In the context of the Indian Income Tax Act, 80G and 12A (often referred to as 12AA or 12AB) are the two most critical registrations for Non-Governmental Organizations (NGOs), charitable trusts, and Section 8 companies. While they are often mentioned together, they serve two very different purposes: one benefits the organization, and the other benefits … Read more
Under the Income-tax Act, 1961, taxation of crypto assets is governed by Section 115BBH and related provisions. 1️⃣ Flat 30% Tax on Gains 30% tax on income from transfer of Virtual Digital Assets (VDA) (including cryptocurrency, NFTs, etc.). No deduction allowed except cost of acquisition. No set-off of losses against any other income. No carry … Read more
For the Financial Year 2025-26 (Assessment Year 2026-27), Below is a summary of the current TDS rates for the most common transactions in India: Section Nature of Payment Threshold TDS Rate (%) 192 Salary – As per income tax slab rate for the employee 192A Premature EPF withdrawal ₹50,000 10 193 Interest on securities ₹10,000 … Read more
The responsibility to deduct and deposit tax actually falls on buyer, not the seller. Here is the breakdown of the rules for 2026. 1. When is TDS Applicable? (Section 194-IA) You must deduct TDS if the property’s Sale Consideration OR its Stamp Duty Value is ₹50 lakh or more. Rate: 1% of the total value … Read more
he Union Budget 2026-27, presented on February 1, 2026, introduced a significant overhaul of the Minimum Alternate Tax (MAT) framework. The primary goal of these changes is to simplify the corporate tax structure and strongly nudge companies toward the New Tax Regime (concessional tax regime). The key changes regarding MAT and MAT Credit are summarized … Read more
In the Old Tax Regime, perquisites (often called “perks”) are non-cash benefits provided by your employer. While most perks are taxable, the Income Tax Act provides specific exemptions for several categories to reduce your taxable salary. Here is a breakdown of the key perquisites that are exempt under the old scheme as of 2026. 🏢 … Read more
In the Union Budget 2026, the government introduced a major compliance reset aimed at small taxpayers and returning residents who may have inadvertently failed to report overseas holdings. The centerpiece of these changes is the Foreign Assets of Small Taxpayers – Disclosure Scheme, 2026 (FAST-DS 2026) The FAST-DS 2026 Scheme This is a one-time, … Read more
Here is the TDS (Tax Deducted at Source) Rate Chart for the Financial Year 2024-25 (Assessment Year 2025-26): Section Nature of Payment Threshold Limit TDS Rate Effective Date 192 Salary Income Basic exemption limit of employee As per applicable income tax slab rates – 192A Premature withdrawal from EPF ₹50,000 10% – 193 Interest on … Read more
The classification criteria for Micro, Small, and Medium Enterprises (MSMEs) in India have evolved over time to better reflect the changing economic landscape. Below is a comparative table outlining the key changes up to February 11, 2025: Classification Investment Limit (up to June 2020) Investment Limit (June 2020) Turnover Limit (June 2020) Investment Limit (February … Read more
ITR-U allow taxpayers to update their return even after the due date 1. What is ITR-U? ITR-U is an Updated Income Tax Return that allows taxpayers to rectify omissions, correct errors, or report additional income for the last two assessment years after the original filing due date. For AY 2025-26, ITR-U can be filed for: … Read more
Govt has revised the income tax slabs for the Assessment Year (AY) 2025-26 under the new tax regime. Individuals with an annual income up to ₹12 lakh are now exempt from paying income tax. Additionally, a standard deduction of ₹75,000 for salaried individuals instead of previously ₹50,000. Here are the updated tax slabs under the … Read more
WHAT IS MSME: – CLASSIFICATION MICRO SMALL MEDIUM Manufacturing Enterprises and Enterprises rendering Services Investment in Plant and Machinery or Equipment:Not more than Rs.1 crore and Annual Turnover ; not more than Rs. 5 crore Investment in Plant and Machinery or Equipment:Not more than Rs.10 crore and Annual Turnover ; not more than Rs. 50 … Read more
