Associate TG
New Income Tax Bill 2025 New Income Tax Bill 2025 The Income Tax Act, 1961, has governed India’s direct tax system for over six decades. However, with evolving economic conditions, technological advancements, and changes in taxpayer behavior, the need for a simpler, streamlined tax law has become essential. To address this, Finance Minister Nirmala Sitharaman … Read more
TDS on Rent Under Section 194-IB and HRA Claims TDS on Rent Under Section 194-IB and HRA Claims The Income Tax Department has recently raised concerns about taxpayers claiming House Rent Allowance (HRA) without deducting Tax Deducted at Source (TDS) on rental payments exceeding ₹50,000 per month. Many taxpayers have received SMS and email alerts … Read more
Payments Council of India Proposes Payments Council of India Proposes The Payments Council of India (PCI) has urged the government to introduce a Merchant Discount Rate (MDR) for RuPay debit cards and UPI transactions for large merchants. This move aims to ensure the long-term sustainability of India’s thriving digital payment ecosystem. Understanding MDR and Its … Read more
Government Collects ₹9,118 Crore from Over 90 Lakh Updated ITRs in Four Years ITRs in Four Years The Indian government’s initiative to promote voluntary tax compliance through Updated Income Tax Returns (ITR-U) has yielded significant results. Over the past four years, more than 90 lakh updated ITRs have been filed, contributing ₹9,118 crore in additional … Read more
Key Changes and Reforms to Watch Out For The upcoming Union Budget 2025 is expected to introduce significant reforms aimed at boosting economic growth, enhancing compliance, and simplifying taxation. Here are the key expectations for Budget 2025: Income Tax Reforms Increased Basic Exemption Limit: The current basic exemption limit of ₹2.5 lakh under the old … Read more
