Diving Deeper: The Impact of the New Tax Bill on Dairy and Farming Income
The ITB 2025 refines the definition of agricultural income, aiming to close loopholes and ensure that exemptions benefit genuine farmers. According to the bill, agricultural income includes: (Read More...)... Read More
Rajbir Chawla
Bombay High Court Upholds Section 271(1)(c) Penalty for Deliberate Non-Disclosure
In a recent landmark ruling, the Bombay High Court upheld the imposition of a penalty under Section 271(1)(c) of the Income Tax Act, 1961, on... Read More
Reporting of Foreign Assets by Indian Taxpayers under Section 139(1) of the Income Tax Act
4 min read
As part of introducing transparency in the financial dealings, among various measures introduced over the years the mandatory reporting of foreign assets held by an... Read More
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
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
Diving Deeper: The Impact of the New Tax Bill on Dairy and Farming Income 
Bombay High Court Upholds Section 271(1)(c) Penalty for Deliberate Non-Disclosure 
Reporting of Foreign Assets by Indian Taxpayers under Section 139(1) of the Income Tax Act