In a significant development aimed at enhancing retirement savings, the Union Budget 2024-25 introduces important amendments to Section 80CCD of the Income Tax Act, 1961. These changes are s… Read More

In a landmark move aimed at invigorating the Indian startup ecosystem, Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman has proposed the abolition of ‘angel tax&rsq… Read More

The Union Budget 2024-25, presented by Finance Minister Smt. Nirmala Sitharaman, brings a series of significant benefits aimed at providing tax relief to salaried individuals and pensioners… Read More

The Union Budget 2024-25, presented by Finance Minister Smt. Nirmala Sitharaman, underscores the government's commitment to simplifying and rationalizing India's tax system. This initiative… Read More

The Union Budget 2024-25, presented by Finance Minister Smt. Nirmala Sitharaman, brings significant relief and reforms for individual Indian taxpayers, particularly benefiting the four crore… Read More

Filing your income tax return correctly is crucial to avoid penalties and ensure compliance with tax laws. Here are some common mistakes that individuals often make while filing their return… Read More

Filing income tax returns can seem like a daunting task, but with a bit of knowledge and preparation, it becomes much more manageable. Here’s a simple guide to help you through the pro… Read More

Filing income tax returns is an essential annual task for taxpayers in India. Understanding the various deductions available can significantly reduce your tax liability. This article provide… Read More

This article provides an overview and general guidance on the returns and forms applicable to salaried individuals for Assessment Year (AY) 2024-25. For exhaustive details and guidelines, pl… Read More

When it comes to filing Income Tax Returns (ITR) in India, it's crucial to choose the correct form based on your income sources and other eligibility criteria. Two commonly used forms are IT… Read More

Filing your Income Tax Return (ITR) accurately is crucial for compliance and to avoid penalties. This guide covers everything you need to know about filing ITR-4 (Sugam) for the Assessment Y… Read More

Filing your Income Tax Return (ITR) accurately and on time is essential for compliance and to avoid any penalties. This detailed guide covers everything you need to know about filing ITR-1 f… Read More

The interim Budget for 2024-25 is presented by Hon’ble Finance Minister Smt. Nirmala Sitharaman today i.e. February 01, 2024 and highlighted that the Indian economy has witnessed profo… Read More

GST has been a landmark reform of Independent India, enabling a “One Nation One Tax One Market”. GST has reduced the compliance burden on trade and industry by unifying the highl… Read More

The Hon’ble Supreme Court in the case of Deputy Assistant Commissioner-1 (ST) v. Arhaan Ferrous and Non Ferrous Solutions (P.) Ltd. [Petitions for Special Leave to Appeal (C) No (S). 2… Read More

Are you or someone you know approaching or already enjoying the golden years of life? In the realm of personal finance, senior citizens need to be aware of the numerous tax benefits tailored… Read More

In the dynamic landscape of Goods and Services Tax (GST) in India, The Institute of Chartered Accountants of India (ICAI) continues to play a pivotal role in policy-making and implementation… Read More

National Saving Certificates (NSC) play a crucial role in financial planning, offering individuals a secure and reliable investment avenue. Understanding how NSC works and its advantages is… Read More

In the fast-paced and digitally evolving world, cash transactions still play a significant role in various financial dealings. However, individuals and businesses must be aware of the legal… Read More

Don't panic! If you missed the December 31st deadline for filing your Income Tax Returns (ITRs) for the financial year 2022-23, you're not alone. While meeting deadlines is crucial, life thr… Read More

In the fast-paced world of finance, the seamless and instantaneous transfer of funds is essential for businesses and individuals alike. Electronic Fund Transfers (EFTs) have emerged as a cor… Read More

If you've received arrears of salary or pension in the Financial Year 2023-24 related to previous years, you may face higher tax liability. However, there's a solution – you can distri… Read More

Ever wondered what happens to your unused leaves when you finally hang up your work boots? No, they don't magically disappear (unless you work for Scrooge McDuck). They often get encashed, t… Read More

Life insurance is often seen as a pillar of financial security, providing peace of mind for families in the face of unforeseen circumstances. But did you know that it can also be a powerful… Read More

