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The ITR filing deadline is approaching, prompting taxpayers to prepare documents and explore deductions. Section 80D allows deductions for preventive health checkups, capped at ₹5,000, applicable only…
As taxpayers finalize their returns this filing season, it may be worthwhile to spend a few extra minutes reviewing investments in the name of your spouse and minor children
The Income Tax (I-T) department has released an Excel utility for ITR-5, enabling taxpayers to file their return for the assessment year 2026-27.
Residents with foreign assets or overseas income must file ITR-2 instead of ITR-1 before 31 July. Check who needs to file, mandatory disclosure schedules, penalties for non-compliance and steps to ens…
A ₹60 lakh salary attracts a surcharge of 10% under the new tax regime in addition to slab-wise income tax and 4% health and education cess. In this case, the final tax liability comes to ₹15.53 lakh,…
During the RNOR window, your Indian income is taxed exactly as it would be for any resident. Any income earned in India is taxable and must be declared in the ITR
SC applies the average of three previous ITRs to assess self-employed income and enhances motor accident compensation to Rs.87.09 lakh. The post 3-Year ITR Average Governs Self-Employed Income Assessm…
SC holds self-employed income may be assessed using up to three years’ ITR average with relevant business circumstances. The post Self-Employed Income Requires Up to Three-Year ITR Average for Motor A…
NOTIFICATION NO. 74/2026 & NOTIFICATION … Continue reading "CBDT Exempts TDS on Aircraft and Ship Lease Payments to IFSC Units" The post CBDT Exempts TDS on Aircraft and Ship Lease Payments to IFSC Un…