What Is Taxable Income? How It’s Calculated for Tax Filing
Want to know how much you'll owe during tax filing season? Then you need to know your taxable income.
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Want to know how much you'll owe during tax filing season? Then you need to know your taxable income.
₹5.01 Crore Suppressed Sales, But Only ₹10.02 Lakh Taxable ITAT Mumbai Says Unrecorded Turnover Cannot Automatically Be Treated as 100% Income A business can have unrecorded sa...
Same Income, Different Tax! How Classification Can Change Your Tax Liability Imagine Mr. Ram and Mr. Shyam purchased 100 shares of Reliance Industries Ltd. on the same day, at...
A Karnataka man working in South Korea faced an income tax notice over his salary deposited in an NRE account in India. The Income Tax Assessing Officer claimed the salary was taxa...
Stamro: I have no income other than the monthly amount from the bonds, before that I was just living on savings, Well, you just add the NSI interest to the interest from your ex...
Tunkl v. Commissioner, T.C. Memo. 2026-83 (Sept. 10, 2026) For federal income tax professionals advising high-net-worth clients, dealers, and corporate entities engaged in inf...
FD interest is taxed at your slab rate. See how a Rs 10 lakh FD costs Rs 21,840 at 30%, and three steps covering Form 121, TDS and lower-slab options.
Diversion of Income by Overriding Title: When Income Never Becomes the Assessee’s Income Supreme Court Explains the Difference Between “Diversion of Income by Overriding Title” and...
₹23.33 Crore Addition Deleted: ITAT Says Wrong ITR Column Is Not Undisclosed Income A clerical mistake in the ITR cannot become taxable income when the amount was already discl...
Employment income is money earned from working such as your W-2 job or freelance work. Unearned may come from a pension or alimony. Here are the main differences. The post What Cou...
The man in this case failed to file his income tax return, and the Income Tax Department issued him a notice. He subsequently responded by filing an ITR for assessment year (AY) 20...
ESOPs are getting attention, particularly among young startups. ESOP is a method to get motivated, engage, and incentivize the workforce. It enhances awareness among employees, as...
Under Section 56(2)(x), there is applicable taxation of such a difference in the buyer's hands if the stamp duty value of the property is higher than the purchase consideration by...
Forgotten Foreign Bank Account? ₹ 5 Lakh Shares? A New Tax Window Has Opened! A former student who returned to India years ago called me last week: “Sir, I worked in the UK bac...
What appeared to be a filing lapse eventually turned into a tax penalty of Rs 3.74 lakh. The Income Tax Department took a strict view of the matter, maintaining that had the non-fi...
The shop owner said that deposited cash had come from sales generated by his pharmacy and had been properly recorded for in the concerned business books. To support his explanation...
IDCW is taxed at slab rate; growth defers tax to redemption. See real rupee comparisons, TDS rules, and the Section 87A exception before choosing.
The Bombay High Court has said that the difference between the subscription price and the fair market value of proportionately allotted rights shares cannot be levied as tax u/s 56...
Unsold Flats Cannot Be Taxed on Notional Rent Before They Become Legally Occupiable Bombay High Court upholds relief to a builder: No annual letting value can be assessed for a...
Your employer may pay the bill, but the benefit can still be taxable. The post Company Car, Car Allowance And Parking: Which Benefits Do Employees Have To Pay Tax On? appeared firs...
Rev. Rul. 2026-18, October 9, 2026 Under Section 61 of the Internal Revenue Code (I.R.C. § 61), gross income includes all income from whatever source derived, specifically enc...
Having a salary does not mean your tax obligations end with your Form 16. If you also earn from freelancing, consulting, content creation, affiliate …
The Income Tax Department also noted that the individuals had not filed an income tax return (ITR) for the relevant year. This meant the department did not have details of the inco...
The ITAT Chennai bench viewed the increase from Rs 3 lakh to Rs 25 lakh as an enhancement of an existing benefit, rather than the creation of a new exemption. The Tribunal also fou...
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