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…
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 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 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…
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…
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…
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 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…
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…
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…