Section 54EC provides for exemption to any assessee from long term capital gains arising from transfer of long term capital asset being a land or building if the capital gains are invested in capital ...

The 2025 Act restructures and renumbers sections across all five heads of income. Understanding the old-to-new section comparison is essential for accurate interpretation from FY ...

Explains how the new Act replaces the 1961 law, simplifies drafting, introduces the “Tax Year” concept, and aims to reduce litigation and compliance ...

Property sellers locked in disputes over capital gains calculations may find some relief from a recent ruling by the Hyderabad Bench of ITAT. The tribunal observed that expenses incurred to demolish ...

New Income Tax Act: The new Act looks to streamline provisions, reduce complexity, and introduce modern digital processes.

The Income Tax Department has released the Draft Income Tax Rules 2026, which once approved will be applicable for FY 2026-27. For salaried and middle class income taxpayers, several changes have been ...

The Social Security Fairness Act signed at the beginning of 2025 is now unfair, at least when it comes to taxes, according to some representatives in Congress. Those income spikes last year likely ...

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Income-tax draft rules 2026: The draft document for the updated Income Tax rules 2026, set to come into effect from April 1 this year state changed numbers for Form 16 (TDS on salary) and Form 26AS ...

The previous Income Tax Act was over 65 years old and had more than 800 sections. The new law reduces this to around 536 sections and removes many explanations and provisos that made the law ...

Many people living in rented houses focus mainly on paying monthly rent on time, but very few are aware that income tax rules also apply to high-value rental payments. If you are paying more than ₹50, ...

How much you owe the IRS is determined by the tax brackets you fall into. For 2025 tax returns (filed in 2026), there are seven brackets and most filers will fall into more than one. The IRS adjusts ...