Major Changes Expected in Direct Tax Code 2025 and why these matter
The Direct Tax Code (DTC) 2025 is a significant reform aimed at simplifying India’s complex tax system. It is set to replace the Income Tax... Read More
Year: 2024
Can an assessee pay House Rent to his parents and claim relief? Would there be any legal complications?
While there's no specific case law directly addressing this scenario, the general principles of HRA exemption apply. The tax authorities will scrutinize the genuineness of the rent payment and the relationship between the assessee and parents.... Read More
Boost Your Business & Reduce Taxes: A Guide to Maximizing Benefits Under Section 80JJAA
Section 80JJAA of the Income Tax Act, 1961 offers tax benefit to businesses that create new jobs in the formal sector. It allows a deduction... Read More
What is remedy to taxpayer if the Tax deductor fails to deposit the TDS or fails to file TDS Return
5 min read
If deductor fails to deposit TDS, don’t worry as there are some landmark cases in India that support the assessee's (taxpayer's) rights when the deductor (employer) fails to deposit TDS with the government:... Read More
What is Income Tax Liability on Income from trading in Future and Options
Income from Futures and Options (F&O) and regular share trading income differ in terms of instrument traded, purpose, and taxation. Before coming to How the... Read More
The Importance of Filing Your Income Tax Return on Time: A Financial Must-Do
As the time to file Income Tax Return for Financial year ending March24 (Relevant to Assessment Year 2024-25) is approaching, It is time to get... Read More
Is Addition made by Assessing officer on basis of mismatch between AIR and F26AS Justified
4 min read
The answer is nuanced and depends on several factors. While a mere mismatch between Annual Information Return (AIR) and Form 26AS doesn’t automatically warrant an... Read More
Salient Changes in the new Income Tax Rules relevant to Assessment Year 2024-25
Some major changes in Income Tax Rules relevant to Assessment Year 2024-25 are as below: Changes in Income Tax Slabs: The income tax slabs under... Read More
Can an assessee pay House Rent to his parents and claim relief? Would there be any legal complications? 
Boost Your Business & Reduce Taxes: A Guide to Maximizing Benefits Under Section 80JJAA 
What is remedy to taxpayer if the Tax deductor fails to deposit the TDS or fails to file TDS Return