Income Tax Articles

Maximizing Tax Savings: Old Tax Regime Still a Viable Option for Many

Pranab Banerjee 28 March 2024 at 14:14

In the realm of income tax, the choice between the old and new tax regimes holds significant weight, especially for those falling within certain income brackets. While the new tax regime boasts lower rates, the allure of the old tax regime persists for numerous taxpayers owing to its array of exemptions and deductions.

TDS Rate Chart for FY 2024-25 (AY 2025-26)

Mitali 28 March 2024 at 12:32

Get the latest TDS rate chart for FY 2024-25 (AY 2025-26)

TCS Rate: Responsibility to collect TCS as per Income Tax Act

Mitali 27 March 2024 at 12:09

The responsibility to collect Tax Collected at Source lies with certain specified persons or entities as mandated by the Income Tax Act. These entities collect tax from the payee at the time of sale or provision of certain goods or services.

Exemption u/s 54 cannot be denied merely due to mistake by the developer

CA. Bhavik P. Chudasama 27 March 2024 at 11:56

Mukesh Harilal Mehta Vs ITO 16(3)(1) (ITAT Mumbai) Appeal Number : ITA No. 2256/MUM/2023

Section 43B (h) of Income Tax Act, 1961 - Disallowances of expenses due to non-payment to MSMEs

CA Piyush Agarwal 27 March 2024 at 10:25

Section 43B (h) of Income Tax Act, 1961

Burn All Your Previous MSME Outstanding Before 31st March 2024?

CA Umesh Sharma 27 March 2024 at 08:43

The introduction of Section 43B(h) in the Income Tax Act, 1961, signifies a move towards responsible business practices, similar to celebrating Holi with not only colours but with care and consideration for others.

Beyond Borders: Understanding the Impact of the Black Money Act on Foreign Assets and Income

DHANUSH D BOLAR 26 March 2024 at 07:30

This article simplifies these requirements, covering property, stocks, ESOPs, and shares held abroad. Understanding what needs to be disclosed in the income tax returns and the consequences of non-compliance can help avoid legal and financial penalties.