Union Budget 2025 introduces tax reforms, including zero tax up to ₹12 lakh income, reduced TDS/TCS compliance, and exemptions on life-saving drugs and EV components.
Understand the applicability of Section 68 (cash credit) and Section 69 (unexplained investments) under the Income Tax Act with relevant case law examples.
Explore key taxpayer expectations for Budget 2025-26, including revised tax slabs, increased deductions, and simplified compliance for individuals and charitable trusts.
Understand the taxability of leave encashment, gratuity, and voluntary retirement benefits, with exemptions and limits under the Income Tax Act, 1961.
Reimbursement of expenses, scholarships, and stipends are not considered taxable income, as clarified by various High Court rulings under Section 10(16).
Exempted perquisites for salaried taxpayers, including medical, food, phone facilities, gifts, and more under the Income Tax Act, 1961.
Summary: As per the Finance Act 2024, the long-term capital gains (LTCG) tax on listed securities has been raised from 10% to 12.5% for transactions carried out from the assessment year 2024-25. This change applies to securities like listed shares and equity-oriented mutual funds. For the assessment year 2024-25, the exemption limit for LTCG on […]
The 2024 budget introduces changes in capital gains tax for immovable property, removing indexation and offering two tax options for residents.
Learn how losses from speculation business can be set off only against speculation income, with provisions for carry-forward.
Learn how income from a spouse, minor child, or HUF is clubbed under Section 64 of the Income Tax Act, affecting tax liabilities. Key rules and exceptions explained.
