Input Tax Credit (ITC) under GST
For finance professionals, optimizing every rupee is crucial. Managing tax liabilities and improving cash flow are key responsibilities, and this is where Input Tax Credit (ITC) becomes more than just…
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Section 16 of the Income-tax Act, 1961 – Salary Deductions
Under the Income Tax Act, 1961, specific deductions are permitted while calculating an individual’s total income. Section 16 focuses on deductions that can be subtracted from an employee’s gross salary.…
Cost Inflation Index for FY 2025-26: Index Table, Meaning, and Calculation
The Cost Inflation Index (CII) helps determine the yearly increase in the prices of goods and assets caused by inflation. For the Financial Year 2025-26, the Cost Inflation Index (CII)…
Section 10 – Tax Exemptions, Allowances & How to Claim
Overview Section 10 of the Income Tax Act, 1961 provides a list of exemptions on certain types of income such as House Rent Allowance (HRA), Leave Travel Allowance (LTA), interest…
Uniform Allowance Explained: Rules, Tax Exemption Limit, and Calculation
A uniform allowance is money given by employers to help employees buy and maintain the uniforms they need for work. It’s usually provided in jobs with specific dress codes, like…
Complete Guide to the Different Types of Companies in India
Under the Companies Act, 2013, companies are grouped according to how many members they have.The Micro, Small and Medium Enterprises (MSME) Act further divides businesses into micro, small, and medium…
Income Tax Slabs FY 2025–26 & AY 2026–27 (New & Old Regime)
Income tax slabs specify the rate of tax payable for different income levels. For the financial year 2025–26, a major relaxation in these slabs has been introduced, significantly lowering overall…
Stamp Duty & Registration Charges in Maharashtra 2025
When purchasing property in Maharashtra, buyers must pay both stamp duty and registration charges to have the property officially recorded. If you are planning to buy property in the state,…
GSTR-3B: Due Date, Late Fee, Format, Return Filing, Eligibility, Rules
GSTR-3B is a summary GST return that taxpayers are required to file regularly to report sales, input tax credit (ITC) claims, tax liabilities, refunds, and other details linked to their…
Capital Gains Tax on Property Sale
Profits earned from selling a property are liable to capital gains tax. When a property is sold within two years of purchase, the profit is treated as short-term capital gain…
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