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In this article, we have discussed the new tax regime that allows you to set zero tax liability if you earn up to 10 lakhs from rental income. Under the new tax regime the tax-free income limit– The latest tax regime has been incorporated in India which allows people to optimize their tax savings with […]
At Rs 10 lacs the income tax towards one person entails the payment of Rs 1,17,000 under the old scheme. However, if the planning is done effectively, you do not need to pay the income tax on your income of Rs 10 lakhs. The government to surge the savings and furnish the tax has made […]
With the coming budget on July 5 this year, we could witness an increase in income tax limit from 2.5 lakh to 5 lakh as suggested from ASSOCHAM. Also, the ruling government is considering to imply tax on cash withdrawal of above INR 10 lakh in a year. It will not only help in promoting […]
India has witnessed a strong rise in income tax filings and non-corporate tax collections, exhibiting a broader tax base and more assertive formalisation of the economy, as specified by the Economic Survey 2025-26. In the survey, it cited that the ITR submitted between 2024-25 touched 9.2 crore, compared to 6.9 crore in 2021-22. The same […]
The Telangana High Court has held that revenue generated from the sale of tissue-cultured plants is categorised as farming income and is thus exempt from income tax under section 10(1) of the Income Tax Act, 1961. The Bench of Justice P. Sam Koshy and Justice Narsing Rao Nandikonda has said that the statutory test is […]
The Jaipur Bench of Income Tax Appellate Tribunal (ITAT) permitted an appeal filed by a retired State Bank of India employee, carrying that the revised Rs 25 lakh exemption limit for leave encashment u/s 10(10AA) of the Income Tax Act,1961, applied retrospectively as notified by the Central Board of Direct Taxes (CBDT). The taxpayer, Chandra […]
The CBDT has issued a new Notification No. 156/2025 [S.O. 5006(E)] giving income tax exemption to the Karnataka Housing Board under section 10(46A). Meenakshi Singh, Deputy Secretary, issues the notification which cites that the Central Government, in exercise of powers provided under sub-clause (b) of clause (46A) of Section 10, has recognised the Karnataka Housing […]
Since the government has rolled out the new fraud detection measure to curb the bogus or inflated refund claims, the income tax refunds of India have been reduced this year. As per the official data, between April and October 2025, there is a fall in the refunds issued by approximately 16% year-on-year, slipping from about […]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) reversed an addition of Rs. 9.99 lakh that had been made u/s 69C of the Income Tax Act, 1961. This addition was related to cash payments made for credit card bills, which were initially classified as unexplained by the tax authorities, citing them as derived […]
