# taxplanning
12 posts in `taxplanning` tag
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.
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By Krishna
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.
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By Krishna
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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By Krishna
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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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By Krishna
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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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By Krishna
How to Save Tax on Capital Gains: Key Exemptions and Step-by-Step Claim Guide
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.
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By Krishna
Which Tax Regime Should You Choose in FY 2025-26? Old vs New Explained
This blog decodes the key differences between the Old and New Income Tax Regimes for FY 2025-26, following the updates in Budget 2025. It covers the latest tax slabs, standard deductions, rebates, and provides practical scenarios to help taxpayers decide which regime is more beneficial based on their income and eligible deductions.
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By Krishna
High Income Taxpayers: Essential Update on Surcharge & Marginal Relief (AY 25-26 & Budget 25)
This blog explains the concept of income tax surcharge and marginal relief in India for AY 2025-26 (FY 2024-25). It details the current surcharge rates under both old and new tax regimes and illustrates how marginal relief prevents excessive tax liability near surcharge thresholds. Additionally, it covers key Budget 2025 proposals affecting FY 2025-26 (AY 2026-27), including revised tax slabs, increased rebate under Sec 87A, and a new type of marginal relief linked to the rebate threshold.
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By Krishna
Your FY 2024-25 Investments & Their Impact on AY 2025-26 Tax Return
Your FY 2024-25 investments directly impact your AY 2025-26 tax return. This guide covers tax-saving deductions (80C, 80D), taxable income (interest, dividends), capital gains reporting, and regime selection (old vs new). Ensure accurate filing with proper documentation.
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By Krishna
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New TDS Rules 2025: Changes in Tax Deduction Limits for FD Interest, Dividends & Rental
This article discusses the impending modifications to TDS regulations that will take effect in April 2025, particularly highlighting the raised thresholds for FD interest, dividends, and rental income. Discover how these changes can advantage taxpayers and what steps to take in anticipation of the new rule.
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By Krishna
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Tax Reforms for LLPs & Partnership Firms: What’s Changing in April 2025?
With effect from April 1, 2025, the Finance Act implements major income tax reforms for partnership enterprises and limited liability companies in India. This article examines the changes that are expected, their possible effects, and practical measures that companies may take to ensure a seamless transition.
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By Krishna
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Notification No. 19/2025: Tax Implications of PFC’s Ten Year Zero Coupon Bond
Notification No. 19/2025, issued by the Central Board of Direct Taxes (CBDT), recognizes Power Finance Corporation Ltd.’s Ten Year Zero Coupon Bond under Section 2(48) of the Income Tax Act. This notification provides clarity on the bond’s tax implications, making it a more transparent and attractive investment option. Investors should consider tax planning, financial goals, and risk assessment before investing in such instruments.
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By Krishna