Income Tax Department cracks down False Deduction Claims in ITRs
The Income Tax Department has launched a massive verification drive across India to crack down on bogus claims of deductions
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Income Tax Business/ Profession Code for ITR
The Income Tax Business Code is a classification system by India’s Income Tax Department aimed at identifying taxpayers’ business activities. Selecting the correct code is vital for accurate tax reporting and to avoid scrutiny. Taxpayers can find the appropriate code and check the applicability of provisions 44AD and 44ADA online.
Read MoreIncome Tax Rates for Co-operative Societies for AY 2025–26 and AY 2026–27
Income Tax Slabs The applicable slab rates for a co-operative society are as follows: Total Income Rate of Income Tax Up
Read MoreProcedure of compulsory selection of returns for Complete Scrutiny during the Financial Year 2025–26
The Central Board of Direct Taxes (CBDT) has laid down comprehensive parameters and procedures for compulsory selection of income tax
Read MoreIncome Tax Rate for Domestic/ Foreign Companies for FY 2024–25
For the assessment years 2025–26 the following income-tax rates are applicable: Nature of Company Assessment year 2025–26 Rate (%) In the
Read MoreIncome Tax Rate under Old Regime for HUF/AOP/BOI/ Artificial Juridical person for the Financial Year 2024–25 (AY 2025–26)
HUF/AOP/BOI/ Artificial Juridical person Net Income Range Income Tax Rate Surcharge Cess Up to Rs. 2,50,000 — - — Rs. 2,50,000
Read MoreIncome Tax Rate under Old Regime for Individual for the Financial Year 2024–25 (AY 2025–26)
In case of an Individual (resident or non-resident) Individuals (Other than resident senior and super senior citizen) Net Income Range
Read MoreDetailed TDS Rates for the Financial Year 2025–26 for Resident
Detailed TDS Rate Chart for the Financial Year 2025–26 (Assessment Year 2026–27) for Residents TDS Rate Chart when recipient is
Read MoreTCS to be added on purchase of Luxury Goods under Section 206C(1F)
In an effort to widen the tax base and ensure better tracking of high-value transactions, the Central Government of India
Read MoreDeduction on Interest Income for Senior Citizen’s only from AY 2019–20
Section 80TTB has been included after Section 80TTA as a big relief to Senior citizens. Section 80TTB will be effective
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