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: 08/01/2024
ITR 7: A Detailed Handbook for Taxpayers
This comprehensive guide provides taxpayers with a detailed understanding of ITR 7, including who is eligible to file, how to file, and important dates to remember. It also covers the penalty for late filing and frequently asked questions.
Created on: 08/01/2024
Section 148A(d) of the Income Tax Act: What You Need to Know
This comprehensive guide explains Section 148A(d) of the Income Tax Act, covering the procedure for issuing notice, conducting inquiries, and the implications for taxpayers. Get insights into the time limitation clause, approval of specified authority, and exceptions.
Created on: 07/31/2024
Section 192(b) of the Income Tax Act addresses the taxability of salary arrears.
This blog post provides an in-depth understanding of Section 192(b) of the Income Tax Act, which deals with the taxability of arrears of salary. It explains how to calculate TDS on salary, exemptions, and deductions, and also discusses the implications of the new tax regime.
Created on: 07/31/2024
Income Tax Department's Cautionary Notice: A Comprehensive Guide to Correct and Accurate ITR Filing
The Income Tax Department has issued a cautionary notice to taxpayers regarding the importance of correct and accurate ITR filing. This blog post explains the significance of accurate tax returns, the consequences of incorrect filing, and provides tips on how to ensure accurate ITR filing. Read on to understand the notice and its implications for taxpayers.
Created on: 07/30/2024
Section 57 Deductions - Income Tax Act
A thorough explanation of Section 57 of the Income Tax Act, which permits deductions against income subject to the "Income from other sources" head, is given in this article. It describes the several types of deductions that are permitted under Section 57, including as interest or dividends on tradable financial assets, employee contributions to welfare programs, costs related to rental revenue, and more. The purpose of the essay is to assist taxpayers in comprehending the nuances of Section 57 and in making well-informed decisions regarding their tax compliance and planning.
Created on: 07/29/2024
Annual Compliance Schedule 2024-2025
This blog helps taxpayers stay on top of their responsibilities and avoid penalties by offering a thorough annual compliance calendar for TDS and TCS deposit and filing dates.
Created on: 07/24/2024
Modifications to Slab Rate for FY 2024–2025 and AY 2025–2026: An Detailed Guide
The blog discusses the changes in income tax slab rates for FY 2024-25 and AY 2025-26, including the increase in the basic exemption limit, revision of slab rates, and increase in the standard deduction. The implications of these changes, including tax savings, simplified tax structure, and increased disposable income, are also discussed.
Created on: 07/24/2024
The Standard Deduction in Budget 2024–2025: A Huge Relief
The Union Budget 2024-25 has brought a significant relief to taxpayers with the increase in the standard deduction. This blog post explains the implications of this change and how taxpayers can benefit from it. Learn how to claim the deduction and stay updated on the latest tax reforms.
Created on: 07/23/2024
Understanding Tax Reassessment in India: A Guide to Sections 147 & 148
Have you ever gotten a scary warning from the Income Tax Department about a possible reassessment? This blog gives you the information you need to handle this circumstance with assurance. We discuss the Income Tax Act's Sections 147 and 148, which provide clarification on the authority for reassessments, the potential triggers for them, and the vital notice procedures required by Section 148. The site additionally emphasizes your rights as a taxpayer in the event of a reassessment, including the chance to reply and make your case. Through comprehension of these areas and your available choices, you can approach a prospective reevaluation with a proactive and knowledgeable outlook.
Created on: 07/22/2024
Understanding Depreciation under Section 32 of the Income Tax Act
This extensive blog explores the nuances of depreciation for Indian firms. Examining Section 32 of the Income Tax Act, it explains how business owners can lower their tax burden by deducting depreciation on a variety of assets. Important ideas including depreciation rates, computation techniques, and qualifying requirements are covered in the blog. It also emphasizes the advantages of depreciation claims and provides useful advice for companies to make sure they maximize tax efficiency while abiding by rule
Created on: 07/22/2024
The Income Tax Act's Sections 115BAB and 115BAA
The Income Tax Act's Sections 115BAB and 115BAA, which are intended to give domestic Indian businesses tax advantages, are thoroughly examined in this blog. While Section 115BAA gives existing domestic companies a lower tax rate to improve competitiveness and simplify the tax system, Section 115BAB targets new manufacturing companies with a reduced tax rate to encourage industrial expansion. In order to assist businesses in selecting the section that best meets their needs, the blog provides a comparative study of the salient characteristics, eligibility requirements, benefits, and compliance requirements of each section. Comprehending these provisions can result in noteworthy tax benefits and enhance the financial well-being and expansion of Indian enterprises.
Created on: 07/20/2024
Section 54EC: A Guide to Tax Savings on Real Estate Sales
Sold your property and facing a hefty capital gains tax? Don't fret! Section 54EC of the Income Tax Act offers a golden opportunity to save tax. This blog dives deep into Section 54EC, explaining how you can invest your capital gains in specific bonds and get a tax exemption. Explore eligibility, benefits, and smart strategies to maximize your tax savings.