With effect from January 2025, the revised Form 24Q for TDS returns provides salaried employees with more clarity and accuracy in their tax deductions. Pre-filled tax calculations, a thorough income breakdown, and adherence to the new tax regime are some of the major adjustments. This improvement simplifies compliance for employers and guarantees employees faster refunds and easier tax filing.

The Income Tax Act's Section 115JB establishes the Minimum Alternate Tax (MAT), which makes sure businesses pay a minimum tax even when they take advantage of exemptions and deductions. The goal of MAT, its applicability to both domestic and international businesses, its calculation method, the credit system, and important modifications such as exclusions for businesses falling under Sections 115BAA and 115BAB are all covered in this blog. It also looks at MAT's function in maintaining tax equity, particularly for companies with high book earnings but low tax obligations.

An extensive overview of the changes made to the Income Tax Act of 1961 by the Finance Act of 2024 may be found in this blog article. It discusses the main adjustments, their effects on taxpayers, and the new tax system, tax rates, deductions, and exemptions.

Filing an Income Tax Return (ITR) can be a daunting task, and mistakes can occur. A revised ITR is a solution to rectify errors or omissions in the original return. This comprehensive guide covers revised ITR filing deadlines, common errors, procedures, and tips to help you navigate the process with ease.

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.

Choosing between the old and new tax regimes in India can significantly impact your tax liability, especially for incomes above ₹15 lakhs. This blog delves into the advantages and disadvantages of both regimes, providing a detailed comparison to help you make an informed decision. Learn about available deductions, tax rates, and scenarios to see which regime offers the most tax savings for your income level.

Discover Section 115BAC, an alternative tax regime introduced in India, offering lower tax rates with fewer deductions. This comprehensive guide covers its implications, filing process, pros, and cons, empowering taxpayers to make informed decisions.

Choosing Between the Old and New Tax Regimes: A Comparative Analysis" invites readers on a journey through India's tax landscape, offering a personalized exploration of the traditional and modern tax systems. With a human touch, this analysis illuminates the nuanced differences between the two regimes, empowering individuals to navigate their tax obligations with confidence. By delving into real-life scenarios and practical considerations, readers are equipped to make decisions that resonate with their unique financial aspirations and values, ensuring a path to financial well-being that aligns with their individual journeys.

This guide illuminates the complex decision between the new and old tax regimes for salaried individuals, focusing on the pivotal role of the standard deduction. By providing clarity on navigating tax regimes, it empowers individuals to make informed choices tailored to their financial circumstances and goals.

The comparison between the Old Tax Regime and the New Tax Regime for Assessment Year 2025-26 revolves around the flexibility and trade-offs offered to taxpayers in terms of tax rates, deductions, and exemptions. Introduced in the Budget 2020, the New Tax Regime provides reduced income tax rates across various income brackets, up to INR 15,00,000, compared to the existing Old Regime. However, the New Regime eliminates 70 tax exemptions and deductions available under the Old Regime.

This point investigates the critical changes presented in the ITR-4 shape for the Evaluation Year 2024-25. It dives into the key alterations, centering on their suggestions for citizens and the recording prepare. By looking at these changes, the rundown points to give a comprehensive understanding of the upgrades to the ITR-4 frame and their affect on charge compliance and announcing necessities.

This guide summarizes 7 key income tax regulations for salaried individuals in India applicable to the financial year 2024-25 (Assessment Year 2025-26). It covers choosing between the new and old tax regimes, understanding tax slabs and exemptions, maximizing deductions, and adhering to ITR filing deadlines.