# tax
12 posts in `tax` tag
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Old vs New Tax Regime in India: A Comprehensive Comparison
Understand the key differences between the Old and New Tax Regimes in India. This blog provides a detailed comparison of tax slabs, exemptions, deductions, and practical examples to help you decide which regime is better for your income level.
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CBDT Circular No. 3/2025: A Comprehensive Guide to TDS on Salaries for FY 2024-25
CBDT Circular No. 3/2025 provides detailed guidelines on TDS deduction from salaries under Section 192 for FY 2024-25. This blog covers tax regimes, employer responsibilities, and compliance steps to ensure accurate tax computation and timely TDS payment.
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GST Amnesty Scheme 2024: A Comprehensive Guide to Settling Outstanding Tax Dues
The GST Amnesty Scheme 2024, introduced under Section 128A of the CGST Act, offers taxpayers a chance to settle outstanding tax dues from FY 2017-18 to 2019-20 without incurring penalties or interest. This blog provides a detailed overview of the scheme, its benefits, eligibility criteria, and key considerations for businesses.
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TCS on Sale of Goods Removed from April 1, 2025: A Big Relief for Businesses
With effect from April 1, 2025, the Indian government has stated that the Tax Collected at Source (TCS) on the sale of goods would no longer be applied. The goal of this action is to lessen the burden on sellers and streamline tax compliance. Discover the history, ramifications, and advantages of this important shift.
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Understanding the Impact of GSTR-2A on Input Tax Credit (ITC) Claims
In order to claim the Input Tax Credit (ITC) under GST, GSTR-2A is essential. This blog discusses optimal procedures to guarantee compliance and optimize ITC advantages, the significance of reconciliation, and how GSTR-2A affects ITC claims.
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CBDT Extends Form 56F Filing Deadline for AY 2024-2025
The Central Board of Direct Taxes (CBDT) has extended the deadline for filing Form 56F for Assessment Year 2024-2025 to March 31, 2025. This extension provides relief to businesses operating in Special Economic Zones (SEZs) who face challenges in obtaining the required accountant's report. Learn about the reasons behind the extension, its implications, and how it benefits taxpayers.
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Key Updates on Presumptive Taxation in the Income Tax Bill 2025
Small enterprises, professionals, and independent contractors would all be impacted by the substantial changes to presumptive taxation brought about by the Income Tax Bill 2025, especially under Section 58. Important adjustments include clarifications on deductible costs, conformity with tax simplification objectives, and limitations on loss set-offs. This blog examines the ramifications of these modifications, how they affect taxpayers, and practical measures for financial planning and compliance.
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Old vs. New Tax Regime: Which Option Suits You Best for FY 2025-26?
The Indian tax system offers two regimes—old and new—each with distinct slab rates, deductions, and exemptions. This blog compares both regimes, using examples to help you decide which one suits you best for FY 2025-26. Learn how to minimize your tax liability based on your income and investments.
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Clause 123: New Rules for Tax Deductions in 2025
The Income Tax Bill 2025 introduces Clause 123, replacing Section 80C, to streamline tax-saving deductions. This blog explores the implications of this change, how it affects taxpayers, and what it means for future tax planning. Learn about the unchanged deduction limits, eligible investments, and the simplified tax structure under Clause 123.
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How Section 44AD Helps Small Businesses Save Time and Money on Taxes
Section 44AD of the revenue Tax Act provides a presumptive taxation structure for small enterprises in India, enabling them to report revenue based on a specified proportion of sales. This blog discusses eligibility, benefits, income computation, and how it makes tax compliance easier by eliminating the need for comprehensive recordkeeping and tax audits.
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How to Get a Lower Tax Deduction Certificate (LTDC): Benefits and Process
This blog describes the notion of a Lower Tax Deduction Certificate (LTDC) in India, its benefits, and how to apply for it. Learn how to lower TDS on your income by filling out Form 13 under Section 197 of the Income Tax Act. Learn about qualifying requirements, needed documentation, and how an LTDC may enhance your cash flow and lower your tax burden.
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GST Amnesty Scheme: Essential Elements & Due Dates
The GST Amnesty Scheme is a relief initiative by the government for taxpayers who have missed GST return filings or face compliance issues. This blog explains its key features, eligibility, advantages, and deadlines to help businesses take advantage of the scheme and avoid penalties.