06 Jul, 2024
Filing your Income Tax Return (ITR) can sometimes be confusing, especially with changes in tax laws and regulations. This blog post aims to address some of the most common issues taxpayers face when filing their returns for the Assessment Year (AY) 2024-25. We’ve compiled a list of frequently asked questions (FAQs) to help individual taxpayers […]
Read More05 Jul, 2024
Electric vehicles (EVs) are gaining popularity as a sustainable mode of transportation. To encourage the adoption of electric vehicles in India, the government has introduced various incentives and tax benefits. One such benefit is the tax deduction available under Section 80EEB of the Income Tax Act. This blog will provide a comprehensive understanding of Section […]
Read More04 Jul, 2024
Income Tax Exemption – Home Loan: Maximize Your Savings Introduction Buying a home is a significant milestone and a substantial financial commitment. For many, a home loan is necessary to achieve this dream. However, understanding how to leverage the benefits of home loan interest exemptions under the Income Tax Act can significantly impact your tax […]
Read More03 Jul, 2024
Dealing with the debt of a deceased individual can be a complex and sensitive process. Whether you are an individual taxpayer or a business owner, understanding the steps involved can help you navigate this challenging situation effectively. This guide provides a detailed roadmap for recovering the remaining amount from a deceased person’s estate. Understanding the […]
Read More02 Jul, 2024
The Goods and Services Tax (GST) collection for June 2024 has shown a significant surge, reflecting an 8% increase from the previous month. This increase highlights the strong economic activity and compliance levels among businesses in India. This blog delves into the details of this revenue collection, the factors driving the growth, and the potential […]
Read More29 Jun, 2024
National Pension System (NPS) is a government-sponsored pension scheme that provides tax benefits under various sections of the Income Tax Act. Here’s a detailed look at the deductions available under different sections for contributions made to NPS. Section 80CCD(1) Eligible for: Salaried Employees and Self-Employed IndividualsMaximum Deduction: Note: This deduction is prohibited under the New […]
Read More29 Jun, 2024
Intraday trading income is classified under the “Profits and Gains of Business or Profession” head in the Indian Income Tax Act. This means it is treated as speculative business income and subject to the same tax rules. Key Points to Remember Key Aspect Details Tax Rate Income from intraday trading is added to your total […]
Read More29 Jun, 2024
The Central Board of Direct Taxes (CBDT) has issued an official order under section 10 of the Direct Tax Vivad se Vishwas Act, 2020 (‘DTVsV Act’) concerning the acceptance of delayed payments of taxes specified in Form-3 of the DTVsV Rules 2020. This blog post aims to provide detailed information on the order, including conditions […]
Read More29 Jun, 2024
Filing your Income Tax Return (ITR) is a crucial task for both individual taxpayers and business owners. For the assessment year 2024-25, the Indian Income Tax Department has specified various ITR forms catering to different types of taxpayers. This guide aims to simplify the understanding of these forms, ensuring you select the right one for […]
Read More29 Jun, 2024
The Income Tax Department has issued a request for information under section 133(6) of the Income Tax Act, 1961, relevant to Assessment Years (A.Y.) 2022-23 and 2023-24. As a responsible taxpayer, your role is crucial in providing evidence supporting your income tax returns, particularly regarding refunds claimed and exemptions/deductions applied. Here’s a detailed breakdown to […]
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