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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
The Finance Ministry is unlikely to introduce New Income Tax Bill during Budget 2025. The Finance Ministry is unlikely to introduce the new Income Tax Bill during Budget 2025. Although an internal committee led by Chief Income-Tax Commissioner V.K. Gupta has been reviewing the Income-Tax Act, the report is not expected to propose changes to …