Filing an Income Tax Return (ITR) is a legal responsibility and often a practical necessity. For the FY2024–25 (AY2025–26), you are required to file an ITR in the following situations: 1. If Your Total Income Exceeds the Basic Exemption Limit You must file a return if your total income before claiming any deductions exceeds: 2. … Read more
Section Nature of Payment Threshold Limit TDS Rate 192 Salaries Applicable Slab Rates Applicable Slab Rates 192A Premature withdrawal from EPF ₹50,000 10% 193 Interest on securities ₹10,000 10% 194 Dividends ₹10,000 10% 194A Interest other than interest on securities Senior Citizens: ₹1,00,000Others: ₹50,000 10% 194B Winnings from lotteries, crossword puzzles ₹10,000 per transaction 30% … Read more
TDS (Tax Deducted at Source) Changes: TCS (Tax Collected at Source) Changes: These amendments aim to simplify tax compliance and reduce the burden on taxpayers. Summary: Section New Threshold & Rate (Effective April 1, 2025) Old Threshold & Rate (Before April 1, 2025) 194A (Interest Income) ₹1,00,000 (Senior Citizens) / ₹50,000 (Others) | 10% ₹50,000 … Read more
Today is the deadline for the last advance tax installment for FY24-25. Taxpayers are required to adhere to the following schedule based on their estimated annual tax liability: Timely payment of advance tax is crucial to avoid additional interest and penalties. Adhering to these schedules and ensuring full compliance not only helps in managing financial … Read more
The Finance Budget for FY2024-25 introduced several key updates to India’s income tax framework. These changes affect tax slabs, deductions, capital gains, and compliance measures. Whether you’re a salaried employee, an investor, or a business owner, understanding these limits and updates is crucial for effective tax planning. With the advance tax due date approaching on … Read more
Overview Discover how Form 12BAA can help you save on taxes, increase your in-hand salary, and efficiently claim TDS/TCS credits. Key Points Leverage Form 12BAA Using Form 12BAA, employees can now claim TDS credits from non-salary incomes while filing their returns. Employers will provide an updated Form 16 to simplify the process. What to Include … Read more
The government has announced an extension of the due date for filing the Tax Audit Report for the financial year 2023-24. This offers taxpayers additional time during the busy tax season. Here are the key points: Extension Announcement The deadline for submitting the Tax Audit Report has been extended from September 30, 2024, to October … Read more
The government has announced a 60% tax increase on share trading, effective October 1, 2024, targeting Futures and Options traders. This significant change comes in response to data revealing that 93% of traders in these markets are incurring losses, pushing the government to deter risky trading behavior. Key Changes in Tax Rates: Futures Trading: Options … Read more
Have you recently received an Income Tax Notice disallowing the 87A rebate in your ITR? You’re not alone. Many taxpayers are being hit with demand notices, and confusion is growing. Here’s why this is happening and what you can do about it. Why is the 87A Rebate Being Disallowed? Many taxpayers claimed the 87A rebate … Read more
Changes in TDS Rates: TDS on Property Transactions:Previously, for property purchases over ₹50 lakhs, TDS could be shared among multiple buyers. This exemption will be discontinued. All buyers, regardless of the number, must deduct TDS if the property value exceeds ₹50 lakhs. Future Amendments (Effective April 1, 2025):Section 194D: TDS on insurance commission for agents reduced from 5% to … Read more