Tax Guide

New Tax Rules From 1st April 2025: Full Breakdown

Ram Sharma / April 1, 2025

Income Tax Slabs The new income tax regime has been made the default tax regime. The slab rates are: Income […]

As per section 194BB of the Income Tax Act of 1961, Winnings from horse race― Any person, being a bookmaker

As per Section 271C of the Income Tax Act 1961, states that the “Penalty for failure to deduct tax at

Ram Sharma / March 28, 2025

When a taxpayer passes away, their legal heir or representative is responsible for filing their ITR as the income earned

Ram Sharma / March 26, 2025

New Tax Regime was introduced in the Finance Act 2020 and effective from FY 2020-21. Section 115BAC offers a simplified

MSME refers to Micro, Small, and Medium Enterprises, which are classified according to size, investment, and revenue. These businesses are

Input Service Distributor is an office of a business that receives invoices for input services and distributes the input tax

Ram Sharma / March 24, 2025

Section 194Q, introduced via the Finance Act 2021 and effective from 1st July 2021, mandates Tax Deducted at Source on

Ram Sharma / March 24, 2025

GST Amnesty Scheme was introduced by CBIC to help non-filers by offering a one-time waiver of late fees, encouraging voluntary

Section 194B of the Income Tax Act requires tax deducted at source (TDS) on earnings from lotteries, crossword puzzles, and

Easy Loan Approvable The income stability of the borrower is critical for the lender. For which borrowers must submit an

Ram Sharma / March 18, 2025

Credit note is issued when a supplier need to reduce the value of an invoice already issued. It may be