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 »
Power of income tax officer under Income Tax Act 2025 Under the Income-tax Act, 2025, an Income-tax Officer (who commonly acts in the capacity of an Assessing Officer, Authorised Officer, Requisitioning Officer, or Tax Recovery Officer) is vested with extensive powers to enforce tax compliance, conduct investigations, and recover tax dues. Here is a comprehensive… Read More »
What is an ‘assessee in default’ in INCOME TAX ACT 2025 Under the Income-tax Act, 2025, an “assessee in default” is a legal status assigned to a person (which can include individuals, companies, employers, or principal officers) who fails to pay taxes, interests, penalties, or fees they owe, or fails to fulfill specific statutory duties… Read More »
Assessee in income tax 2025 of India : Meaning Under the Income-tax Act, 2025, an “assessee” primarily means a person by whom any tax or any other sum of money is payable under the Act. Additionally, the definition broadly includes the following categories of persons: Persons subject to proceedings: Every person in respect of whom… Read More »
New Income Tax Rules 2026 for Property Buyers: Stamp Duty, TDS, and SFT Reporting Explained If you are planning to buy real estate in India, staying updated with the Income-tax Act, 2025 and the Income Tax Rules 2026 is crucial. The tax authorities have introduced stringent tracking mechanisms, specifically targeting property transactions, stamp duty valuations,… Read More »
How to Become Income Tax Officer To become an Income Tax Officer (ITO) in India, you generally follow one of two paths: starting as an Inspector through the SSC CGL exam or joining as a high-ranking official through the UPSC Civil Services Examination. Path 1: Staff Selection Commission (SSC CGL) This is the most common… Read More »
IMPORTANT INCOME TAX CASE LAWS 21.03.2026 Relevant Act Section Case Law Title / Authority Brief Summary Citation Income Tax Act, 2025 Sec 533 Notification No. 22/2026 Income-tax Rules 2026 notified; effective from 01-04-2026. These rules provide the operational framework for the new Act starting the next tax year. [2026] 20-03-2026 Income Tax Act, 1961 Sec… Read More »
Capital Gains: Inherited Trust Property and the “Period of Holding” Rule In this March 2026 ruling, the Tax Tribunal clarified how the holding period is calculated for property passing through a family trust. The decision reinforces that “stepped-up” holding periods apply to inherited assets, even when they pass through a trust created by a will.… Read More »
Multi-Year Deduction for New Employment Costs Under Section 80JJAA Upheld for Assessee The primary dispute in this matter involved the interpretation of Section 80JJAA, which provides a tax incentive for businesses that generate new employment. The Assessing Officer had attempted to restrict the deduction only to the “additional employee cost” incurred for new hires made… Read More »