This comprehensive guide breaks down India's New Income Tax Regime under Section 115BAC, now the default for individuals and HUFs. It details the revised income tax slab rates for Financial Years 2024-25 and 2025-26, highlighting the increased basic exemption limits and the enhanced rebate under Section 87A. The article clearly outlines the limited deductions and exemptions still allowed (e.g., standard deduction, employer's NPS contribution) versus the numerous ones no longer applicable. It concludes by helping taxpayers determine whether the new regime or the old regime is more beneficial for their specific financial situation and explains the process for switching between the two.

This blog demystifies the treatment of House Rent Allowance (HRA) under India's New Tax Regime. It clarifies whether HRA is exempt, outlines its impact on your tax filing process, and provides crucial advice on how to navigate the changes to avoid receiving tax notices. Learn the key differences from the old regime and ensure your tax compliance is seamless for the current financial year and beyond.

This blog explains the key exemptions available under India’s capital gains tax laws for FY 2025-26, including the latest updates from Budget 2025. It covers who can claim each exemption, how to utilize the Capital Gain Account Scheme, and the correct process for claiming exemptions in your income tax return.

The Indian government provides two tax regimes – the Old Regime and the New Regime – each with its own benefits and drawbacks. The Old Regime offers multiple deductions and exemptions, while the New Regime provides lower tax rates with minimal exemptions. This blog explores the key differences, tax calculations, and real-life illustrations to help taxpayers make an informed choice. Find out which tax regime suits your financial situation best!

To improve transparency and expedite compliance, the government is thinking about changing the taxability of sponsoring services. Redefining sponsoring services, updating exemption standards, and moving GST obligation to service providers are some of the main suggested changes. Sponsors, receivers, and tax authorities may be impacted by these developments, which might also provide difficulties including higher compliance expenses and cash flow problems. Companies need to be aware, evaluate the effects, and proactively adjust to the new rules.

By issuing Notification No. 127/2024, the Central Board of Direct Taxes (CBDT) has amended Section 10(23FE) of the Income-tax Act. The updated rules simplify compliance and increase the range of assets available to pension funds (PFs) and sovereign wealth funds (SWFs). In line with India's economic objectives, these adjustments are meant to draw in long-term investments in the social development and infrastructure sectors.

This blog explores Sections 54 and 54F of the Indian Income Tax Act and explains how they exempt individuals and HUFs from paying taxes on capital gains when they reinvest them in residential real estate. To ensure clarity for taxpayers, the essay also discusses frequent disagreements, court rulings, and helpful advice for claiming exemptions.

An extensive guide on Form 8, which is essential for claiming tax exemptions and deductions in India, may be found in this blog post. It walks readers through the significance of Form 8, shows them how to complete it, and offers examples to help them maximize their tax savings.

This blog provides an in-depth exploration of Section 50B of the Income Tax Act, focusing on the concept of slump sales. It explains the unique characteristics of slump sales, how capital gains are calculated, and the tax implications for both short-term and long-term gains. The blog also covers compliance requirements, exemptions, common misconceptions, and challenges, supported by real-life case studies. Essential for businesses and tax professionals, this guide aims to demystify Section 50B and provide clear insights into the taxation of slump sales.

The blog post discusses the CBDT's mandate for electronic filing of Appendix-II forms under the Income Tax Rules, 1962, effective from April 1, 2024. It covers the electronic filing process, forms covered, benefits of electronic filing, and compliance requirements for taxpayers. The post aims to inform and guide taxpayers about the new mandate, helping them prepare for the upcoming changes and ensure timely and accurate filing of Appendix-II forms.

This blog post guides army personnel through the special tax exemptions and deductions available to them and helps them choose the right ITR form for filing their income tax return.

Navigating India's tax system can be complex, but understanding tax-free income avenues can help you save significantly. This comprehensive guide covers the basic exemption limits, agricultural income, HUF income, gratuity, leave encashment, pensions, and more. Explore how to optimize your tax planning with exemptions on PPF, EPF, life insurance proceeds, gifts, scholarships, and other sources. Whether you're a salaried employee, retiree, or investor, this guide will help you make informed financial decisions and minimize your tax liabilities.