The Indian Income Tax Act offers various deductions to reduce taxpayers’ taxable income. However, with the introduction of the new tax regime under Section 115BAC, which became effective from the financial year 2020-21, taxpayers are presented with a choice between the old tax regime with deductions and exemptions and the new tax regime with lower tax rates but without most.. Read more

Section 56(2)(x) of the Income Tax Act has significant implications for taxpayers, particularly concerning the taxation of gifts and certain other receipts. Introduced to curb tax evasion through the guise of gifts, this provision ensures that income generated from such sources is adequately taxed. Let’s delve into the details and understand how this section impacts taxpayers. What is Section 56(2)(x)?.. Read more

Maintaining a positive brand image is crucial in the competitive business world. One oftenoverlooked aspect that can significantly influence your brand’s reputation is compliancewith tax regulations, specifically the Goods and Services Tax (GST). Filing GSTR-9, the annualreturn under GST ensures compliance and plays a vital role in shaping your business’s brandimage. Understanding GSTR-9 GSTR-9 is the annual return that every.. Read more

For non-resident Indians (NRIs), it’s crucial to understand the details of income generated from Non-Resident External (NRE) and Non-Resident Ordinary (NRO) bank accounts for tax compliance. The Indian Income Tax Act outlines the taxation rules for both accounts, clarifying how the earned income is handled. NRE Bank Accounts NRE accounts are designed explicitly for non-resident Indians (NRIs) to park their.. Read more

Purchasing property through a home loan is a significant financial commitment, but the Indian Income Tax Act provides several benefits that can ease the financial burden. These benefits encourage home ownership and make it more affordable by allowing borrowers to save on taxes. Here’s a detailed look at the tax benefits available under various sections of the Income Tax Act… Read more