Income Tax

Overview of Deductions and Exemptions under the Income-tax Act, 1961i) Range of Available DeductionsThe Income-tax Act, 1961 offers various deductions and exemptions to relieve the tax liability of as...

1. Introduction1.1. Electronic Filing and the Purpose of the Income Tax UtilityAssessees in India are mandated to submit their income tax returns electronically. To assist in this process, the Income...

October 2025 presents a demanding compliance landscape for Indian assessees and companies, with numerous statutory deadlines concentrated toward the month-end. The initial fortnight is marked by criti...

The transition from the Income-tax Act, 1961—India’s trusted tax statute for over six decades—to the new Income-tax Act, 2025, is a significant moment in the country’s fiscal landscape. While the new...

The month of October 2025 presents a critical period for assessees under both the Income Tax Act, 1961, and the Goods and Services Tax Act, 2017. This comprehensive guide outlines all mandatory compli...

Overview: Navigating Section 54F for Capital Gains ExemptionSection 54F of the Income Tax Act, 1961 (recently renumbered as Section 86 in the Income Tax Act, 2025), provides an opportunity for assesse...

Background: Choice of Tax Regime and Relevant Deadlines(i) Annual Selection for Non-Business AssesseesIndividuals without business or professional income are allowed to opt for either the old or new t...

Overview of Income Classification Under Indian Tax Lawi) Five Major Income Categories:The Income Tax Act, 1961, as well as the Income Tax Bill, 2025, organizes income into five primary heads, as outli...

1. Evolving Policy Direction and the Incentive MatrixIndia’s industrial strategy has shifted towards performance-based support, technological advancement, and climate-conscious growth. The central gov...

Background and Context(i) Recent Developments and Practical Difficulties(a) The tax community has recently encountered significant hurdles when the Central Board of Direct Taxes (CBDT) did not initial...

Demystifying the Synchronization of Tax Audit and ITR Filing DeadlinesBackground: Relationship Between Tax Audit and ITR FilingHistorically, the Indian Income-tax Act has maintained a logical sequence...

Introduction: Loan Waivers in Business ContextLoan waivers by banks and financial institutions are a frequent occurrence in commercial arrangements, especially when settlements are reached with borrow...

Historical Perspective: Gold and Silver as Timeless Measures of Wealthi) Wealth Benchmarks Across CenturiesGold and silver have long represented enduring standards of wealth and purchasing power, tran...

1. Overview: Section 87A and Its EvolutionSection 87A has served as a vital relief mechanism for resident individuals, providing a reduction or elimination of tax liability for those with lower income...

1. Introduction to Recent Tax Audit ModificationsThe Central Board of Direct Taxes (CBDT) has introduced several significant updates to the Income Tax Audit procedure for Assessment Year 2025-26 (Fina...

Overview of Tax Audit Requirements Under Section 44ABi) Applicability Based on Turnover and Digital Transactions(a) Section 44AB of the Income Tax Act governs the circumstances in which assessees must...

Overview of the Supreme Court's DirectiveThe Supreme Court of India, in the case involving Dalhousie Public School Educational Society versus Union of India & Others, has intervened to ensure the acce...

1. Overview of GST Return Reconciliation Requirements1.1 Multiple GST Return Filings and Their ObjectivesThe Goods and Services Tax (GST) framework in India necessitates filing various returns to ensu...

Overview of Recent Amendments in Form 3CDThe Central Board of Direct Taxes (CBDT) has introduced significant revisions to Form 3CD for the Assessment Year 2025-26. These updates center around five mai...

Background and Issues Before the CourtIn the case of CIT (TDS) Vs Dr. Balabhai Nanavati Hospital, the Bombay High Court reviewed whether consultant doctors, who do not receive Provident Fund (PF) or E...