ITAT Raipur held that Section 249(4)(b) applies only where advance tax was legally payable. In absence of...
Income Tax
Income tax in India is a direct tax imposed on individuals, businesses, and other entities based on their income. Understanding income tax is essential for proper financial planning and compliance with government regulations. This section provides comprehensive resources covering income tax slabs, ITR filing, deductions, exemptions, and the latest updates for FY 2025–26.
Whether you are a salaried employee, freelancer, or business owner, you can explore detailed guides below to learn how to calculate your tax, file returns, and maximize eligible deductions. Stay informed with the latest income tax rules, deadlines, and expert insights to manage your taxes efficiently.
Rule 25 restricts depreciation to 40% WDV for specified taxpayers opting for concessional tax regimes. The rule...
The High Court quashed an assessment order passed without granting personal hearing despite a written request. It...
The Court ruled that excise duty refund received under an incentive scheme was a capital receipt and...
The High Court dismissed the appeal holding that stock statements forming the basis of overdraft drawing power...
The Court set aside the Section 197 order holding that distribution fees were treated as royalty without...
ITAT Mumbai held that reassessment beyond three years is invalid if approval is not obtained from the...
The assessees long-term capital gains claim was upheld as genuine. In absence of direct evidence linking the...
ITAT Mumbai quashed reassessment beyond 3 years as escaped income was ₹37.76 lakh ( The post Reopening...
Reassessment based solely on investigation inputs about penny stocks was rejected. The Tribunal held that documented transactions...