With the boom of e-commerce, the way we shop has completely transformed. But this shift has also brought new complexities, especially in the realm of taxation. Section 194-O of the Income-ta… Read More

Retirement marks a golden chapter in life, a time to reap the rewards of years of hard work and enjoy well-earned leisure. However, navigating the financial aspects of retirement can be daun… Read More

As you approach retirement or consider a career change, understanding your employee benefits, like gratuity, becomes crucial. While gratuity serves as a well-deserved reward for your years o… Read More

Investing in the Indian stock market can be a rewarding experience, but understanding the tax implications is crucial for maximizing your returns. This guide delves into the ins and outs of… Read More

Owning a house property in India can be a source of significant income and financial security. But navigating the intricacies of tax regulations related to it can be tricky. Worry not, landl… Read More

Unrealized Rent in India: Understand the Tax Implications for Property Owners Owning rental property can be a great source of income, but sometimes tenants don't pay their rent in full. This… Read More

Finding the perfect rental in India can be tricky, with terms like "composite rent" adding another layer of complexity. But fear not! This guide will break down everything you need to know a… Read More

# Shared Houses and Taxes in India: Decoding Co-Ownership and Deemed OwnershipIntroductionOwning a house in India is a cherished dream, and for many, it involves joint ownership with family… Read More

For generations, the Great Indian Dream has revolved around owning a piece of land, a haven to call your own. But in today's dynamic world, is buying a house always the wisest financial deci… Read More

How the Cost Inflation Index Helps You Save on TaxesIn today's dynamic economy, inflation, the ever-rising cost of living, can feel like a relentless uphill battle. While it affects all aspe… Read More

Filing your income tax returns and waiting for that sweet refund can be like watching paint dry... or grass grow... or a sloth move. It takes time, and sometimes, even longer if your refund… Read More

In the age of instant gratification and ever-evolving lifestyles, managing expenses can feel like walking a tightrope. You want to enjoy the good things, but keep an eye on your finances. En… Read More

Earning a salary is a cornerstone of financial stability for many individuals. Yet, navigating the intricacies of income tax associated with it can be confusing. This comprehe… Read More

Living in a rented accommodation in India comes with its fair share of challenges – finding the perfect apartment, dealing with pesky landlords, and of course, navigating the complexit… Read More

TDS Rates FY 2023-24 in IndiaThe Indian taxation landscape undergoes periodic changes, and staying abreast of the latest developments is crucial for businesses and individuals alike. As we d… Read More

In the financial year 2023-24, certain provisions under Section 194-IA outline the deduction of tax at source from payments made during the transfer of specific immovable properties.**1. Pro… Read More

 I. IntroductionA. Brief overview of the prevalence of credit card debt in IndiaIn recent years, India has witnessed a significant surge in credit card usage, fueled by a growing middle… Read More

I. IntroductionA. Brief Overview of Credit Cards   Credit cards are financial instruments that allow individuals to make purchases on credit, effectively borrowing money from a fin… Read More

IntroductionIn the fast-paced, modern world of finance and convenience, credit cards have emerged as indispensable financial tools that cater to a myriad of spending needs. India, with its r… Read More

I. IntroductionIn the modern Indian financial landscape, credit cards have become indispensable tools for managing personal finances. This introductory section will emphasize the significanc… Read More

Introduction:In today's fast-paced and digital world, credit cards have become an integral part of modern financial management. These small pieces of plastic have revolutionized the way we h… Read More

IntroductionCredit cards have become an integral part of our financial lives in India, offering a myriad of benefits and privileges. However, what often remains enigmatic to many is the worl… Read More

Are you looking for a credit card that offers a range of benefits and rewards while also meeting your financial needs? Look no further than IndusInd Bank, one of India's leading banks offeri… Read More

The Institute of Chartered Accountants of India (ICAI) has made a valuable resource available for free download in PDF format. The publication, titled "Exempted Supplies under GST – Ha… Read More

The Institute of Chartered Accountants of India (ICAI) has recently made available a new publication titled "Handbook on Blocked Credit under GST," which can be downloaded for free in PDF fo… Read More

The Union Budget 2023 has brought in several changes with regards to the time limits for completing assessments. The budget has revised the time limits for completing scrutiny assessment, be… Read More

