Category: Income Tax
New Income Tax Law–Courtesy Taxscan
Clipped from: https://www.taxscan.in/income-tax-bill-2025-who-is-an-indian-resident-now/489146/ The Income Tax Bill 2025 introduces huge amendments to the definition of “resident in India,” affecting individuals, Hindu Undivided Families (HUFs), firms, and
*Delhi HC quashes NFRA’s 11 show-cause notices against CAs, audit firms – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/delhi-hc-quashes-nfras-11-show-cause-notices-against-cas-audit-firms/article69199642.ece In a 476-page order disposing of a batch of writ petitions, the Bench of Justice Yashwant Varma and Justice Dharmesh Sharma held that
*******No tax on income up to Rs 12 lakh, but it’s a rebate, not an exemption | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/no-tax-on-income-up-to-rs-12-lakh-but-it-s-a-rebate-not-an-exemption-125020600916_1.html A rebate applies after tax is calculated, reducing the final amount payable, much like a discount Listen to This Article Budget 2025 has
*******Gift Tax : A Comprehensive Case Analysis of Gift Tax
Clipped from: https://www.taxscan.in/a-comprehensive-case-analysis-of-gift-tax/477302/?utm_source=signinbutton&utm_medium=txn&utm_campaign=checkoutsigninbtn Gift transactions in India are subject to income tax. Certain gifts received in India are subject to taxation, despite the fact that there
*New I-T bill not to have provisos; may come up in Cabinet on Friday | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/new-i-t-bill-not-to-have-provisos-may-come-up-in-cabinet-on-friday-125020601109_1.html The new bill, which will replace the six-decade-old Income Tax Act, is likely to be discussed at the Cabinet meeting on Friday, sources
*******No tax on income up to Rs 12 lakh, but it’s a rebate, not an exemption
A rebate applies after tax is calculated, reducing the final amount payable, much like a discount Budget 2025 has proposed making normal income up to
*****Budget bets on tax cuts over capex-will it boost private investment? | Expert Views – Business Standard
Clipped from: https://www.business-standard.com/opinion/columns/budget-bets-on-tax-cuts-over-capex-will-it-boost-private-investment-125020501748_1.html An income-tax cut instead of a corporate tax cut in 2019 would have done more for the economy After a heavy focus on
*******What is rebate under Section 87A? How does it differ from income tax deductions, exemptions? – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/blexplainer/bl-explainer-what-is-rebate-under-section-87a-how-does-it-differ-from-income-tax-deductions-exemptions/article69182958.ece An exemption is one that is adjusted right at the stage of computing GTI. A rebate is a discount applied directly to the
*Simplify assessment – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/simplify-assessment/article69185024.ece Timely disposal of I-T appeals is a key demand The Finance Minister, in her Budget 2025-26 speech, announced that the new Income-Tax Bill
Tax relief on up to two self-occupied properties made easy – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/tax-relief-on-up-to-two-self-occupied-properties-made-easy/article69169930.ece?cx_testId=27&cx_testVariant=cx_1&cx_artPos=0&cx_experienceId=EXEPURFQAOW6&cx_experienceActionId=showRecommendationsZUOCO4TKU9Q311#cxrecs_s The proposal, if passed, is set to come into effect from FY25 There are two types of house property under the Income Tax
*Reassessment Notice issued Without Prior Verification by AO was Invalid: Bombay HC
Clipped from: https://taxguru.in/corporate-law/reassessment-notice-issued-prior-verification-ao-invalid-bombay-hc.html Narendra Kumar Shah Vs ACIT (Bombay High Court) Bombay High Court quashed the reassessment proceedings initiated against Narendra Kumar Shah for the Assessment
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