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
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