Mr. Karan is a salaried person. His total income is Rs. 11,80,000. While reading about income tax, he notices something strange. Some websites talk about Section 87A while others mention Section 156. If these questions sound familiar, you’re not alone. In this guide, I’ll explain what has changed, what hasn’t, and how the rebate works […]
Section 87A is Now Section 156 – What Every Taxpayer Should Know Read More »
After working for a company for many years, employees may get a gratuity payment when they retire, leave their job, or their employment ends. Many people ask: “Do I need to pay tax on the gratuity money I receive?” Many people get confused because gratuity is considered part of “salary” under the Income-tax Act. So,
Is Gratuity Fully Tax-Free? Know the Tax Rules Read More »
Case Reference:Pathan Wajeed Khan Manzoor vs ITOITA No. 2158/PUN/2025 (ITAT Pune, AY 2016–17) A recent ruling by the Income Tax Appellate Tribunal (ITAT), Pune, highlights how large cash deposits can attract significant tax scrutiny, even when a taxpayer reports relatively modest income. In this case, a scrap dealer who declared an income of approximately ₹3
Every tax season brings its share of updates, but the 2026 shift from Form 16A to Form 131 is particularly significant. For taxpayers, business owners, and financial professionals, understanding this change is essential to ensure compliance, avoid penalties, and streamline TDS (Tax Deducted at Source) management. This detailed guide breaks down everything you need to
Form 16A Transformed: Why Form 131 Matters in 2026 Read More »
