🏠 How Much Cash Can You Keep at Home? There is no official limit on how much cash you can keep at home. However, if the Income Tax Department finds a large amount, you must be able to prove its legal source. If you can’t, the authorities may seize the money and impose penalties. So, …
The Income Tax Department of India has recently sent SMS alerts to taxpayers regarding their claims under Section 80GGC, which provides deductions for donations to political parties. This initiative aims to verify the legitimacy of such claims for the Assessment Years 2022-23, 2023-24, and 2024-25. Key Highlights of the Income Tax Alert 1. Purpose of …
🌟 Why is the Income Tax Act 2025 a Game-Changer? Compact and Simplified: पुराने कानून का साइज 300 से ज्यादा पन्नों का था, जबकि नया एक्ट सिर्फ 60 पन्नों में सिमट गया है। 👉 अब यह फॉर्मूला-बेस्ड होगा—आपको बस वैल्यू डालनी है और परिणाम मिलेगा। Easier Language: अब आम जनता भी इनकम टैक्स एक्ट को …
Taxpayers, here’s some great news! The Income Tax Department has introduced a significant update that makes claiming the Section 87A rebate easier and more inclusive. The rebate, which was previously not allowed for incomes like short-term capital gains (STCG) taxed at 15%, is now available under certain conditions. Let’s break it down for you: What …
Advance tax is a key part of tax compliance for individuals and businesses whose total tax liability exceeds ₹10,000 in a financial year. It allows you to pay your taxes in installments instead of a lump sum during the filing of your income tax returns. If you’re planning to calculate and pay your advance tax …
Key Highlights of the Notification Extended Deadline: Taxpayers now have an additional 15 days to file their belated returns under Section 139(4) or revised returns under Section 139(5) of the Income-tax Act, 1961. Applicability: The extension applies specifically to resident individuals filing for Assessment Year (AY) 2024-25. Legal Authority: The CBDT exercised its powers under …
Navigating through tax laws can be overwhelming due to the complex terminology used in legal provisions. Terms like section, sub-section, circulars, and clarifications often appear in the Income Tax and GST Acts. This blog breaks down these terms in simple language, providing definitions and examples for better understanding. Key Terms in Income Tax and GST …
Introduction For businesses, accurately reporting income and complying with tax regulations is essential. One area that often creates confusion is the valuation of closing stock under Section 145A of the Income Tax Act, particularly with the introduction of GST. This blog explores the provisions of Section 145A, how it impacts closing stock valuation, and the …