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An income tax calculator is simply a tool that calculates reliable income tax for the Assessment Year 2026-27 (i.e. on the income earned during F.Y. 2025-26). When the last date of income tax return e-filing arrives nearest then we think about how to calculate income tax. This is a big issue in determining taxable income. […]
An employer usually refers to your initial base salary when discussing your pay. To form your complete ‘salary package,’ they incorporate different elements on top of this figure. These additions consist of extra perks or incentives such as housing allowances, phone reimbursements, car allowances, and bonuses. Taking a closer look at these perks reveals that […]
The Income Tax Appellate Tribunal (ITAT) in Delhi has ruled that the consideration received by a German entity for offshore supplies should not be subject to additional taxation. The bench, consisting of Challa Nagendra Prasad (Judicial Member) and M. Balaganesh (Accountant Member), stated that offshore services, particularly those involving the supply of drawings and designs, […]
The Gujarat Real Estate Regulatory Authority (GujRERA) has introduced a fresh portal aligned with the RERA Act and GujRERA rules, ensuring precision in project reporting. This revamped platform is a reliable source for the Income Tax and GST departments, preventing developers from manipulating information to alter their tax obligations. Previously, developers exploited loopholes, submitting outdated […]
An important functionality on the website of the IT department has been introduced by the officials which permits the assessees to discard their previously filed however unverified ITR. The assessee previously was permitted to amend the ITR merely in the matter of the error or omission. The latest addition to the income tax portal allows […]
In its recent ruling, the Income Tax Appellate Tribunal (ITAT), the Visakhapatnam Bench has said that according to Section 80P of the Income Tax Act, a deduction is available for the interest income generated from deposits or investments made with cooperative banks. The panel consisting of Duvvuru Rl Reddy (Judicial Member) and S Balakrishnan (Accountant […]
A fine of Rs. 10K was imposed by the High Court of Punjab and Haryana on the income tax department invalidating the order under Section 148A(d) of the Income Tax Act and the notice has also been issued following Section 148 of the Income Tax Act. The panel of Justice G.S. Sandhawalia and Justice Lapita […]
Apart from the implementation of a new income-tax structure featuring reduced rates, fewer exemptions, and deductions, the income-tax department has embraced technology to simplify the tax-filing process. For instance, the threshold for tax audits in small businesses was raised significantly to Rs 10 crore from the previous Rs 1 crore. Additionally, individuals above 75 years […]
The recent ruling by the Gujarat High Court emphasized the necessity of concrete evidence and a legitimate rationale to support the notion that income has been overlooked in assessments. This decision holds considerable weight in evaluating the validity of reopening assessments when the reasons provided lack a direct link between the taxpayer and the contentious […]
