Income Tax Articles
Guide on Income Tax for NRIs - Filing & Compliance
This article on Income Tax for NRIs simplifies your tax filing obligations and highlights key considerations for compliance.
Consequences of Submitting Fake Rent Receipts for Claiming HRA
The Income Tax Department has found various cases of claiming HRA on the basis of fake documents and hence taken firm steps to check tax leakage.
Simplification of TDS/TCS Provisions in the New Income Tax Bill
The government has proposed significant simplifications to the Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) provisions in the new Income Tax Bill.
New Income Tax Bill Simplifies Salary & House Property Rules for Easy Filing
The latest tax reform bill has introduced significant simplifications in the Salary and House Property provisions to enhance clarity and ease of compliance.
Condonation of Delay in ITR Filing u/s 119(2)(b) of the Income Tax Act, 1961
19 February 2025
2238 Views
The Income Tax Act, 1961 establishes specific timelines for the filing of income tax returns (ITR). However, taxpayers may encounter unexpected situations that lead to delays in meeting these deadlines.
Understanding 'Tax Year' vs. 'Financial Year' in the New Income Tax Bill
One of the most notable changes is the introduction of the term "tax year," which replaces the concept of the "previous year" and the "assessment year" from the Income Tax Act, 1961.
A Comparative Study on the Old and New Tax Bill
18 February 2025
504 Views
On 13th February 2025, Hon'ble Finance Minister Smt Nirmala Sitharaman proposed the New Tax Bill. The new bill is proposed to come into force on April 1, 2026. ...
Missed Intra-Head LTCG Setoff: Impact of Section 112 Amendments vs. Section 48
Long-Term Capital Gain(LTCG)- Intra head LTCG setoff missed due to amendments in section 112 and not in Sec48.
This Valentine's, Fall in Love with Simpler Tax Laws!
The govt has proposed this fresh and straightforward law, one that taxpayers will appreciate-perhaps even fall in love with! Just like a well-crafted Valentine's letter is easy to read and understand, this new Bill aims to win the hearts of taxpayers by bringing clarity, simplicity, and ease to tax compliance.
Comprehensive Comparison of Section Numbers: Income Tax Act, 1961 vs. Income Tax Act, 2025
18 February 2025
7891 Views
To assist with this transition, the government has released a comparison chart that maps the sections of the Income Tax Act 1961 to their corresponding sections in the Income Tax Act 2025. This chart will be highly beneficial in helping you quickly locate the new sections if you remember the old section numbers.
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