Income tax
Understanding income tax is crucial for managing your finances. Discover how income tax works, learn about tax brackets, deductions, and credits. Stay informed about changes in tax laws and filing requirements. Navigate the world of taxation with confidence and ensure you make the most of your financial opportunities.
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Created on: 07/26/2025
Digital Assets & Tax: What's New for Indian Investors in FY 2025-26?
India's digital asset taxation is maturing. For FY 2025-26, the core 30% tax and 1% TDS on VDAs remain, but expect a wider definition of VDAs and mandatory reporting by exchanges. This blog details current rules and what enhanced compliance means for crypto and other new-age investors.
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Created on: 07/26/2025
The Latest on Partner Remuneration: FY 2025-26 Tax Changes Explained
The FY 2025-26 brings crucial changes for partnership firms & LLPs regarding partner remuneration. This blog decodes the new, increased deduction limits under Section 40(b) and the mandatory TDS introduction via Section 194T on payments to partners. It covers who's a working partner, the role of the partnership deed, and essential compliance steps for firms.
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Created on: 07/25/2025
New Tax Audit Limits: Your Guide to AY 2025-26 Changes
This blog details the updated Tax Audit rules for AY 2025-26 (FY 2024-25), highlighting changes in turnover limits for businesses opting for presumptive taxation under Section 44AD and other key triggers for mandatory audits.
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Created on: 07/25/2025
100% Penalty Alert: Complying with Cash Transaction Limits (269SS, 269T, 269ST)
This blog post provides a comprehensive yet easy-to-understand guide to Sections 269SS, 269T, and 269ST of the Indian Income Tax Act. It explains the rules regarding accepting and repaying cash loans/deposits (above ₹20,000) and receiving cash amounts (above ₹2 lakh) for various transactions. The post emphasizes the severe penalties (100% of the amount) for non-compliance, clarifies exemptions, and details how these transactions are reported in Form 3CD during a tax audit. It concludes with practical takeaways for taxpayers to ensure compliance and avoid issues.
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Created on: 07/24/2025
Tax Smart: Your Easy Guide to Capital Gains in India
This blog provides a simple and easy-to-understand guide to Capital Gains Tax rates in India for various assets like shares, mutual funds (debt & equity), gold, and property, differentiating between short-term and long-term gains.
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Created on: 07/23/2025
Your Wallet's Choice: 8 Reasons to Stick with the Old Tax Regime for FY 2024-25
This detailed blog post explores 8 compelling reasons why India's Old Tax Regime remains a more financially attractive option for many taxpayers in FY 2024-25. It breaks down crucial benefits like Section 80C investments, home loan interest, health insurance premiums, and other key deductions/exemptions, illustrating how these can lead to significant tax savings despite the New Tax Regime's lower rates
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Created on: 07/23/2025
Understanding Agricultural Income Tax in India (FY 2024-25)
This blog post demystifies the tax treatment of agricultural income in India for the Financial Year 2024-25 onwards. It clearly defines what constitutes agricultural income and what does not. The post explains the crucial concept of "partial integration," a unique tax calculation method for individuals with both agricultural and non-agricultural income, illustrating it with a simple example. It also highlights essential compliance requirements like reporting agricultural income in ITR and maintaining records, alongside reasons for the historical tax exemption.
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Created on: 07/23/2025
Good News for Your Wallet: Easier TDS Refunds Coming Soon!
This blog post explains the upcoming changes in India's income tax law regarding TDS (Tax Deducted at Source) refunds. It highlights how the new provisions, part of the Income Tax Bill 2025, aim to make it easier for taxpayers, especially small ones, to claim their excess TDS even if they miss the original ITR filing deadline. The post outlines the benefits, such as no penalties for late filing (just for refunds) and potentially simpler forms, and informs readers about the expected effective date of April 1, 2026.
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Created on: 07/22/2025
Breaking Relief: CBDT Eases Higher TDS/TCS Burden for Inoperative PANs (Circular No. 9/2025)
This blog post explains the important relief offered by CBDT Circular No. 9/2025, dated July 22, 2025, about higher TDS/TCS rates for transactions with inoperative PANs. It describes how deductors and collectors will not be held responsible for short deductions or collections if the deductee's or collectee's PAN is made operative within certain time frames, specifically by September 30, 2025, for past transactions and within two months from the end of the month for future ones. The summary underscores the circular's importance in tackling taxpayer complaints, easing the compliance load, and encouraging PAN-Aadhaar linkage. It urges readers to grasp the new rules and take action quickly.
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Created on: 07/22/2025
Big News for Business Owners and Professionals: ITR-3 Utility Gets a Makeover for AY 2025-26!
This blog post gives a clear and straightforward explanation of the major updates to the ITR-3 income tax utility for Assessment Year 2025-26. It emphasizes the new business and profession codes that improve the classification of different income sources, such as online trading and digital content creation. The post also discusses other important changes, including higher thresholds for reporting assets, updated capital gains reporting rules, detailed requirements for deductions, and clarifications on the new tax system. This information is directed at business owners, professionals, and HUFs, offering useful guidance on understanding and managing these changes to make tax filing easier.
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Created on: 07/21/2025
Firms & LLPs: Prepare for New Partner Payment TDS (Section 194T)
This blog post explains the new Section 194T of the Income Tax Act, which takes effect on April 1, 2025. It requires TDS on payments such as salary, remuneration, commission, bonus, and interest made by partnership firms and LLPs to their partners. The post outlines the 10% TDS rate (20% without a PAN), the ₹20,000 annual threshold, and the timing for deduction. It also clarifies which payments are exempt, including capital withdrawal, profit share, and expense reimbursement. Additionally, the post offers a checklist for firms and partners to ensure compliance and avoid penalties.
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Created on: 07/20/2025
Avoid TDS Trouble with Form 26A
This simple guide explains Form 26A and how it helps TDS deductors avoid being "at fault" under Section 201. It covers the benefits, conditions for filing, how interest is calculated, and important court decisions that provide relief. This resource is clear and easy to understand for managing TDS compliance.