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…
GST vs Income Tax: Understanding the Difference Between GST and ITR Filing
For every taxpayer in India, it is important to know how the tax system works and the correct way to file both direct and indirect taxes. Having a clear understanding…
NRI Taxation and Residency Criteria Under the Income Tax Act
An individual of Indian origin residing outside India is referred to as a Non-Resident Indian (NRI). The Income Tax Act of 1961 outlines separate tax provisions for Indian residents and…
Key Highlights of Finance Bill 2025: Income Tax Changes
Overview of Income Tax Changes in Finance Bill 2025 The Finance Bill 2025 introduces several pivotal amendments to India's income tax framework, aiming to simplify compliance and provide relief to…
Income Tax Return (ITR-U)/Belated Return u/s 139(8A): A Detailed Overview Post Budget 2025
The Updated Income Tax Return (ITR-U) is a provision under Section 139(8A) of the Income Tax Act, 1961, introduced to allow taxpayers to correct errors or omissions in their previously…
Income Tax Surcharge Rate & Marginal Relief – Latest Updates
If you fall under the higher income tax bracket of 30%, you may be subject to an additional surcharge on your tax liability beyond a certain threshold. Simply put, a…
Short Term Capital Gain on Shares (Section 111A of Income Tax Act) – STCG Tax Rate & Calculation
When you sell shares and make a profit, it is called capital gains under the Income Tax Act. These capital gains can be either short-term or long-term, depending on how…
Section 54F of the Income Tax Act: Invest Your Capital Gains Multiple Times in a New Residential House
The Income Tax Act offers an exemption on long-term capital gains if you reinvest the proceeds into a new residential property, provided certain conditions are met. Recently, the Income Tax…
What to Do If Your Income Tax Refund is Delayed
Timely filing of your income tax return generally leads to quicker refunds. However, various factors can sometimes delay the process. Understanding the reasons behind these delays and the actions you…
Income Tax Slab For Senior Citizen & Super Senior Citizen FY 2023-24 (AY 2024-25)
Hello Folks!!! In this blog, we are going to discuss the Income tax slab for Senior & Super Senior Citizen. Budget 2024: Revised Tax Slabs and Benefits In the 2024…