The Mahila Samman Saving Certificate Scheme is a newly announced small savings scheme for women and girls by the Indian government. The scheme will be available for two years from April 2023… Read More

Introduction:The new financial year 2023-24 is set to begin on April 1, 2023, and taxpayers in India will be affected by several changes to the income tax rules. These changes were announced… Read More

 Introduction:The Indian government has recently hiked the interest rates of small savings schemes by up to 70 basis points (bps) for the April-June 2023 quarter. This move comes as goo… Read More

I. IntroductionSmall finance banks in India have recently been offering high-interest rates on fixed deposits, which have piqued the interest of many investors. However, these banks are rela… Read More

The Central Board Trustees (CBT) EPF has recently recommended an 8.15% annual rate of interest to be credited on EPF accumulations in members' accounts for the financial year 2022-23. This d… Read More

Income tax is levied on the income earned by all individuals, HUF, partnership firms, LLPs, and Corporates as per the Income Tax Act of India. In the case of individuals, tax is levied as pe… Read More

As the new financial year, FY 2023-24, is ready to begin, taxpayers are looking to prepare their estimated tax for the New Financial year. With the introduction of the new tax regime after B… Read More

Every taxpayer in India is required to pay taxes to the government as per the Income Tax Act, 1961. The Income Tax Act mandates that individuals with an estimated tax liability of Rs. 10,000… Read More

 Introduction:The Income-tax Act has provided an exemption from payment of advance tax to resident senior citizens. As per section 208 of the Income Tax Act, every person whose estimate… Read More

 Introduction:The Finance Act, 2022 has amended the provisions relating to late filing fees and penalty for failure to furnish or delay in furnishing the TDS/TCS statements. The provisi… Read More

The Income Tax Act provides for provisions to carry forward and set off losses incurred by taxpayers. These provisions are applicable to various types of losses, including business losses, c… Read More

Nowadays, credit card payment is the preferred form of making purchases, both online and offline. Credit cards make it simple to buy things with a single tap or swipe. However, card users al… Read More

Introduction:In India, the tax system requires taxpayers to pay their taxes on time. This includes paying taxes on income earned as well as taxes collected at the source, commonly referred t… Read More

IntroductionShort-term capital gain refers to the profit earned by a taxpayer from the sale of a capital asset held for not more than 36 months before its transfer. On the other hand, a long… Read More

Introduction:Tax Deducted at Source (TDS) is a system implemented by the Indian Income Tax Department to collect tax at the source of income. The aim of TDS is to ensure a regular inflow of… Read More

Section 194A is a provision in the Income Tax Act that deals with the deduction of tax at source on interest income. Under this section, any person responsible for paying interest to a resid… Read More

I. Introduction:Generally, Cash credit is a type of loan facility that allows a borrower to withdraw funds from a pre-approved credit limit. It is an important source of working capital for… Read More

When it comes to children, they are often viewed as a source of expenses for parents. However, the Indian Income Tax Act provides certain exemptions that can be availed of in relation to chi… Read More

 I. IntroductionA. Explanation of the topic: Interest on excess refund refers to the interest charged to taxpayers by the income tax department in case there is an excess refund allowed… Read More

IntroductionA. Definition of Presumptive Income SchemeThe Presumptive Income Scheme is a tax compliance mechanism under the Indian Income Tax Act. It allows certain small taxpayers to calcul… Read More

IntroductionWhen an individual sells a residential property, they are liable to pay capital gains tax on the profit they earn from the sale. However, the Income Tax Act provides certain exem… Read More

Introduction:An income tax return is a document that taxpayers file with the tax authorities, declaring their income, expenses, deductions, and taxes owed to the government. It is a crucial… Read More

The 49th GST Council Meeting was held on 18th February 2023, under the chairpersonship of Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman in New Delhi. The meetin… Read More

Axis MY Zone Credit Card is an exciting credit card that is best suited for people who seek lifestyle benefits on every transaction. This card provides special cashback offers, discounts, an… Read More

 Introduction:Filing income tax returns is a critical requirement in India for individuals, HUFs, and businesses. The process is essential to comply with the laws and regulations set by… Read More

