Good News for Salaried Taxpayers- New Rules for Salaried Employees Finance Act, 2025 raises tax-free salary perk limits to INR 4 lakh for specified employees and INR 8 lakh for overseas medical treatment, effective April 1, 2025. The Finance Act, 2025 has brought major relief for employees by raising the income thresholds for tax-free …
FAQs on New Tax vs Old Tax Regime From AY 2024-25, the new tax regime under Section 115BAC is the default tax regime for Individuals, HUFs, AOPs (excluding co-operative societies), BOIs, and Artificial Juridical Persons. However, taxpayers can opt out of the new regime and choose the old regime. Non-Business Income Cases: Option can be …
The default regime is the new regime for ITR filing. Default Regime for ITR Filing: The new tax regime is the default for all taxpayers (as per the Finance Act, 2023). Form 10IEA Filing Requirements (AY 2024–25 onwards) ITR Form Requirement to file Form 10IEA Switching Between Regimes Notes ITR-1 Not required Allowed every year …
Important tax rules for F&O (Futures & Options) and Intraday Trading Why Must Gains or Losses from F&O Be Reported in ITR? Mandatory Compliance: Income tax authorities have full access to trading data through exchanges. Non-disclosure may trigger notices and penalties. Tax Optimization: Reporting losses allows you to set them off against other incomes and …
Eligible & Ineligible expenses while calculating Capital Gain Overview of eligible and ineligible expenses while calculating Capital Gains on property sales and highlights specific rules for NRIs and under different tax regimes. Eligible Expenses (Allowed for Capital Gains Calculation) These can be added to the cost of acquisition/improvement: Brokerage/Commission Structural Renovation (if part of a …
How income from house property is taxed in India under the Income Tax Act. Income from House Property – Section 22 to 27 (Overview) Basic Conditions to Qualify as Income from House Property: Income is taxable under “Income from House Property” if you are the owner (legal or deemed) of the property. The property includes …
Update in ITR Utility—New Codes Introduced for “Nature of Business/Profession” The Income Tax Department has updated the Income Tax Return (ITR) utility with new codes under the “Nature of Business/Profession” section to align with evolving sectors and taxpayer activities. These changes are applicable for Assessment Year 2025–26. The Tax Dept has updated the ITR-3 utility with …
Income Tax Exemptions and Deductions for Army Personnel (AY 2025–26) Army personnel, like all salaried taxpayers, are liable to pay income tax under the Income Tax Act, 1961. However, given the challenging service conditions and frequent postings in inhospitable areas, the law provides special exemptions and deductions to help them minimize their tax burden. We …
7. Additional Information and Details required in ITR-1 and ITR-4 for A.Y. 2025–26 especially for Taxpayers in Old Regime 1. Enhanced Disclosure for House Rent Allowance (HRA) Taxpayers claiming HRA exemption must now provide comprehensive details, including: •Place of Work •Actual HRA Received •Actual Rent Paid •Basic Salary and Dearness Allowance •50% or 40% of …
Financial Products Taxation Overview (India – FY 2024–25) Financial Product Type of Income Tax Treatment Holding Period TDS Applicable Section Equity Shares / Mutual Funds / ETFs Capital Gains STCG @ 20% (from July 23, 2024); LTCG @ 12.5% over ₹1.25L <12m / >12m No Sec 112A Debt Mutual Funds Capital Gains Pre-Apr 2023: STCG …