Articles

A comprehensive summary of the tax treatment of gratuity, pension, EPF, NPS, leave encashment, VRS, and retrenchment compensation.

Income Tax applicability on Retirement Benefits

Section 194R of the Income Tax Act, 1961 was introduced by the Finance Act, 2022 to ensure that benefits or perks given in the course of business or profession are properly reported and taxed.

TDS on Benefits or Perquisites under Section 194R

Judgement

The Tribunal held that any expenditure incurred by the partner only for the purpose of earning such business income is allowable expenditure under sections 32 and 37.

ITAT Allows Claim of Business Expenditure on Salary Received from Partnership Firm to Former ICAI President

News

The Income Tax Department will release the new, simplified ITR forms by January 2026 to give everyone enough preparation time.

New ITR Forms to Be Released Early for FY 2025-26: What Taxpayers Should Know

Income Tax Tribunal finds Chartered Accountant’s DCF valuation unsupportive and unrealistic; NAV-based valuation adopted by AO sustained

DCF valuation certificate by Chartered Accountant held wrong and defective by ITAT: ICAI Technical Guide on Share Valuation not considered

Notifications

CBDT has notified the Capital Gains Accounts (Second Amendment) Scheme, 2025, adding Section 54GA to the existing provisions of the 1988 scheme.

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Income Tax applicability on Retirement Benefits

TDS on Benefits or Perquisites under Section 194R

ITAT Allows Claim of Business Expenditure on Salary Received from Partnership Firm to Former ICAI President

New ITR Forms to Be Released Early for FY 2025-26: What Taxpayers Should Know

DCF valuation certificate by Chartered Accountant held wrong and defective by ITAT: ICAI Technical Guide on Share Valuation not considered

CBDT notifies revised Capital Gains Account Scheme with Major Changes