Section 195 of Income Tax Act – TDS Applicability for NRIs
Section 195 of the Income Tax Act, 1961 governs the deduction of Tax Deducted at Source (TDS) on payments made to Non-Resident Indians (NRIs) or foreign companies. Whenever an Indian…
Penalty for Late Filing of Income Tax Return
Taxpayers must file their Income Tax Return (ITR) reporting the income earned and clearing their tax liabilities for the previous financial year. The Income Tax Department specifies due dates for…
Section 80E of Income Tax Act: Deduction for Interest on Education Loan
Section 80E of the Income Tax Act, 1961 allows taxpayers to claim a deduction on the interest paid on education loans taken for themselves or their relatives. What is Section…
Section 80C of the Income Tax Act – Complete 80C Deduction List
Section 80C allows taxpayers to claim deductions of up to ₹1.5 lakh on eligible investments and expenses. These include contributions towards life insurance premiums, Public Provident Fund (PPF), home loan…
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?…