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As the new financial year begins, individual taxpayers must take note of several important amendments in the Income Tax Act that come into force from 1st April 2025. These changes are primarily aimed at reducing the tax burden for middle-class earners while also encouraging more individuals to adopt the simplified new tax regime....

Understand Form 29B and 29C under Sections 115JB & 115JC for MAT and AMT audits. Know applicability, filing, and compliance requirements for companies and firms....

Understand tax benefits under Sections 80GGB & 80GGC for political donations, eligibility rules, compliance needs, and recent legal developments....

Explore tax strategies for NRIs returning from tax havens. Learn about residency status, offshore income, assets, and how to manage taxes upon re-entry to India....

Did you know that failing to disclose your foreign assets in your Income Tax Return (ITR) can lead to penalties of up to ₹10 lakh per year? Understanding the intricacies of reporting foreign income and assets is crucial for every Indian resident to ensure compliance and avoid hefty fines....

Learn about HRA claims, TDS obligations on rent, and why taxpayers are receiving tax notices. Understand compliance steps to avoid penalties and legal issues....

Article seeks to explore the contents of New Direct Tax Code, which will be finalised in the coming weeks. Additionally, it aims to conduct a comprehensive analysis, exploring the need and importance of this Code and evaluating the practical implications for stakeholders....

Learn about Income Tax Department alerts regarding non-deduction of tax on rent under Section 194IB of the Income Tax Act, 1961....

Discover tax planning strategies for managerial decisions with insights on Finance Act 2025 changes. Learn simplified versions of tax implications on managerial choices, covering shutdown decisions, asset management, and business expansion or contraction. ...

Section 194T mandates 10% TDS on partner payments exceeding ₹20,000. Changes to Section 40(b) revise allowable remuneration from April 1, 2025....