Tax Saving Planning – A Complete Guide for Individuals
Paying taxes is a responsibility, but smart tax planning can help reduce your tax liability legally. Tax saving planning is the process of organizing your income and investments to minimize taxes while staying fully compliant with the law. 1. What is Tax Saving Planning? Tax saving planning is a strategy to reduce the amount of […]
IMPORTANT TAX COMPLIANCE REMINDER
Income Tax & GST – Key Due Dates and Actions Required As we approach the year-end compliance period, taxpayers are advised to take note of the following critical Income-tax and GST obligations to avoid penalties, interest, and loss of benefits. INCOME TAX – DECEMBER 31st DUE DATE Who must act before 31st December? 1. Taxpayers […]
December Income Tax Update: Navigating the New Tax Landscape for the 2025 Tax Year
December often brings a rush of financial planning, and this year, it’s more crucial than ever. With the new Income Tax Act, 2025, set to reshape the framework starting from April 1, 2026, and significant updates to the default tax regime for the current Financial Year 2025-26 (Assessment Year 2026-27), taxpayers need to be informed. […]
FORM 10IEA: THE KEY TO SWITCHING YOUR TAX REGIME FOR BUSINESS
FORM 10IEA: THE KEY TO SWITCHING YOUR TAX REGIME FOR BUSINESS Admin September 6, 2025 As a business owner or professional, choosing the right tax regime is one of the most critical financial decisions you make each year. You opted for the new tax regime last year for its lower rates, but what if your […]
Received a Salary Arrear? Here’s How It Affects Your Taxes
Finding out you’re getting a past-due salary payment—an arrear—feels like a bonus. It’s money you rightfully earned. However, from the Income Tax Department’s perspective, it’s income, and it needs to be taxed correctly. The catch? It could push you into a higher tax bracket for the year you receive it, leading to a hefty tax […]
ITR 7 Form for FY 2024-25: A Complete Guide
Specific Entities Filing an income tax return is an annual duty for most, but for certain specific entities, the process involves a unique form: ITR 7. If you represent a trust, a political party, a research institution, or a similar body, this is the form you need to understand. Navigating ITR 7 can seem complex due […]
Gifts from Relatives: Tax Rules & ITR Disclosure (2025 Guide)
Receiving gifts from relatives can be a joyful experience, but it’s important to understand the tax implications and disclosure requirements when filing your Income Tax Return (ITR). In this 2025 guide, we’ll cover: Taxability of gifts under Income Tax Act Who qualifies as a “relative” for tax exemption? ITR disclosure rules for gifts Recent changes in 2025 1. Are Gifts […]
ITR-6 Form: Complete Guide for 2025 (Filing Process, Eligibility, and Key Changes)
Filing Income Tax Returns (ITR) is mandatory for companies and businesses in India. The ITR-6 form is specifically designed for companies other than those claiming exemption under Section 11 (Income from property held for charitable/religious purposes). If you’re a business owner, a company representative, or a tax professional, this 2025 ITR-6 guide will help you understand the filing process, […]
Income Tax Deductions: Old Regime vs New Regime (FY 2024-25 – AY 2025-26)
The Indian income tax system offers two regimes: the Old Tax Regime (with deductions) and the New Tax Regime (with lower rates but fewer deductions). Here’s a detailed comparison of allowed deductions in FY 2024-25 under both systems. 1. Key Differences Between Old & New Tax Regimes […]
ITR-5 Form: A Complete Guide for Businesses & Entities
Filing income tax returns is mandatory for all eligible entities in India. For partnership firms, LLPs, AOPs, and other specified entities, the ITR-5 form is the correct choice. This guide covers everything you need to know about ITR-5, including eligibility, key features, required documents, and a step-by-step filing process. 1. What is ITR-5? The ITR-5 (Income Tax Return Form 5) is […]