specification in Section 271(1)(c) Penalty ProceedingsAssessing Officers (AOs) frequently initiate penalty actions under Section 271(1)(c) of the Income-tax Act, 1961...

1. Overview: Evolving from “Concealment” to “Under-Reported Income”Historically, the concept of “concealment of income” under the Income Tax Act, 1961, was closely linked to the notion of “mens rea” o...

In a recent move aimed at providing relief to certain taxpayers, the Central Board of Direct Taxes (CBDT) has announced an extension for completing the processing of income tax returns for Assessment...