Clipped from: https://www.taxontips.com/turnover-limit-for-tax-audit-is-rs-1-crore-or-rs-10-crore-under-section-44ab-of-the-act/ Section 44AB deals with the limit for conducting Tax audit under the Income Tax Act. For Individual, HUF and firm they can skip
Category: Income Tax
*******Maintenance of accounts by certain persons carrying on profession or business
Clipped from: https://incometaxindia.gov.in/Acts/Income-tax%20Act,%201961/2025/102120000000090803.htm 44AA. (1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or
*New TDS rules from Sept 25: Big relief for senior citizens and small investors. Check details – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/new-tds-rules-from-sept-25-big-relief-for-senior-citizens-and-small-investors-check-details-496015-2025-09-27 The annual interest exemption limit for TDS has been doubled from ₹50,000 to ₹1,00,000. For example, if a retiree earns ₹80,000 in annual
***Missed the ITR Deadline? Here’s what you need to know about filing a Belated Return for AY25 26 – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/missed-the-itr-deadline-heres-what-you-need-to-know-about-filing-a-belated-return-for-ay25-26-495986-2025-09-27 Taxpayers who missed the deadline get another opportunity to comply by filing a belated return. The Income Tax (I-T) Department has confirmed that
*Your income tax queries answered: F&O losses, HRA for parents, and foreign share gains – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/your-income-tax-queries-answered-fampo-losses-hra-for-parents-and-foreign-share-gains-3990903/ Get clarity on key income tax rules for Indian residents. Learn if Futures & Options (F&O) losses can be set off against Long-Term
*Do I have to pay income tax if I gift a flat to my wife? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/do-i-have-to-pay-income-tax-if-i-gift-a-flat-to-my-wife/articleshow/124151569.cms Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us
*Wedding Gifts Not Taxable under Income Tax: ITAT deletes ₹10 Lakh Cash Deposit Addition [Read Order]
ITAT held that the wedding gifts were customary and exempt from tax. They also deleted ₹10 lakh under section 69A, and allowed ₹10,000 deduction under
*JDA Does Not Constitute Transfer u/s. 2(47): ITAT Deletes Capital Gains Addition on Security Deposit [Read Order]–[ Read the last para which says it was a security deposit which was refundable ]
Clipped from: https://www.taxscan.in/top-stories/jda-does-not-constitute-transfer-u-s-itat-deletes-capital-gains-addition-on-security-deposit-1433422 The tribunal examined the collaboration agreement which revealed that the ₹5 crore was a security deposit and not sale consideration, and that possession
*******Section 148 Reassessment Notices Must Follow Faceless Procedure: Delhi HC
Clipped from: https://taxguru.in/income-tax/section-148-reassessment-notices-follow-faceless-procedure-delhi-hc.html Mehak Jagga Vs ITO (Delhi High Court) The Delhi High Court has dismissed a petition filed by Mehak Jagga challenging a reassessment notice issued by
*******In a clear change of strategy, govt turns to tax benefits to boost demand
Clipped from: https://www.business-standard.com/opinion/columns/govt-turns-to-tax-benefits-to-boost-demand-faces-fresh-challenges-125092301396_1.html The ‘Festival of Savings’ appears to be the new policy instrument to revive and sustain growth A major takeaway from Prime Minister Narendra
*******Unexplained Income Provisions: Sections 68, 69, 69A, 69B, 69C & 69D
Clipped from: https://taxguru.in/income-tax/unexplained-income-provisions-sections-68-69-69a-69b-69c-69d.html Unexplained Income Provisions: Sections 68, 69, 69A, 69B, 69C & 69D of the Income-tax Act, 1961 Executive Summary This article analyses Sections 68,
Time-Barred Reassessment Notices Quashed: Limitation Period Enforced
Clipped from: https://taxguru.in/income-tax/time-barred-reassessment-notices-quashed-limitation-period-enforced.html Seema Goel Vs CIT(A) (ITAT Delhi) Strikes Down July 2022 Notices for AYs 2015-16 & 2016-17- No Escape from Limitation Assessee, an individual,
*Tax Dept gives big relief to income taxpayers regarding Section 87A tax rebate claim
Clipped from: https://economictimes.indiatimes.com/wealth/tax/tax-dept-gives-big-relief-to-income-taxpayers-regarding-section-87a-tax-rebate-claim/articleshow/124048219.cms Tax Dept. waives interest on tax demand notices issues for claiming Section 87A tax rebate on special rate incomes The Central Board of
*******Income Tax Department Website–Frequently Asked Questions–
*******Joint Property Bought by Husband, Entirely His Investment: ITAT Deletes Addition in Wife’s Hands
Clipped from: https://taxguru.in/income-tax/joint-property-bought-husband-investment-itat-deletes-addition-wifes-hands.html Smt. Mita Chatterjee Vs ITO (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, has sided with an individual assessee, Smt. Mita Chatterjee,
*******F&O trader shock: Why even your losses could trigger a ₹1.5 lakh audit penalty – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/fo-trader-shock-why-even-your-losses-could-trigger-a-rs15-lakh-audit-penalty-494983-2025-09-21 F&O trading is considered non-speculative business income. That means it falls under “Profits & Gains of Business or Profession,” and traders must maintain
*******Who really needs a tax audit? CA demystifies audit rules, clears confusion on ITR 3 & 4 – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/who-really-needs-a-tax-audit-ca-demystifies-audit-rules-clears-confusion-on-itr-3-4-495012-2025-09-21 In an explanatory post, the financial advisor broke down the rules around turnover thresholds, due dates, and audit requirements, making compliance clearer for
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