506 articles on Income Tax, authored by the Finin2min editorial team. Page 12 of 13.
An income tax search (commonly called an "IT raid") triggers a special assessment process with tighter timelines, higher penalties, and stricter evidentiary…
Section 43B(h) of the Income Tax Act, 1961 — effective from 1 April 2024 (AY 2024-25 onwards) — introduced one of the most consequential compliance…
Tax audit under Section 44AB of the old Act (now Section 194 of the Income-tax Act 2025) is mandatory for businesses and professionals above specified…
Senior citizens (age 60+) are among the most directly impacted by the Income-tax Act 2025 transition — their key deductions are renumbered, the new tax regime…
Most taxpayers receive a Section 143(1) intimation (now processed under equivalent provision in new Act) — a computer-generated notice from CPC Bengaluru…
Tax harvesting — booking gains up to the ₹1.25 lakh LTCG exemption and/or booking losses to offset gains — remains one of India's most powerful yet…
Tax Year 2026-27 started on 1 April 2026 — the first full financial year under the Income-tax Act 2025. Every deadline you miss costs money: advance tax…
Your salary slip may show many components beyond basic salary — fuel reimbursement, mobile reimbursement, book allowance, uniform allowance, leave travel…
It is June 2026, and India has both the old Assessment Year system and the new Tax Year system running simultaneously. If you're filing your ITR in July 2026…
Every month, finance teams across India deposit TDS using Challan 281 — selecting a Nature of Payment (NOP) code that maps to an income tax section. With the…
Unabsorbed depreciation is one of the most tax-efficient tools available to businesses — because unlike business losses, it can be carried forward indefinitely…
With the Income Tax Act 2025 replacing the 1961 Act effective 1 April 2026, every TDS section number has changed. Section 194C is gone — it's now Section…
The easiest-looking ITR can be the wrong return. Form selection begins with every income source and exclusion—not with the taxpayer’s job title.
Presumptive taxation simplifies profit computation; it does not eliminate the need to prove turnover, business identity, bank flow and statutory eligibility.
Professional qualification or a consulting invoice does not automatically make every service eligible for the professional presumptive scheme.
A payment from a business bank account is not automatically deductible, and a personal payment is not automatically disallowed if the business purpose is…
Tax audit is not determined by turnover alone. Activity type, cash ratio, presumptive history and declared profit can change the answer.
Selecting the old regime inside the return does not cure a missed statutory option form where Form 10-IEA is required.
Cash is not automatically taxable, but unexplained cash and prohibited cash structures can create tax, penalty and evidence risk.
A tax-exempt receipt can still create clubbing, source-of-funds or future capital-gain documentation obligations.
Moving an asset into another family member’s name does not always move the taxable income.
Opening an HUF bank account does not create HUF capital. The family must prove how the HUF acquired the asset or income.
An EMI certificate is not one deduction. It contains principal and interest governed by different provisions and conditions.
Co-borrower, co-owner and EMI payer are three different facts. A valid deduction needs them to align.
Rental income is not simply monthly rent multiplied by twelve. Vacancy, ownership, municipal taxes and tenant reporting can change the computation.
Recording a loss in a spreadsheet does not preserve it. The return form, filing date and schedule determine whether it survives.
A portfolio screen showing an unrealised loss does not create a tax loss. The sale must be real, correctly classified and economically supportable.
Intraday and F&O may appear in the same broker app, but their tax classification and loss rules are not the same.
ESOP tax can arise before cash is realised. Exercise and sale are separate taxable events with separate evidence.
RSUs can create salary income, foreign asset reporting, dividend income and capital gains across different dates and documents.
A donation receipt shows payment. It does not by itself prove the institution, category and amount are eligible for deduction.
Tax deduction and insurance coverage are different questions. The policy wording decides the insurance benefit; tax law decides the deduction.
NPS has several tax provisions. Claiming the same contribution twice is one of the easiest errors to make.
Payroll contribution, EPFO passbook credit and income-tax treatment are related but not identical records.
An intimation is a line-by-line processing result. The first question is not ‘pay or appeal?’ but ‘what changed from the filed return?’
Rectification corrects an obvious record-based error. It is not a second return and not a substitute for appeal on a debatable issue.
Paying tax is not enough if the challan points to the wrong PAN, year or payment type. The portal can treat the correct liability as unpaid.
Do not decide whether a tax communication is real from its logo, urgent wording or sender display name.
A strong reply is easy for an officer to audit: every answer matches a question, every number matches a working and every document has an index.
AIS is a reporting and compliance tool, not a substitute for the taxpayer’s books, contracts, bank statements and tax analysis.