Set-off of Excess Application of Earlier Years and Requirements of Form 9A for Charitable Trusts Facts The Assessee: A charitable trust registered under Section 12A/12AA of the Income-tax Act. The Claim: For Assessment Year 2017-18, the trust reported surplus income but claimed it was “applied” by setting off excess expenditure (over-application) incurred in previous years.… Read More »
TDS on purchase of immovable property New Income Tax rules 2026 Under the new Income-tax Act, 2025 and the corresponding 2026 Rules, the framework for Tax Deducted at Source (TDS) on the purchase of immovable property has been streamlined. Here are the complete details regarding TDS on immovable property transactions: 1. Applicable Section and Rate… Read More »
SET-OFF / CARRY FORWARD OF LOSSES AND DEDUCTIONS 2025 & INCOME TAX RULE ,2026 Q8.1 Has the fundamental principle of set off and carry forward of losses changed under the Income Tax Act, 2025 Ans: No. The core architecture remains the same—losses are first adjusted intra-head i.e., within the same head of income and then… Read More »
Appeals and revision of income Tax Act 2025 and Tax Rules 2026 Under the Income-tax Act, 2025 and the Income Tax Rules, 2026, the framework for appeals, revisions, and dispute resolution provides taxpayers with a multi-tiered mechanism to challenge tax assessments, penalties, and other orders. Here is a comprehensive breakdown of the provisions: 1. First… Read More »
APPEALS, REVISIONS AND ALTERNATE DISPUTE RESOLUTIONS 2025 & INCOME TAX RULE ,2026 A. TRANSITIONAL ISSUES REGARDING APPEALS Q7.1 What are the key provisions contained in the Chapter on Appeals, Revision and Dispute Resolution Committee (DRC) under the Income-tax Act, 2025? Ans: The Chapter on Appeals, Revision and Alternate Dispute Resolution under the Income-tax Act, 2025… Read More »
Types of Assessment in income Tax act 2025 and Tax Rules 2026 Under the Income-tax Act, 2025, and the corresponding rules, the framework for assessing a taxpayer’s income is divided into several specific types of assessments. Here is a comprehensive breakdown of the types of assessments: 1. Self-Assessment (Section 266) Before furnishing a return of… Read More »
TDS COMPLIANCE (BY DEDUCTOR & BY DEDUCTEE) 2025 & INCOME TAX RULE ,2026 A. OBLIGATION TO DEDUCT — TRANSITION Q6.1 What is the fundamental rule for determining which Act governs TDS obligations during the transition? Ans. The Act governing TDS depends on when the “earlier of the event of credit or payment” occurs. If the… Read More »
Provident fund Taxability in Income Tax Act 2025 and Tax Rules 2026 Under the Income-tax Act, 2025, the taxation of Provident Funds (PF) involves specific rules regarding employee contributions, employer contributions, interest accrued, and final withdrawals. Here is a detailed breakdown of the income tax provisions related to Provident Funds: 1. Tax Benefits on Employee… Read More »
Permanent Establishment Income Tax Act 2025 and tax Rules 2026 Under the Income-tax Act, 2025, a “permanent establishment” is defined as including a fixed place of business through which the business of an enterprise is wholly or partly carried on. This core definition, outlined in Section 173(c), is applied consistently across various provisions of the… Read More »
Gross total Income in New Income tax Act 2025 and Tax Rules 2026 Under the new Income-tax Act, 2025, the relevant section that defines “gross total income” is Section 122(10). According to this section, “gross total income” means the total income computed as per the provisions of the Act, before making any deductions under Chapter… Read More »