Changes in TDS Rates for FY 2025-26
Tax Deducted at Source (TDS) plays a crucial role in India’s taxation system, ensuring tax collection at the point of income generation. The new TDS rates, effective from April 1, 2025, have been updated to streamline tax compliance and improve transparency. Here’s an in-depth look at the latest TDS rates and their impact on taxpayers. […]
Budget 2025 hikes TDS limit for bank FD
The Union Budget 2025 proposes an increase in the tax deduction at source (TDS) threshold for fixed deposit (FD) interest earned by general citizens (non-senior). Currently, banks deduct TDS when the interest paid to an account holder exceeds a specified threshold in a financial year. The deduction rate is 10% if PAN details are provided. […]
No Income Tax Up to ₹12 Lakh” – Middle Class Cheers Nirmala Sitharaman’s Budget Boost!
‘No Income Tax Up to ₹12 Lakh’: Major Relief for Middle-Class Salaried Individuals in Budget 2025 In a significant move aimed at easing the financial burden on the middle class, Finance Minister Nirmala Sitharaman announced in her Union Budget 2025-26 speech that individuals earning up to ₹12 lakh annually will not have to pay income […]
Explaining Sections 12A & 80G of Income Tax Act.
Introduction Non-Governmental Organizations (NGOs) play a crucial role in addressing global social, economic, and environmental challenges. Operating independently of government control, these organizations are typically driven by social, cultural, or environmental objectives. Tax exemption is critical for NGO operations, allowing them to allocate more resources toward their charitable activities. Under the Income Tax Act, 1961, […]
Income tax Return filing New Dates for FY 2023-24 (AY 2024-25)
Section 139 of the Income Tax Act pertains to the Return of Income, with Section 139(1) specifying the due dates for filing Income Tax Returns in various cases as outlined below: (aa) For an assessee, including partners of a firm or the spouse of such a partner (if the provisions of section 5A apply to […]
Section 80G – Qualifying Donations under Sections 80G and 80GGA – List of Exemptions under 80G
Many of us have contemplated donating to charity and doing our bit for society. Given the nobility of this gesture, the government extends its full support towards charitable services and provides tax deductions on the donated amount. Section 80G of the Indian Income Tax Act allows a tax deduction for contributions to certain relief funds and […]
Income Tax Deductions List – Deductions on Section 80C, 80CCC, 80CCD & 80D – FY 2023-24 (AY 2024-25)
Income tax department with a view to encourage savings and investments amongst the taxpayers have provided various deductions from the taxable income under chapter VI A deductions. 80C being the most famous, there are other deductions which are beneficial for the taxpayers to reduce their tax liability. Let us understand these deductions in detail: Section […]
TCS Rate Chart for the Financial Year 2023-2024 (Assessment Year 2024-2025)
Tax Collection at Source (TCS) is an additional tax collected by sellers of specified goods from buyers, over and above the sale amount. This extra amount is then remitted to the government as per the provisions outlined in Section 206C of the Income Tax Act, 1961. Here’s a brief overview: For detailed information on TCS […]
Understanding Depreciation as per the Income Tax Act
Depreciation in the Income Tax Act, as discussed in Section 32 of the Income Tax Act of 1961, refers to the allowance for the decrease in the value of assets over time due to wear and tear, obsolescence, or the passage of time. This concept is important for tax purposes and allows individuals and businesses […]
