INCOME TAX

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

life insurance premium (including payment made by government employee to the central government Employees’ insurance scheme and payment made by a person under children ‘s deferred endowment assurance policy) Payment in respect of non-commutable deferred annuity. Any sum deducted from salary payable to a government employee for the purpose of securing him a deferred annuity … Read more

An individual may be (a) residential and ordinarily residential (b) residential but not ordinarily residential or (c) non – residential. 5.1 Residential and ordinarily residential – To find out whether an individual is   Resident and ordinary resident ‘’ in India, one has to proceed as follows— Step 1 First find out whether such individual is … Read more

REGULAR TAX REGIME  –  Regular tax regime is the default tax regime for the assessment Year 2023-24.However for the assessment year 2024-25,the individual/HUF/AOP,ctc.,has to exercise the option under section 115BAC(6) to avail the benefit Of the regular tax regime .tax rates under the regular tax regime are as follows  – For a resident senior citizen … Read more

HOUSE RENT ALLOWANCE – Exemption in respect of house rent allowance is regulated by rule2A. The least of the following is exempt from tax— OTHER POINTS – The following points should also be kept in view—“SALARY” of the purpose of computation of exemption of exemption means basic salary and includes dearness allowance if terms of … Read more