Income Tax Filing Exemption As a new financial year begins, taxpayers across India are gearing up to file their Income Tax Returns (ITR). While most salaried employees, business owners, and professionals are preparing documents and calculating liabilities, it’s important to know that not everyone is required to file an ITR. The Income Tax Department provides … Read more
New Tax Rule from April 22, 2025 From April 22, 2025, a new tax rule has come into effect that will impact individuals purchasing high-end items. The Income Tax Department has notified that a 1% Tax Collected at Source (TCS) will now be levied on the purchase of certain luxury goods worth more than ₹10 … Read more
HRA Exemption in New Tax Regime House Rent Allowance (HRA) is one of the most important salary components that allows salaried individuals to save income tax. HRA Exemption in New Tax Regime Employers provide HRA to help employees cover rental expenses, and the Income Tax Act offers partial exemption on this amount—only under the old … Read more
Can I Carry Forward Business Loss After Switching from Old to New Tax Regime? Can I Carry Forward Business Loss After Switching from Old to New Tax Regime? The introduction of the new tax regime under Section 115BAC has brought with it a simpler tax structure with lower tax rates but without several exemptions and … Read more
How to Use the e-Pay Tax Feature to Clear Income Tax Dues How to Use the e-Pay Tax Feature to Clear Income Tax Dues As the ITR filing season for FY 2024-25 approaches, taxpayers are looking for convenient and secure ways to pay their income tax dues. The Income Tax Department has simplified this process … Read more
