This article delineates the applicability, compliance obligations, penalties, best practices, and requisite formats to assist Private Limited Companies in maintaining compliance.
This budget has brought significant simplification in the tax treatment of house properties, particularly for self-occupied properties. Earlier, if you owned more than one house, certain restrictions were applied regarding how they were taxed, which often resulted in unnecessary tax liability.
Budget, 2025 proposed extending the validity of trust and institution registrations as per section 12AB from 5 years to 10 years. However, doubts are arising regarding its applicability across different categories of trusts and institutions.
The ITR (Income Tax Return), which is a statutory document, is required to be considered for the purpose of assessing the income of the deceased, which is inclusive of perquisites and allowances, in the light of judgment rendered by Hon'ble Apex Court in the case of Meenakshi v. Oriental Insurance Co. Ltd.
Due Date Calendar for the m/o February 2025
The Union Budget 2025 has brought cheers on the face of the middle class and crores of people. Because you need not pay any tax if you are earning an aggregate of Rs. 12 Lakhs or less during financial year on fulfillment of some terms and conditions.
Income tax exemption is a treasured tool for salaried individuals to lessen their taxable profits and maximize savings. The Income Tax Exemption 2025 provisions provide diverse deductions and exemptions designed to ease the tax burden on taxpayers.
The Government Budget was fiscally prudent and has not deviated from fiscal consolidation and its target. This budget has been cheered by tax-paying individuals, but the markets have given it a neutral view.
The Reserve Bank of India have announced a 25 basis points cut in the repo rate, bringing it down to 6.25% from 6.5%, this even resulted a fall in stock market...
Choosing between a Limited Liability Partnership (LLP) and a Private Limited (Pvt Ltd) Company is critical for entrepreneurs.