Income Tax Slabs for FY 2024-25: New & Old Regime Tax Rates
Income Tax Slabs for FY 2024-25: New & Old Regime Tax Rates The income tax in India is a direct, progressive tax levied on individual incomes. Progressive taxation means that…
An In-depth Guide to Section 80QQB of the Income Tax Act
An In-depth Guide to Section 80QQB of the Income Tax Act In India, the field of literature, art, and science is deeply respected and recognized as a vital component of…
Can Buying Property in Your Spouse’s Name Really Reduce Your Tax Liability?
Can Buying Property in Your Spouse’s Name Really Reduce Your Tax Liability? When looking to optimize tax planning, many individuals consider purchasing real estate in their spouse’s name, thinking this…
Deductions u/s 80TTA & 80 TTB
Deductions u/s 80 TTA & 80 TTB Section 80TTA: Deduction for Interest Income from Savings Account 1. Overview - Eligible Taxpayers: Section 80TTA is designed for individuals and Hindu…
Senior Citizens Tax Benefits
Senior Citizens Tax Benefits Introduction Taxation is a significant aspect of financial planning, and for senior citizens in India, navigating the complexities of the Income Tax Act can be challenging…
Section 80D of Income Tax Act :Deduction Under Medical Insurance Premiums and Expenses
Section 80D of Income Tax Act :Deduction Under Medical Insurance Premiums and Expenses 1. Introduction to Section 80D Section 80D of the Income Tax Act offers a deduction for payments…
Section 194G AND 194H: TDS on Commission for Selling Lottery Tickets and Commission or Brokerage
Section 194G AND 194H: TDS on Commission for Selling Lottery Tickets and Commission or Brokerage Section 194G: TDS on Commission for Selling Lottery Tickets Introduction Section 194G of the Income…
Section 194D & Section 194DA: TDS on Insurance Commission and Life Insurance Payments
Section 194D & Section 194DA: TDS on Insurance Commission and Life Insurance Payments Introduction TDS, or Tax Deducted at Source, is a mechanism that mandates tax deduction directly from income…
Due Date for Filing Income Tax Returns for AY 2024-25 Extended: CBDT Circular No.13/2024
Due Date for Filing Income Tax Returns for AY 2024-25 Extended: CBDT Circular No.13/2024 The Central Board of Direct Taxes (CBDT) recently issued Circular No.13/2024 dated October 26, 2024, which…
Employees can claim TCS credit against TDS deduction on salary
Employees can claim TCS credit against TDS deduction on salary Introduction The Union Budget 2024 introduced a noteworthy amendment to India’s tax framework, specifically aimed at providing relief to salaried…