Income Tax Act

Filing income tax returns is a crucial financial responsibility, where taxpayers are required to declare their actual income accurately. However, some taxpayers may unintentionally underreport or misreport their earnings, which …

ITR filing: An official communication issued by the Income Tax Department to a taxpayer concerning various discrepancies, non-compliance, or other matters linked to their Income Tax Return (ITR) is called …

NEW DELHI : The definition of perquisite under the Income Tax Act’s Section 17(2) plays a crucial role in computing an employee’s taxable salary. Perquisites represent benefits or amenities provided …

ITR Filing: In India, weddings are treated as a festival for family and friends, and giving big gifts is part of a culture. However, for tax authorities, these are not …

ITR filing: As the government moves to ban online money-based games in India, with both houses of the parliament passing the ‘Promotion and Regulation of Online Gaming Bill 2025’, any …

Parliament passes new Income Tax Bill to replace IT Act, 1961. The Income Tax Bill, once enacted, will replace the archaic 6-decade-old income tax law. The legislation will make tax …

Filing an Income Tax Return (ITR) is an essential yearly financial task for every eligible individual. Whether you are a salaried employee, self-employed, freelancer, or business owner, you may often …

The Cabinet has approved the revised Income Tax Bill, 2025, sources said on Friday.  The approval comes weeks after a new version of the Income Tax Bill, incorporating most of …

This Mint story explains what expenses qualify as improvements, citing legal provisions and real-world examples. How is the cost of improvement defined? Chartered Accountant Vijaykumar Puri clarified: “Cost of improvement …

The select committee was set up for the purpose of scrutinizing the bill. The first draft of the bill tabled in the House in the Budget session of the House …