Income Tax | Rajput Jain & Associates

ITR Form Changes for AY 2025–26 as compared to AY 2024–25

Main ITR Form Changes for AY 2025–26 as compared to AY 2024–25 Tax filing isn’t just about submitting figures, it’s about understanding context and reporting accurately. Each year, even small updates can significantly impact eligibility, deductions, and tax liability. Staying informed Helps avoid penalties Ensures faster processing/refunds AND demonstrates financial prudence and transparency Changes in ITR-1 (SAHAJ): For Salaried, Pensioners, and …

Income Tax

Documents required for filing income tax return in India

List of Documents required for filing your income tax return in India Commonly required documents for filing your income tax return in India, depending on your income sources and applicable deductions: Mandatory Documents (for all taxpayers) Basic Documents (For All Taxpayers) Document Purpose PAN Card Unique ID for filing ITR, mandatory for TDS deduction, refund …

Income Tax

“date of set-up” for determining allowability of Exp. u/s 37

Concept of “date of set-up” for determining the allowability of expenses u/s 37 of the Income-tax Act, 1961, The date of set-up of business is crucial for determining whether expenses incurred are allowable under Section 37. Section 3 of the Income-tax Act, 1961 defines Previous previous year as starting from date the business is “set …

Income Tax

Donated Excess 500k to political party under Investigation

Taxpayers who have donated more than Rs. 5,00,000/- to political parties under strict Income Tax surveillance This scrutiny by the Income Tax authorities highlights potential misuse of Section 80GGC, which allows individuals to claim a 100% deduction on donations made to political parties. The investigation seems to revolve around round-tripping—where individuals issued large donations via …

Income Tax

30kCr taxpayer Revise ITR & Disclosed Foreign Assets, Income

30k Cr taxpayers Revised their ITR & Disclosed Foreign Assets, Income In November 2024, the CBDT initiated a Compliance-Cum-Awareness Campaign for AY 2024-25. This campaign aimed to assist taxpayers in accurately completing Schedule Foreign Assets and reporting income from foreign sources in their ITR. Compliance with these schedules is mandatory under the Black Money (Undisclosed …

Income Tax

Tax on LTCG for FIIs raised to 12.5%: Budget 2025

Tax on LTCG for FIIs raised to 12.5%: Budget 2025 This increase in the LTCG tax rate for FIIs from 10% to 12.5% u/s 115AD aligns with the broader push toward uniformity in capital gains taxation. Here are some key takeaways: The Finance Bill, 2025, proposes an amendment to Section 115AD increasing the Income tax …

Income Tax

Tax Dept issue advising on Claims Under Section 80GGC

Latest Trends in Claims Under Section 80GGC Introduction : Recently, many taxpayers have received messages from the Income Tax Department advising them to review their Section 80GGC deductions for donations made to political parties. The Income Tax Department has started sending messages to taxpayers who claimed deductions under Section 80GGC—pertaining to donations made to political …

Income Tax

Deductions from Income from Other Sources: Section 57

Deductions from Income from Other Sources: Section 57 Income from Other Sources includes incomes not classified under other heads like Salary, House Property, Business or Profession, & Capital Gains. Examples of such income include dividends, interest, lottery winnings, family pensions, etc. Section 57 provides deductions for expenses incurred in earning such an income. This includes …

Income Tax

Section 87A tax rebate is a significant relief for taxpayers

Section 87A tax rebate is a significant relief for eligible taxpayers. The Income Tax Department’s update regarding Section 87A tax rebate is a significant relief for eligible taxpayers. The Income Tax Department has updated ITR forms for FY 2023-24 to ensure eligible taxpayers can claim the Section 87A rebate, a crucial relief for individuals with modest …

Income Tax

Deduction for Bad Debts : explanation of Section 36(1)(vii)

Deduction for Bad Debts : explanation of Section 36(1)(vii) What is a Bad Debt? Bad debt refers to an amount owed to a creditor that is no longer collectible and is deemed worthless. It arises when the debtor is unable to repay the debt due to financial difficulties, such as insolvency or bankruptcy, or …