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…
Section 43B of the Income Tax Act, 1961
Section 43B of the Income Tax Act specifies certain expenses that can be claimed as deductions under the head ‘Income from Business and Profession’. It states that some expenses are…
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…
Direct and Indirect Taxes in India – Types, Benefits, Drawbacks & Rates
A tax is a mandatory charge collected by the Central and State Governments from individuals and businesses to meet public expenditure and sustain economic growth. Taxes are broadly categorized into…
Income Tax Audit under Section 44AB – Criteria, Audit Report, Penalty
Under the provisions of the Income Tax Act, 1961, certain persons are required to have their books of accounts audited before submitting their income tax return. Businesses and professionals whose…
Which ITR to File in FY 2024-25? Types of ITR Forms and Their Applicability
The Income Tax Department has specified different ITR forms for taxpayers based on their income sources, residential status, income level, and legal category (individual, firm, company, etc.). What is ITR?…
Advance Tax Payment: Applicability, Due Dates, Calculator, Installments, and Procedure
Advance Tax is a system where income tax is paid in installments during the financial year instead of paying the entire amount at the end of the year. Any taxpayer…
Belated Return: Section 139(4), Penalty, How to File ITR After the Due Date?
Missed the deadline for filing your income tax return? Don’t worry—you can still submit your return after the due date, though it may attract a penalty. This guide explains belated…
Additional Depreciation Under the Income Tax Act
Under the Income Tax Act, depreciation is allowed as a deductible expense for computing taxable income. Depreciation can be calculated using two methods: the Written Down Value (WDV) method and…
Depreciation Rates for FY 2025-26 Under the Income Tax Act
Depreciation under Section 32 of the Income Tax Act, 1961 is a deduction allowed for the decrease in the value of tangible and intangible assets that are used in the…