Section 3 Income Tax Act 2025 Definition of “tax year” . 3. (1) For the purposes of this Act, “tax year” means the twelve months period of the financial year commencing on the 1st April. (2) In the case of a business or profession newly set up, or a source of income newly coming into existence… Read More »
Section 2 Income Tax Act 2025 Definitions. 2. In this Act, unless the context otherwise requires,— (1) “accountant” shall have the meaning assigned to it in section 515(3)(b); (2) “Additional Commissioner” means a person appointed to be an Additional Commissioner of Income-tax under section 237(1); (3) “Additional Director” means a person appointed to be an Additional Director of… Read More »
Section – 1, Income-Tax Act, 2025 INCOME-TAX ACT, 2025 ACT NO. 30 OF 2025 An Act to consolidate and amend the law relating to income-tax BE it enacted by Parliament in the Seventy-sixth Year of the Republic of India, as follows:- CHAPTER I PRELIMINARY Short title, extent and commencement. 1.(1) This Act may be called… Read More »
7th proviso of section 139(1) Income tax act 1961 7th proviso of section 139(1) Income tax act 1961 As per 7th Proviso of section 139(1) Income Tax Act 1961 ITR filing is mandatory even if Income is below basic exemption limit of Rs 4 Lakh in New regime and Rs 2.5 Lakh in old regime… Read More »
Section – 139, Income-tax Act, 1961 – FA, 2025 CHAPTER XIV PROCEDURE FOR ASSESSMENT Return of income. 139. 1[(1) Every person,- (a) being a company 2[or a firm]; or (b) being a person other than a company 2[or a firm], if his total income or the total income of any other person in respect of which he… Read More »
Is professional tax deductible in new tax regime india fy 2025-26 ? No, professional tax (PT) is not deductible under the new tax regime for FY 2025-26.. While salaried individuals and pensioners can claim a standard deduction of ₹75,000 under the new regime, the other specific deductions under Section 16—namely Professional Tax (Section 16(iii)) and… Read More »