[ad_1] Lately, a number of tax payers have received tax notices from the income tax department for their HRA (house rent allowance) claim. Primarily, these tax notices were sent for not deducting 3 percent TDS (tax deducted at source) while transferring rent to the property owner. It is recommended to follow a three-step checklist to…
[ad_1] This applies to payments or credits exceeding â‚ą20,000 on or after 1 April 2025, attracting TDS at 10%. This â‚ą20,000 is a combined limit for both interest and remuneration (including bonus, commission and salary). No TDS is required from the share of profits credited or paid to a partner. Under general law, a partnership…
[ad_1] I have worked outside India for 12 years but I will be relocating back to India in April for a better employment opportunity at an MNC. I have one residential property in India from 2010 which I will sell and instead purchase a bigger one after I return. Approximately how much tax will be…
[ad_1] Its key proposals highlight the government’s commitment to ensure a transparent and business-friendly tax environment. A more concise and structured law: One of the most notable aspects of the Bill is its reduced volume. The legislation cuts the section count from 819 effective ones to 536, significantly reducing the word count by half. This…
[ad_1] The Income Tax Act of 1961 has undergone innumerable amendments since its inception (4,000, as stated by the finance minister in Parliament). Historically, successive governments have used tax as an instrument to incentivize specific industries, promote investments in certain regions, or to encourage foreign exchange earnings. As a result, numerous provisions were added over…
[ad_1] Union Minister Finance Minister Nirmala Sitharaman presented the new Income Tax Bill 2025 in the Lok Sabha on Thursday, February 2025. The proposed bill aims to eliminate intricate language in the existing Act, remove redundant and repetitive provisions, and logically reorganise sections, according to the Finance Ministry. FM Nirmala Sitharaman urged Lok Sabha Speaker…
[ad_1] The recently announced budget introduced significant personal finance changes impacting taxpayers and investors. One of the key updates involved Unit Linked Insurance Plans (ULIPs). It has been clarified by the Finance Ministry that if the annual premium exceeds â‚ą2.5 lakhs the redemption becomes subject to capital gains tax. ULIPs that are held for more than…
[ad_1] The Union Budget’s announcement of the new â‚ą12,00,000 tax slab has created quite a buzz, bringing cheer to many taxpayers. Alongside this, several tax rule changes are set to reshape personal finances. TCS rates on foreign trips, education loans, and other remittances have been simplified, offering some relief. From take-home salary adjustments and updates…
[ad_1] Budget 2025 has moved in a path that at once caters to the immediate requirements of the economy, while continuing on the path to investing for future growth, even while ensuring a tight leash on the fiscal deficit. Tax slab rationalisation to boost consumption, ease of taxation via higher thresholds for tax deductions (TDS…
[ad_1] In addition to lowering income tax payable by individuals, Budget 2025 gave citizens relief by raising the threshold for tax deducted at source (TDS) and removing conditions on declaring a second house as self-occupied for tax purposes. The changes on TDS will benefit senior citizens as the paperwork they need to complete to avoid…
