Direct Tax-Paying Companies in India Direct Tax-Paying Companies in India India’s economy is on a steady growth trajectory, with the World Bank forecasting a 6.7% GDP growth rate in both FY26 and FY27, significantly outpacing the global average of 2.7%. A crucial driver of this economic expansion is the corporate sector, which plays a significant … Read more
Income Tax Deduction from Salaries Income Tax Deduction from Salaries The Income Tax Department has issued guidelines for the deduction of tax at source (TDS) on salaries under Section 192 of the Income Tax Act for the financial year 2024-25. These guidelines are essential for employers and salaried individuals to ensure compliance with tax regulations … Read more
End of Assessment Year (AY) and Previous Year (PY) Introduction End of Assessment Year (AY) and Previous Year (PY) The Income Tax Act 2025 is set to introduce a major reform in the tax filing system by eliminating the concepts of Assessment Year (AY) and Previous Year (PY). Instead, taxpayers will follow a single tax … Read more
Government Abolishes Section 80C Government Abolishes Section 80C The Indian government has proposed a major change in the Income Tax Act that has taken taxpayers by surprise. Section 80C, one of the most widely used tax-saving provisions, has been abolished under the new Income Tax Bill 2025. This section allowed taxpayers to claim deductions of … Read more
Section 194P Introduction Filing an Income Tax Return (ITR) can be a complex process, especially for senior citizens. To simplify tax compliance for elderly taxpayers, the government introduced Section 194P in the Finance Act, 2021. This provision provides a special exemption from ITR filing for senior citizens aged 75 years or above who meet specific … Read more
