Applicability of Income Tax on Section 8 Companies

A Section 8 Company, registered under the Companies Act, 2013, is formed for charitable or not-for-profit purposes such as promoting commerce, art, science, education, sports, research, social welfare, etc. While these companies are non-profit in nature, they are not automatically …

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Recent Supreme Court Rulings Reshaping both Procedural and Substantive Aspects of GST

The Supreme Court has recently delivered landmark GST rulings, providing major relief to taxpayers. Key verdicts include allowing pre-deposit for GST appeals through Input Tax Credit, restricting arbitrary blocking of credit ledgers, and upholding dual taxation on digital services. These …

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GST Fraud: ED Files Chargesheet Against 4 Accused in ₹734 Crore ITC Scam Involving 135 Shell Companies

Ranchi, July 7: The Enforcement Directorate (ED) has filed a prosecution complaint against four individuals for their alleged involvement in a massive ₹734 crore GST Input Tax Credit (ITC) fraud. The chargesheet was submitted before the Special Court under the Prevention …

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Eligibility of Claiming House Rent Deduction under Section 80GG for FY 2024‑25 (AY 2025‑26) in India

Section 80GG of the Income Tax Act, 1961, provides a deduction for individuals who pay house rent but do not receive House Rent Allowance (HRA) from their employer. This benefit is available to both salaried individuals (without HRA) and self-employed …

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House Rent Allowance (HRA) Exemption under Income Tax Act, 1961 — Complete Guide

Paying rent for accommodation? You may be eligible to claim tax exemption on the House Rent Allowance (HRA) received from your employer under the Income Tax Act, 1961. HRA is a common component of salary, designed to help employees meet …

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Capital Gain Tax: No More Indexation Benefit for Property Purchased After 23rd July 2024 as per Budget 2024

The Union Budget 2024 has introduced a significant change in the taxation of capital gains arising from the sale of immovable property. As per the announcement, indexation benefits will no longer be available for properties purchased on or after 23rd …

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Orissa High Court Quashes Ex Parte GST Assessment Order for Same Financial Year: Only One Valid Assessment Permitted

In a significant ruling, the Orissa High Court has clarified that only one valid GST assessment order can exist for the same financial year. The decision came in the case of Palem Ashok Reddy vs. Commissioner, GST & CX Commissionerate, Rourkela (W.P.(C) …

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ITR Scrutiny Notice: Key Parameters Income Tax Department Considers for Selecting Returns for Scrutiny (FY 2025-26)

The Income Tax Department has released updated guidelines explaining how certain Income Tax Returns (ITRs) are selected for scrutiny. These latest directions aim to bring more transparency to the scrutiny process and help taxpayers understand the reasons behind receiving scrutiny …

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Key Exemptions and Updated Tax Rules for Capital Gains in FY 2024–25

Capital gain tax in India is levied on profits earned from the sale of capital assets such as property, shares, gold, or mutual funds. Gains are classified as short-term or long-term, depending on the holding period. Short-term capital gains (STCG) on listed shares …

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ITR Processed and Refund Credited Within 3 Hours: Taxpayer Applauds Income Tax Department’s Swift Action

In a remarkable instance of efficient governance, an individual recently shared an extraordinary experience of getting two Income Tax Returns (ITRs) processed and refunds credited within just three hours of filing. The incident highlights the Income Tax Department’s ongoing efforts …

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Recent Changes in ITR 1 Applicable for FY 2024-25 Income Tax Return Filing

The Income Tax Department has notified ITR forms for FY 2024-25 (AY 2025-26), with significant changes aimed at simplifying filing and enhancing compliance. ITR-1 and ITR-4 were released with new Excel utilities requiring detailed HRA, TDS, and deduction disclosures. LTCG …

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Applicability of itr forms for different persons for filing income tax return FY 2024-25

Knowing the correct ITR form is crucial for accurate income tax return filing. Using the wrong form can lead to rejection of the return, delays in processing, penalties, or even legal scrutiny. Each ITR form is designed for specific categories …

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How to Respond to Income Tax Notices for Political Donation Claims under Section 80GGC

If you have received a notice under Section 158BC related to your 80GGC claim, follow these steps: 1. Log in to the Income Tax Portal Visit the official Income Tax Portal and access the e-Proceeding tab. 2. Submit Form ITR-B File the required response by submitting Form ITR-B along …

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ITR Filing FY 2024-25: 8 Common Mistakes First-Time Taxpayers Make & How to Avoid Them

Filing your Income Tax Return (ITR) for the first time is a significant financial step. With the income tax filing season for Assessment Year (AY) 2025-26 underway, many new taxpayers often make avoidable mistakes that can delay refunds, trigger notices, or …

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Tax Benefits of Deposits under National Pension Scheme (NPS) as per Income Tax Act, 1961

The National Pension Scheme (NPS) offers multiple tax benefits to individuals under the Income Tax Act, 1961. These benefits are available to both salaried and self-employed individuals: 1. Deduction under Section 80CCD(1) Eligibility: Available to individuals (both salaried and self-employed). Maximum …

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How to Switch Between the Old and New Regime while Filing Income Tax Return 2025

To switch between old and new tax regimes while filing your Income Tax Return (ITR) for FY 2024-25 (AY 2025-26), the process depends on whether you have business or professional income or only salary/other income. Here’s a detailed guide: 1. For Individuals with Salary or …

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Taxation of Capital Gains on Sale of Securities under the Income Tax Act, 1961

Understanding capital gain taxation on sale of securities is crucial to ensure accurate tax compliance, avoid penalties, and plan investments efficiently. It helps investors differentiate between short-term and long-term gains, apply correct tax rates, claim eligible exemptions, and optimise returns …

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