 Direct Tax This Budget, being the the first Budget in Amrit Kaal, hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100. The economic ag… Read More

 GST   GST has been a landmark reform of Independent India showcasing the spirit of Cooperative Federalism. While aspirations were high, there were huge challenges too. These cha… Read More

 CHANGES IN CUSTOMS The Finance Minister has introduced the Finance Bill, 2023 in Lok Sabha today, that is February 1, 2023. Changes in Customs, Central Excise, GST law and rates have… Read More

Introduction:The government has recently proposed a change in the personal income tax regime with the introduction of the new tax structure in the year 2020. This has resulted in a lot of co… Read More

 Income Tax Calculator as per Budget 23 AnnouncementsThe recent Budget 23 announced several changes in the tax regime, making it crucial for individuals to understand how the changes wi… Read More

 "Celebrating the Spirit of Freedom with Azadi Ka Amrit Mahotsav Mahila Samman Bachat Patra"The Indian government has recently announced the introduction of a new small savings scheme… Read More

Senior Citizen Savings Scheme (SCSS) and Monthly Income Scheme (MIS): An Increased Limit for Senior Citizens in Budget-23With the aim of promoting financial security and stability among seni… Read More

Promoting Timely Payments to Micro and Small Enterprises - A Tax Proposal in Budget 2023Introduction:The Indian government has always been keen on promoting the growth and development of mic… Read More

 Section 87A of the Income Tax Act: A Guide for Indian ResidentsThe Union Budget 2023 has proposed several changes to the provisions of Section 87A of the Income Tax Act. This section i… Read More

 Exemption of Income Tax on Leave Encashment: A Guide for Non-Government Salaried EmployeesIf you are a non-government salaried employee who has recently retired or is planning to retir… Read More

Easing Compliance and Promoting Non-Cash TransactionsIntroduction:The existing provisions of the Income Tax Act provide for presumptive income schemes for small businesses and professionals… Read More

 Introduction:The Indian government announced the Gold Exchange in the Union Budget 2021-22, with SEBI being made the regulator of the proposed gold exchange. SEBI has released a regula… Read More

The Union Budget 2023-24 presented by the Minister of Finance and Corporate Affairs, Smt. Nirmala Sitaraman has made significant announcements with respect to personal income tax that will b… Read More

IntroductionThe Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, recently announced several direct tax proposals with the aim to maintain continuity and stability of tax… Read More

 Budget 2023-2024   Speech of Nirmala Sitharaman Minister of Finance February 1, 2023 Hon’ble Speaker,           &nb… Read More

 Economic Survey 2022-23: A SummaryThe Economic Survey 2022-23, tabled in the Parliament today by the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman provides… Read More

Pension policies and the New Pension Scheme (NPS) are similar products that offer tax-efficient savings for retirement. However, there is a disparity between pension schemes offered by Life… Read More

In an effort to promote affordable housing, the Finance (No. 2) Act of 2019 introduced a new section 80EEA, providing an additional deduction of up to Rs 1,50,000/- for interest paid on loan… Read More

Introduction:With an aim to improve the environment and reduce vehicular pollution, the Finance (No. 2) Act, 2019 introduced a new section 80EEB. This section provides an additional income t… Read More

1. Raising the minimum threshold for launching prosecution under GST from Rs. One Crore to Rs. Two Crores, except for the offence of issuance of invoices without supply of goods or se… Read More

Nowadays, we live in a highly commercialized world and a modern, often expensive lifestyle is required to match what the world offers. However, that may not always be easy if you don’t… Read More

Introduction:Owning a house property is a significant investment for many individuals. However, the tax implications of owning a vacant house property can be confusing, particularly when it… Read More

Introduction:Purchasing a home is one of the most significant financial decisions that an individual can make. It is also a significant expense, and many individuals rely on home loans to fi… Read More

IntroductionLife insurance policies (LIPs) are an important financial tool for securing the future of individuals and their families. However, certain issues related to tax exemptions under… Read More

Introduction:The COVID-19 pandemic and subsequent lockdowns have led to a significant shift in the way we work, with many organizations implementing work from home policies. While this has a… Read More