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 …
Understanding PF Withdrawal vs. Pension (EPS) Claim How employees often withdraw their Employees Provident Fund but ignore the Employees’ Pension Scheme component, risking their eligibility for pension benefits. PF Contribution Breakdown : Employee Contribution (12% of Basic Pay) → Entirely goes to EPF. Employer Contribution (12% of Basic Pay) → Split into: 3.67% to EPF …
Challenges MSME face due to the accrual-based GST framework. GST on accrual basis hurting MSME/ Small businesses” highlights a significant challenge in India’s GST system for MSME/ Small businesses —the requirement to pay GST based on invoice issuance, not actual receipt of payment. Accrual-Based GST is Squeezing Small Businesses’ Cash Flows Bhagat pays Goods and …
Guidelines for Compulsory Selection of Returns for Complete Scrutiny – FY 2025-26 The Central Board of Direct Taxes (CBDT) has released its Central Action Plan (CAP) for FY 2025–26, setting the tone for India’s income tax administration. With a strong focus on litigation management, early refunds, quality scrutiny, and enhanced taxpayer services, this year’s plan …
Key Difference in TDS Section 192 Vs. Section 194J Understanding the difference between Section 192 and Section 194J is crucial for employers, consultants, tax professionals, and HR/payroll teams. Though both relate to TDS , their scope, applicability, and rates are fundamentally different. Misapplication can lead to penalties, litigation, and compliance risk. What is Section 192 …
ITR form is appropriate for them for AY 2025-26 based on their income sources & taxpayer category. Income Tax Return (ITR) form is appropriate for them for Assessment Year 2025-26 based on their income sources and taxpayer category. ITR 1 (Sahaj) For salaried individuals with simple income, ITR 1 is Eligible if individuals are a …
Filing of Form DPT-3 (Return of Deposits) for FY 2024-25 under the Companies Act, 2013 This is a formal reminder to comply with the statutory requirement under the Rule 16 of the Companies (Acceptance of Deposits) Rules, 2014, & Read with Section 73 of the Companies Act, 2013. Purpose of Filing of Form DPT-3 (Return …
Major Changes Introduced on Revised CIRP Forms” issued by IBBI In a significant step toward streamlining insolvency compliance and promoting digital governance, the Insolvency and Bankruptcy Board of India has announced major amendments to the Corporate Insolvency Resolution Process under the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. These changes, notified on May …
Implication of Stamp Duty on Scheme of Arrangement (Merger & Amalgamation) Mergers and amalgamations are critical instruments in corporate restructuring and expansion strategies. However, a key legal and financial component that is often underestimated is stamp duty—a transaction-based tax governed primarily by state laws in India. Our this blog delves into one of the most …
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 …