REASSESSMENT OF INCOME ESCAPING ASSESSMENT 2025 & INCOME TAX RULE ,2026 A. REASSESSMENT FRAMEWORK UNDER THE NEW ACT Q5.1 What are the provisions for reopening of assessment (income escaping assessment) under the Income-tax Act, 2025? Ans. The provisions for assessment or reassessment of income which has escaped assessment are contained in Sections 279 to… Read More »
OTHER FORMS & COMPLIANCE STATEMENTS 2025 & INCOME TAX RULE ,2026 Q4.1 Is there any change in the application forms for applying for a new PAN number? Ans. Yes. The PAN application forms being used in the framework of Income Tax Act, 2025 have been restructured as under: By splitting multi-purpose forms into category-specific forms, each… Read More »
FURNISHING OF INCOME TAX RETURN (ITR) 2025 & INCOME TAX RULE ,2026 A. OVERVIEW — RETURN FILING FRAMEWORK DURING TRANSITION Q3.1 What are the key provisions relating to filing of return of income under the Income-tax Act, 2025? Ans. The provisions relating to filing of return of income are contained in Section 263 of the… Read More »
TAX PAYMENTS, COLLECTION AND REFUNDS UNDER NEW INCOME TAX ACT ,2025 & INCOME TAX RULE ,2026 A. OVERVIEW OF TDS PROVISIONS AND TDS PAYMENTS UNDER THE NEW ACT Q2.1 Does the fundamental obligation to discharge income-tax through TDS/TCS, advance tax, or self-assessment tax continue under the Income-tax Act, 2025? Ans. Yes. The core obligation to pay… Read More »
GENERAL PHILOSOPHY OF TRANSITION UNDER NEW INCOME TAX ACT ,2025 & INCOME TAX RULE ,2026 A. OBJECTIVE AND SCOPE OF THE NEW ACT Q1.1 What is the primary objective of replacing the Income-tax Act 1961 with the Income-tax Act, 2025? Ans: The Income-tax Act, 2025 has been enacted to provide a streamlined, simplified,and modern tax… Read More »
HRA Calculation Income Tax Act 2025 The complete rules for calculating the House Rent Allowance (HRA) exemption are as follows. The exempted amount not included in the total income will be the minimum of the following three calculations: The actual HRA amount received by the assessee for the relevant period. The actual rent paid for… Read More »
Exempted Income in Income tax Act 2025 Under the Income-tax Act, 2025, “exempted income” refers to specific types of income that do not form part of a person’s total income for the purpose of calculating tax. If an income qualifies for an exemption, no income-tax is charged on it, provided the taxpayer fulfills the specific… Read More »