PCIT (ITAT Surat), the Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, quashing the Principal Commissioner of Income Tax’s (PCIT) revision order under Section 263 of the Income ...

ITAT Mumbai, in its decision on the appeal by the Revenue, upheld the CIT (A)’s order that had partly allowed the appeal of Welspun Steel Limited regarding the disallowance made under Section 14A of ...

Sharma further indicated that the government’s strategy to simplify tax rules and focus on a single tax regime for individuals points towards streamlining taxation procedures. “While the fine print of ...

Changes to the income tax rules now deny income tax deductions related to non-compliant ... Taxpayers must maintain accurate books and records to report rental income and to claim eligible expenses.

Whenever you send money to your wife every month under UPI or cash for household expenditure, you should be aware of certain income tax rules which may lead to sending you a notice for tax.

Tax on subsequent amount of 4 lakh (from 4 lakh to 8 lakh) Rs 20,000 (being 5% of Rs 4 lakh) Tax on subsequent amount of 4 lakh (from 8 lakh to 12 lakh) Rs 40,000/- (being 10% of Rs 4 lakh) Tax on ...

Individuals can claim two self-occupied properties as NIL taxable income. TDS on rent limit increased from ₹2.4 lakh to ₹6 lakh, reducing compliance for small landlords. Threshold for senior ...

Investment options are plenty for NRIs in India, but effective financial management boils down to choosing tax-efficient strategies. Income earned or accrued in India is taxable for NRIs.

If you somehow failed to file your income tax return (ITR) for any of the past two years, you can still file an updated income tax return. These two years are 2021-22 (AY 2022-23) and 2022-23 (AY ...

She also said during her Budget speech in the Parliament that an annual income of Rs 12 lakh will attract no tax. Hours after her speech, she addressed a press conference on the Budget ...