The applicability of Income Tax on Provident Fund (PF) in India depends on the type of PF, the contribution, interest earned, and withdrawal conditions. Here’s a clear breakdown: 🧾 1. Types of Provident Funds Statutory Provident Fund (SPF) Applicable to government, railways, universities, and recognized educational …
Under the Income Tax Act, 1961, several allowances are provided to salaried individuals which are either fully or partially exempt from tax, offering substantial tax-saving benefits. Here’s a categorized summary of key allowances and their tax benefits: ✅ 1. House Rent Allowance (HRA) – Section 10(13A) Tax Benefit: Partially …
The Income Tax Department employs several verification mechanisms to ensure that the details provided in Income Tax Returns (ITRs) are accurate and compliant with the law. Here’s a breakdown of the various ways the department verifies returns: 🔍 1. Matching with Form 26AS / …
In a landmark judgment that brings clarity to the taxation of immovable property transactions, the Gujarat High Court has held that the transfer of leasehold rights is not a taxable supply under the Goods and Services Tax (GST) regime. The Court observed …
In a recent ruling in July 2025, the Orissa High Court dismissed a writ petition challenging a provisional attachment order issued by GST authorities. The dismissal was on the ground of infructuousness, as the petitioner had already availed statutory remedy by filing an appeal under Section …
A Non-Resident Indian (NRI) is required to file an Income Tax Return (ITR) in India under certain conditions. These are based on the income earned or received in India and the applicability of exemptions or deductions. Here’s a detailed explanation: ✅ When an NRI …
Are you preparing to file your Income Tax Return (ITR) for FY 2024-25 (AY 2025-26)? Then read this before you start. The Income Tax Department has introduced 6 important new disclosure requirements in ITR-1 and ITR-4 forms. These changes aim to improve transparency, stop …
Long-Term Capital Gains (LTCG) arise when an individual sells a capital asset—such as property, shares, or mutual funds—after holding it for a specified period (typically more than 12/24/36 months, depending on the asset). In India, these gains are taxable under …
Excel utilities in ITR filing help taxpayers prepare and validate income tax returns offline. Users can download the utility, enter details like income, deductions, and taxes, validate the form, generate XML, and upload it to the income tax portal. It …
If you earned short-term capital gains (STCG) during the financial year 2024–25 (assessment year 2025–26), you must disclose it correctly in your income tax return (ITR) to avoid notices, penalties, or loss of refund eligibility. Here is a step-by-step guide on how …
To lodge a complaint for quick resolution of an income tax refund, you can follow these step-by-step methods depending on your case. Here’s a streamlined guide for AY 2025-26 or any current year: ✅ Step 1: Verify Your Return Status …
As the Income Tax Return (ITR) filing season for Assessment Year (AY) 2025–26 is underway, one of the most important documents for taxpayers to verify before filing their returns is the Annual Information Statement (AIS). The AIS is a comprehensive …
The Income Tax Department has officially released the Excel-based utilities for ITR-2 and ITR-3 for the Assessment Year (AY) 2025–26, marking an important development for taxpayers with complex income streams such as capital gains, business income, foreign assets, and crypto earnings. These utilities …
Section 270A of the Income Tax Act, 1961, introduced by the Finance Act, 2016, marked a significant shift in the penalty regime by replacing the earlier Section 271(1)(c). It aims to penalize under-reporting and misreporting of income, with penalties ranging from 50% to 200% of …
Section 270A of the Income-tax Act, 1961, introduced with effect from Assessment Year 2017-18, aims to penalize cases of under-reporting and misreporting of income. It replaced the older Section 271(1)(c), streamlining the penalty mechanism with fixed rates and detailed categorization. However, despite its clarity …
Summary suits under Order XXXVII of the Code of Civil Procedure, 1908 offer a fast-track mechanism for plaintiffs to recover debts, liquidated amounts, or enforce written contracts without the delays of a full-fledged trial. However, courts are consistently called upon to …
Filing a summary suit under Order 37 of the Civil Procedure Code, 1908 (CPC) is a special procedure used to quickly resolve cases where the defendant has no real defence, particularly in matters involving recovery of debts or liquidated money claims based on written …
The National Consumer Disputes Redressal Commission (NCDRC) has once again reaffirmed that technical delays in intimating an insurance company about a theft claim cannot override the substantive compliance of promptly lodging an FIR and cooperating with the investigation. In this ruling, the …
In a significant ruling, the Kerala High Court has held that reassessment proceedings initiated under Section 148A of the Income Tax Act are unsustainable if the alleged escaped income is less than ₹50 lakhs and the notice is issued beyond …
In a recent ruling, the Madras High Court reaffirmed the principle of natural justice in tax adjudication by granting the assessee another opportunity for re-adjudication where it had shown genuine willingness to cooperate and partially comply with the disputed tax …