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Income Tax

Practical guides to returns, tax audit, assessments and notices.

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Income Tax

485 articles
Research donations under section 135: eligibility and evidence for tax year 2026–27

Research donations under section 135: eligibility and evidence for tax year 2026–27

A qualifying research donation can be deductible under section 135, but business income, cash above ₹2,000 and the new tax regime can defeat the claim. Reconcile recipient approval and reported donation information before filing.

By Team assureOffice
Undisclosed Income: Section 120 Loss and Unabsorbed-Depreciation Bar in 2026–27

Undisclosed Income after Search or Survey: Section 120’s Loss and Unabsorbed-Depreciation Bar in 2026–27

Section 120 prevents current or brought-forward losses and unabsorbed depreciation from reducing qualifying undisclosed income arising through the specified search, requisition or survey routes. Establish the statutory income and proceeding before separating protected income from other computations.

By Team assureOffice
Specified-Business Losses in 2026–27: Section 114 Set-Off and the Separate Eligibility Register

Specified-Business Losses in Tax Year 2026–27: Section 114 Set-Off and the Separate Eligibility Register

Section 114 confines a specified-business loss to specified-business profits. Unlike the neighbouring ordinary-business and speculation rules, it states no numerical carry-forward year limit. Confirm section 46 status, the return condition and surviving balances before claiming utilisation.

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Speculation Business Losses in 2026–27: Section 113, Four-Year Expiry and Company Share Trading

Speculation Business Losses in Tax Year 2026–27: Section 113, Four-Year Expiry and Company Share Trading

Section 113 restricts speculation-business losses to speculation profits and permits qualifying balances to move forward for four succeeding tax years. Classify the transactions, apply the company-specific deeming rule and preserve timely-return and original-expiry evidence.

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Late TDS and TCS Statements in 2026–27: Section 427’s ₹200 Daily Fee and Tax-Amount Ceiling

Late TDS and TCS Statements in 2026–27: Section 427’s ₹200 Daily Fee and Tax-Amount Ceiling

Section 427(1)–(2) charges ₹200 per continuing day of delay for the specified TDS/TCS statement, capped at the tax deductible or collectible. Establish the correct statement deadline, filing evidence and tax ceiling; do not import the separate ₹1 lakh SFT cap or confuse the fee with interest and penalty.

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Motor Vehicle TCS in Tax Year 2026–27: ₹10 Lakh Test, Seller Scope and Collection Timing

Motor Vehicle TCS in Tax Year 2026–27: ₹10 Lakh Test, Seller Scope and Collection Timing

For tax year 2026–27, a covered seller collects 1% TCS on qualifying motor vehicle consideration exceeding ₹10 lakh. Check the seller and buyer definitions, the full consideration base and the earlier debit-or-receipt trigger before collecting.

By Team assureOffice