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# incometaxact

12 posts in `incometaxact` tag

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Income tax

Tax Exemption for Delhi Construction Workers: What is Section 10(46)?

This blog discusses how Section 10(46) of the Income Tax Act exempts the Delhi Construction Workers Welfare Board from paying taxes, allowing it to effectively finance construction workers' welfare initiatives.
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Income tax

How Section 9A Benefits Offshore Funds and Indian Fund Managers

This article outlines Section 9A of the Income Tax Act, which provides tax benefits to offshore assets managed by Indian fund managers. Learn about the qualifying criteria, compliance standards, and influence on India's investment management business.
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Income tax

Sections 44AA to 44ADA: Who Needs to Maintain Books & Get Audited in A.Y. 2025-26?

For the fiscal year 2025–2026, this blog offers a comprehensive guide on Sections 44AA, 44AB, 44AD, and 44ADA of the Income Tax Act. Bookkeeping, presumptive taxation schemes, tax audit requirements, and compliance advice for professionals and corporations are all covered.
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Income tax

The Role of Section 140B in Updated Return Filing and Taxation

This blog provides a comprehensive guide on Section 140B of the Income Tax Act, detailing the process of filing updated returns under Section 139(8A). It covers the applicability, tax computation, benefits, challenges, and FAQs related to Section 140B, helping taxpayers understand their obligations and avoid penalties.
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Income tax

Understanding the Recent Updates to Income Tax Form No. 49C

This blog gives a full summary of the most recent amendments to Income Tax Form No. 49C, including who must file it, the changes made, and how taxpayers may assure compliance with the new requirements.
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Income tax

Income Tax Bill 2025 vs. Income Tax Act 1961: New Utility Tool for Simplified Comparison

To make it easier to compare the Income Tax Bill 2025 with the Income Tax Act 1961, as amended by the Finance (No. 2) Act 2024, the Income Tax Department has released a Utility Tool. This application ensures improved compliance and lowers mistakes by assisting businesses, professionals, and taxpayers in understanding legal changes. Discover how to utilize this tool and the advantages it offers to different stakeholders.
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Income tax

Highlights of the New Income Tax Bill 2025: Key Changes and Comparison to the 1961 Act

With its streamlined tax rules, updated tax slabs, AI-powered tax administration, and improved compliance procedures, the New Income Tax Bill 2025 is poised to completely transform India's tax structure. This blog examines the main modifications, contrasts them with the Income Tax Act of 1961, and talks about how they affect investors, companies, and taxpayers.
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Income tax

Taxation Under Section 41: A Guide to Profits and Balances

The Income Tax Act's Section 41 guarantees that any recoveries or remissions of previously claimed deductions are taxable. This thorough book highlights the significance of openness in India's taxation system by outlining its laws, real-world applications, and significant court decisions.
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Income tax

Deadline Alert: Everything You Need to Know About Section 87A Rebate

A substantial tax-saving opportunity is provided by the Section 87A refund to taxpayers with taxable income up to ₹5,00,000. Find out if you qualify, what the benefits are, and how to apply for this refund before the deadline of July 31, 2024. To optimize your tax savings, use myITRonline to ensure hassle-free tax filing or get expert help.
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Income tax

Understanding Form 12BAA: Essential Tips for Salaried Individuals

Form 12BAA was created by the Income Tax Department to simplify salary tax deductions. In order to ensure correct TDS deductions and improved tax planning, this handbook assists salaried staff in understanding its goal, essential components, and use.
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Income tax

High Court Challenges CBDT's Stand on Appeals Below Monetary Limits

The CBDT's Circular Nos. 05/2024 and 09/2024, which do not have an exception clause for tax appeals under monetary restrictions, raised concerns from the High Court. Addressing important legal issues, ongoing disagreements, and consistent tax administration may be hampered by its omission. To maintain justice and fairness, the HC urged CBDT to assess and revise the circular.
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Income tax

Simplification of the Income Tax Act 1961: No New Rates, Just Easier Compliance

Without altering tax rates, the ongoing review of the Income Tax Act of 1961 seeks to enhance compliance and streamline tax regulations. This project aims to improve digital integration, eliminate out-of-date provisions, and make the Act easier to use. It is anticipated to be finished by mid-December 2024, and taxpayers can anticipate more transparency and lower compliance expenses.