income tax

Introduction: In a significant move aimed at easing compliance burdens, the Central Board of Direct Taxes (CBDT) has issued a circular providing relief to taxpayers and deductors from TDS/TCS demands that arose due to non-linkage of PAN with Aadhaar. This circular addresses concerns raised during the processing of TDS/TCS returns where higher deduction/collection rates were

🌟 Mandatory ISD Registration Under GST from April 2025: What Every Business Must Know Starting 1st April 2025, it becomes mandatory under GST for businesses receiving common input service invoices across multiple GSTINs (under the same PAN) to register as an Input Service Distributor (ISD). This marks a significant compliance shift for entities operating in

The Central Board of Direct Taxes (CBDT) has officially extended the deadline for filing Income Tax Returns (ITRs) for the Financial Year 2024–25 (Assessment Year 2025–26) from July 31, 2025, to September 15, 2025. This extension provides taxpayers with additional time to comply with the new tax filing requirements introduced this year. 📌 Key Reasons

Many taxpayers often inquire: “I made long-term capital gains in FY 2024–25 but plan to invest in FY 2025–26. Can I still save on taxes?” The answer is yes, but understanding the timing and procedures is crucial. Understanding Sections 54 and 54F of the Income Tax Act Sections 54 and 54F provide avenues for taxpayers

Understanding Hindu Undivided Family (HUF) and Its Tax Benefits What is an HUF? A Hindu Undivided Family (HUF) is a distinct legal entity recognized under Indian tax law. It consists of all members of a Hindu family, including those by marriage (e.g., daughter-in-law and mother). HUFs are treated separately for tax purposes, providing unique advantages

Section 112A: Long-Term Capital Gains on Listed Shares and Equity-Oriented Funds Long-term capital gains (LTCG) arise when a long-term capital asset is transferred. The taxation of LTCG under the Income Tax Act, 1961, is categorized into two key provisions: Section 112 and Section 112A. Section 112A specifically addresses the taxation of LTCG on listed shares,

TDS Changes Effective from 1st October 2024: A Detailed Overview The Income Tax Department has introduced significant changes to the Tax Deducted at Source (TDS) framework, effective from 1st October 2024. These modifications, primarily focusing on reducing TDS rates across several key sections, are intended to reduce compliance burdens and ease cash flows for individuals