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.
Created on: 05/24/2025
Double Your Benefits: Utilize Sections 80C & 80D Simultaneously to Enhance Your Tax Savings
This blog explores how Indian taxpayers can maximise their income tax savings by leveraging both Section 80C and Section 80D of the Income Tax Act. While Section 80C focuses on investments and expenses like PPF, ELSS, and home loan principal repayment, Section 80D offers deductions on health insurance premiums and preventive health check-ups. By using these sections together, taxpayers can claim deductions up to ₹2,00,000 annually. The blog explains eligibility, deduction limits, strategic planning tips, and helps readers choose between the old and new tax regimes for optimal tax benefits.
Created on: 05/24/2025
12A Registration Made Easy: Latest Online Guidelines for Indian NGOs
For non-profit organizations, charitable trusts, and societies in India, securing 12A registration is vital for income tax exemption. With the Indian government's move towards digital governance, the 12A registration process has undergone significant updates. This blog post provides a detailed look at the latest guidelines, including mandatory online filing via Form 10A/10AB, the requirement for re-registration for existing entities, the new 5-year validity period, and essential steps to ensure a smooth, compliant experience for your organization.
Created on: 05/23/2025
Section 44ADA Explained: Presumptive Taxation Benefits for Self-Employed
This comprehensive guide delves into Section 44ADA of the Income Tax Act, 1961, offering a simplified "presumptive taxation" scheme for eligible self-employed professionals. Discover who qualifies, how to calculate your taxable income at a minimum of 50% of gross receipts, and the significant benefits like exemption from detailed bookkeeping and tax audits. Learn about crucial compliance aspects, including advance tax and the increased ₹75 Lakhs gross receipts limit, to make informed decisions for smarter tax planning and effortless compliance.
Created on: 05/23/2025
TDS Simplified: Your Essential Rate Chart for FY 2025-26 (AY 2026-27)
This in-depth guide simplifies TDS (Tax Deducted at Source) for Financial Year 2025-26 (Assessment Year 2026-27). Discover how this crucial tax collection mechanism works, explore the latest changes from Union Budget 2025 including increased threshold limits, the introduction of Section 194T for partners' remuneration, and the removal of higher TDS for non-filers. We provide a detailed TDS rate chart and explain the implications of non-compliance, empowering both deductors and deductees for efficient tax planning and compliance
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Created on: 05/22/2025
Don't Miss Out! Maximize Section 87A & Claim Every Deduction in Your FY 2024-25 ITR
Maximize your savings and simplify your ITR filing for FY 2024-25! Discover how to effectively utilize the Section 87A rebate and navigate the complexities of deductions under both the old and new tax regimes. This essential guide empowers you to make informed choices, accurately claim every eligible deduction, and confidently file your ITR to prevent any unwelcome tax notices.
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Created on: 05/22/2025
The New Tax Regime Advantage? Standard Deduction Changes for FY 2024-25 Explained
Grasping the concept of standard deduction is essential for every salaried person in India. Following the recent updates in the Union Budget 2024, the framework for standard deduction has changed, particularly within the new tax framework. This comprehensive guide clarifies what standard deduction entails, the updated limits for both regimes, eligibility criteria, advantages, and practical illustrations.
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Created on: 05/21/2025
Got an Income Tax Notice? A Salaried Professional's Definitive Guide
Receiving an income tax notification can be intimidating, especially for salaried professionals. This comprehensive guide demystifies the reasons behind income tax notices in India, detailing common types (like 143(1), 139(9), 143(2), 148, and 156) and providing a step-by-step approach on how to respond effectively. Learn about discrepancies in income/TDS, defective returns, high-value transactions, and best practices to prevent such communications.
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Created on: 05/21/2025
Avoiding Penalties Under Section 271B: Understanding the Need for an Income Tax Audit
This blog explains the mandatory income tax audit requirements under Section 44AB for Indian businesses and professionals, detailing the various turnover and gross receipt thresholds. It highlights the significant penalties imposed by Section 271B for non-compliance, alongside conditions where penalties can be avoided due to 'reasonable cause.' The post also emphasizes the broader benefits of an audit beyond just avoiding penalties, such as enhanced credibility and financial accuracy.
Created on: 05/20/2025
Major Update: You Can Now File ITR-U for the Past Four Years!
The Income Tax Department has announced a monumental extension for ITR-U (Updated Income Tax Return) filing, allowing taxpayers to rectify errors or omissions for up to four previous years instead of the prior two. This blog delves into what ITR-U is, the new extended deadlines, who is eligible to file, situations where it cannot be filed, the associated additional tax liability, and the myriad benefits this flexibility offers for enhanced tax compliance and reduced legal complications.
Created on: 05/19/2025
Tax Alerts: 9 Essential Updates to ITR-1, ITR-2, ITR-3, ITR-4 for FY 2024-25
The Income Tax Department has notified updated ITR forms (ITR-1, ITR-2, ITR-3, ITR-4) for FY 2024-25 (AY 2025-26) incorporating several crucial changes. This blog details 9 important adjustments, including relaxed eligibility for ITR-1/ITR-4, mandatory TDS section reporting, removal of Aadhaar Enrolment ID acceptance, detailed disclosures for tax regime options, bifurcated capital gains reporting, new treatment for buyback proceeds, raised asset reporting threshold, additional requirement for disability deductions, and streamlined capital gains sections, all aimed at ensuring accurate and compliant tax filing.
Created on: 05/17/2025
Understanding 44AA, 44AB, 44AD, 44ADA for the Upcoming AY 2025-26
This post offers an in-depth overview of key Income Tax Act sections (44AA, 44AB, 44AD, 44ADA) applicable for AY 2025-26 (FY 2024-25). It details the requirements for maintaining accounting records and mandatory tax audits based on income/turnover thresholds. It also explains the presumptive taxation schemes for eligible small businesses (44AD) and professionals (44ADA), including updated limits and the implications of opting for or out of these schemes. The guide aims to clarify compliance duties for taxpayers
Created on: 05/16/2025
CBDT Notifies IRFC Zero Coupon Bonds: Tax Impact for Investors
The CBDT has notified IRFC's Ten-Year Zero Coupon Bonds under the Income Tax Act, potentially making the maturity proceeds tax-exempt under Section 10(15)(iv)(h). This offers a significant tax advantage for long-term investors compared to non-notified bonds.