Income Tax Articles
Budget 2025: No Income Tax on Rs 12 Lakh - A Revolutionary Step for India's Economy
The Union Budget 2025 has brought a significant reform-exempting individuals earning up to Rs 12 lakh per annum from paying income tax.
Where Should Your Savings of Tax Go?
ow, anyone earning up to ₹12 lakh won't have to pay any tax. This change helps taxpayers save between ₹35,000 to ₹1,10,000 depending on the income level, putting more money in their hands and giving major relief to the middle class.
TDS Rate Chart for FY 2025-26 (AY 2026-27)
TDS Section ListNature of PaymentThresholdIndividual or HUFOthers192Payment in form of salary₹ 2,50,000Slab RatesSlab Rates192A(Note 1)Employee Provident Fund ...
Guide on Income Tax for NRIs - Filing & Compliance
This article on Income Tax for NRIs simplifies your tax filing obligations and highlights key considerations for compliance.
Consequences of Submitting Fake Rent Receipts for Claiming HRA
The Income Tax Department has found various cases of claiming HRA on the basis of fake documents and hence taken firm steps to check tax leakage.
Simplification of TDS/TCS Provisions in the New Income Tax Bill
The government has proposed significant simplifications to the Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) provisions in the new Income Tax Bill.
New Income Tax Bill Simplifies Salary & House Property Rules for Easy Filing
The latest tax reform bill has introduced significant simplifications in the Salary and House Property provisions to enhance clarity and ease of compliance.
Condonation of Delay in ITR Filing u/s 119(2)(b) of the Income Tax Act, 1961
19 February 2025
2238 Views
The Income Tax Act, 1961 establishes specific timelines for the filing of income tax returns (ITR). However, taxpayers may encounter unexpected situations that lead to delays in meeting these deadlines.
Understanding 'Tax Year' vs. 'Financial Year' in the New Income Tax Bill
One of the most notable changes is the introduction of the term "tax year," which replaces the concept of the "previous year" and the "assessment year" from the Income Tax Act, 1961.
A Comparative Study on the Old and New Tax Bill
18 February 2025
504 Views
On 13th February 2025, Hon'ble Finance Minister Smt Nirmala Sitharaman proposed the New Tax Bill. The new bill is proposed to come into force on April 1, 2026. ...
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