Income Tax

Overview of Section 194A and Its ImplicationsAccording to Section 194A of the Income Tax Act, 1961, entities like banks, cooperative societies, or post offices must deduct a 10% tax at source when pay...

TDS Rates for FY 2025-26: ReferenceTax Deducted at Source (TDS) is a pivotal method for tax collection under the Indian Income Tax Act, 1961. It ensures timely revenue inflow to the government and cur...

Introduction: A Tax Conundrum Wrapped in TraditionIn Indian culture, weddings are joyous occasions marked by rituals and, importantly, the giving of gold jewellery. As time progresses, these jewels, o...

Overview of Section 43B(h) - Applicable from AY 2024-25The introduction of Clause (h) in Section 43B of the Income Tax Act via the Finance Act, 2023 results in the non-deductibility of expenses due to...

Overview of Section 37Section 37 of the Income Tax Act, 1961, serves as a versatile clause addressing "any expenditure... shall be allowed in computing the income chargeable under the head 'Profits an...

This reference table provides a detailed overview of Tax Deducted at Source (TDS) provisions as per the Income-tax Act, 1961, for various categories of payments during the financial year 2025-26. It i...

Comparison of Income Tax Slabs: Evaluating the Old and New Regimes for FY 2024-25Summary: The income tax framework in India presents two distinct options for assessees: the traditional regime, charact...

IntroductionEngaging in the investment of stocks and mutual funds is a popular approach to increasing wealth, yet it comes with essential tax responsibilities. Recognizing the tax implications associa...

Amendments to the Income-tax Act, 1961The Finance Act, 2025, presents substantial revisions to the Income-tax Act of 1961. A primary alteration includes expanding the definition of "capital asset" to...

OverviewIndividuals and Hindu Undivided Families (HUFs) in India, who are not engaged in business or professional services, must be aware of certain tax obligations when leasing properties. As per Sec...

The Central Board of Direct Taxes (CBDT) through Income Tax Notification No. 23/2025, dated 28th March 2025, has revised Form 3CD according to the Income-tax Rules, 1962. These modifications are appli...

The enactment of Section 194Q in the Income Tax Act signifies a significant change in the realm of tax compliance, primarily affecting substantial goods transactions. Although the provision intends to...

Succession planning is an essential process in the business world, particularly for those who have established family-owned businesses and first-generation entrepreneurs. The question of how to pass t...

1. IntroductionThe Finance Act, 2024, ushered in a pivotal change for partnership firms and LLPs in India by implementing Section 194T of the Income Tax Act, 1961. Effective from April 1, 2025, this s...

Eligibility and Applicability(i) Section 44AD of the Income Tax Act, 1961 offers a streamlined approach to calculate business income, excluding the transportation of goods using vehicles. This provisi...

Greater Relief for the Middle-Class: Increased Income, No TaxA standout proposal allows assessees earning up to ₹12 lakh annually to be exempt from tax under the revamped regime.(i) Tax Exemption Thre...

Overview: In the context of the new tax system effective for the Financial Year 2024-25, resident individuals with a net annual income up to ₹7,00,000 can claim a rebate under Section 87A of the Incom...

Default Option - New Tax RegimeStarting from the Financial Year 2025–26, the new tax regime is established as the default choice. Although assessees can still select the old regime, the government has...

1. IntroductionThe concept of Minimum Alternate Tax (MAT) under Section 115JB and Alternate Minimum Tax (AMT) as per Section 115JC of the Income Tax Act, 1961 play crucial roles in ensuring that entit...

Key Elements of Sections 80GGB and 80GGC(i) Eligible Assessee: As per Section 80GGB, Indian companies can claim deductions, subject to the provisions of Section 182 of the Companies Act, 2013. Under S...