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Income Tax

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

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Income Tax

485 articles
Parking and Toll Rights TCS in 2026–27: Section 394’s 2% Rate, PSU Exclusion and Debit Timing

Parking and Toll Rights TCS in 2026–27: Section 394’s 2% Rate, PSU Exclusion and Debit Timing

Section 394(1), Table entry 9, requires ordinary 2% TCS on covered business rights in parking lots, toll plazas, mines and quarries. Identify the rights contract, public-sector-company exclusion and mineral-oil exception, then reconcile the earlier debit or receipt without duplicating advances.

By Team assureOffice
Dependent Disability Deduction in 2026–27: Section 127, Certificate Validity and the Section 154 Con

Dependent Disability Deduction in 2026–27: Section 127, Certificate Validity and the Section 154 Conflict

A resident individual or HUF must establish eligible maintenance expenditure or an approved scheme, dependency, certification and an eligible tax regime before claiming section 127. Check the ₹75,000/₹1,25,000 limits and prevent a conflicting section 154 claim by the dependant.

By Team assureOffice
Partnership Losses After Retirement or Death: Section 119(1) Restrictions in Tax Year 2026–27

Partnership Losses After Retirement or Death: Section 119(1) Restrictions in Tax Year 2026–27

On a qualifying firm reconstitution, test the outgoing partner’s proportionate loss against that partner’s share of current-year profits. Preserve loss vintages and distinguish the restriction from capital settlements and ordinary business-loss eligibility.

By Team assureOffice