Category: Income Tax

Clipped from: https://www.bajajfinserv.in/about-section-44ab-of-income-tax-act?utm_source=perplexity In India, tax compliance is a crucial aspect for businesses and profe0ssionals. Section 44AB of Income Tax Act mandates certain taxpayers to get

Clipped from: https://cleartax.in/s/income-tax-on-intraday-trading?utm_source=perplexity Intraday trading is considered speculative business income under section 43(5) of the Income Tax Act. As a result, intraday income is taxable under

Clipped from: https://cleartax.in/s/taxability-sale-land-building-section-50c?utm_source=perplexity Owing to the large population, there is always a huge demand for real estate in India, and demand mostly overtakes supply. This demand-supply

Clipped from: https://zerodha.com/varsity/chapter/turnover-balance-sheet-and-pl/?utm_source=perplexity 6.1 – Turnover & Tax Audit In the previous chapter, we discussed briefly on tax audit, and when it is required if you

Clipped from: https://cleartax.in/s/tax-audit-section-44ab?utm_source=perplexity As per the provisions of the Income Tax Act, 1961 specified persons are required to get their books of accounts audited before filing a tax

Clipped from: https://www.businesstoday.in/personal-finance/tax/story/simplicity-could-cost-you-rs2-3-lakh-a-year-ca-warns-of-hidden-costs-in-new-tax-regime-487586-2025-08-03 While the new tax regime looks cleaner on paper, Kaushik urges individuals to resist switching blindly. “The old regime rewards those who plan

Clipped from: https://cleartax.in/s/section-115bac-features-new-tax-regime-benefits Section 115BAC of the Income Tax Act introduces the new tax regime, which offers reduced slab rates in exchange for forgoing most deductions and

Clipped from: https://www.financialexpress.com/money/itr-filing-2025-slab-rates-deductions-and-which-tax-regime-works-best-for-you-3935266/ For individuals with commercial or professional income, the rules are much stricter. You can only switch back to old tax regime once in

Clipped from: https://www.businesstoday.in/personal-finance/tax/story/itr-filing-got-a-big-gift-or-transfer-heres-how-to-stay-clear-of-tax-trouble-487553-2025-08-02 Gifts are considered income under the Income Tax Act if their value exceeds ₹50,000 in a financial year. Such gifts may be taxed

Clipped from: https://www.financialexpress.com/money/income-tax-onus-on-taxpayer-to-identify-errors-3934088/ Taxpayers must verify details in AIS, Form 26AS, and Form 16 before filing ITR to avoid errors and notices. Discrepancies should be corrected

Clipped from: https://economictimes.indiatimes.com/wealth/tax/how-to-file-itr-1-online-a-step-by-step-guide-for-salaried-taxpayers-also-having-income-from-house-property-ltcg-and-other-source-under-new-tax-regime/articleshow/123057881.cms ET Online(Representative image) How to file ITR-1 online: A step-by-step guide for salaried taxpayers also having income from house property, LTCG and other

Clipped from: https://economictimes.indiatimes.com/wealth/tax/online-itr-filing-charges-across-6-tax-filing-websites-compared-for-ay-2025-26/articleshow/123043619.cms ITR filing AY 2025-26: Comparative ITR filing charges across 6 tax filing platforms Individuals who are not liable for income tax audit have to file income

Clipped from: https://www.businesstoday.in/personal-finance/tax/story/mismatch-in-returns-why-checking-your-ais-before-filing-itr-is-must-now-487298-2025-07-31 Before filing your ITR this year, reviewing your AIS (Annual Information Statement) is crucial to avoid mismatches and tax notices. AIS captures your

Clipped from: https://economictimes.indiatimes.com/wealth/tax/error-in-itr-2-online-utility-ca-highlights-technical-bug-which-may-lead-to-taxpayers-with-capital-gains-income-carry-forward-loss-getting-scrutiny-notices-later/articleshow/123040021.cms CAs highlight about technical bugs on the utility due to which taxpayers with capital gains income, carry forward loss can get scrutiny notices

Clipped from: https://economictimes.indiatimes.com/wealth/tax/itr-filing-2025-who-can-file-itr-2-who-cannot-file-it-for-fy-2024-25-ay-2025-26/articleshow/123039779.cms ITR 2 details Taxpayers must select the appropriate Income Tax Return (ITR) form according to their financial profile and sources of income once