Why One Should File Form 121 To Receive Income Without TDS: An Overview
Why One Should File Income Tax Return When Income Is Less Than Exempt Limit The Income-tax Act, 2025 has introduced Form 121, replacing Forms 15G and 15H from FY 2026-27. The unified self-declaration form allows eligible resident taxpayers with nil tax liability to avoid TDS on specified incomes like bank interest, dividends and EPF withdrawals. […]
Income-Tax Act 2025: Key Points Every Taxpayer Should Know
Income-Tax Act 2025: Key Points Every Taxpayer Should Know The new Income-tax Act, 2025, effective from 1 April 2026, replaces the 1961 Act, focusing on simplification, clarity, and digital compliance. Key changes include a single “Tax Year,” fewer sections, rules, and forms, continued new tax regime, reorganized deductions, streamlined TDS/TCS, extended return timelines, and enhanced […]
Why One Should File Income Tax Return When Income Is Less Than Exempt Limit
Why One Should File Income Tax Return When Income Is Less Than Exempt Limit Many individuals wrongly believe ITR filing isn’t needed if income is below ₹12 lakh. The article explains that filing remains important for claiming TDS refunds, proving income, carrying forward losses, and avoiding notices. It also highlights lower filing thresholds and mandatory […]
Allowability of deduction u/s 80G for CSR expenses
Allowability of deduction u/s 80G for CSR expenses Allowability of deduction under section 80G of the Income tax Act 1961 for CSR contributions is a question often debated. Fortunately, in a fairly recent Order dated 28th November 2023, Income Tax Appellate Tribunal (ITAT) has upheld the allowance of Section 80G deduction on CSR expenses for […]
Faceless Appeal Scheme 2021
Faceless Appeal Scheme 2021 1.0 Background 1.1 In order to provide efficiency, transparency and accountability by eliminating the interface between taxpayers, Income-tax authorities and Commissioner of Income-tax (Appeals) [‘CIT(A)’], Central Board of Direct Taxes (‘CBDT’ or ‘the Board’) had notified Faceless Appeal Scheme, 2020 (hereinafter referred to as ‘old scheme’) vide Notification nos. 76 and […]
E Appeal
E Appeal The Finance Act 2023 has inserted a new section 246 in Chapter XX with effect from 01- 04-2023 for filing of appeal before the Joint Commissioner of Income-tax (Appeals). Any assessee aggrieved by the orders passed by an Assessing Officer (below the rank of Joint Commissioner) can prefer an appeal against such order […]