Month: January 2025

Old Tax Regime (FY 2022-23, FY 2023-24 and FY 2024-25) New Tax Regime Income Tax Slabs Below 60 years Between 60-80 years Above 80 years FY 2022-23 FY 2023-24 FY 2024-25 Up to ₹2,50,000 NIL NIL NIL NIL NIL NIL ₹2,50,001 – ₹3,00,000 5% NIL NIL 5% NIL NIL ₹3,00,001…

192 Payment of salary Resident, Non-Resident Basic exemption limit of employee Normal Slab Rates 192A Premature withdrawal from EPF Resident, Non-Resident 50,000 10% (if PAN is furnished). 20% (if PAN is not furnished – Budget 2023) 193 Interest on securities Resident Debentures- 5,000 8% Savings (Taxable) Bonds 2003 or 7.75%…

After the issue of this Rule, there was still confusion regarding the order of utilising of ITC after it has been utilised for IGST liability. Therefore, the clarification to the said circular was issued on 23.04.2019, which is as follows: As per the Circular No: 98/17/2019 dated 23 April 2019,…

Assessee is having a single business or professionParvati is a fashion designer and runs a boutique and has earning of Rs. 10,00,000 for FY 2024-2025. Further, to run the boutique, she has the following expenses:Salary to staff: Rs. 2,00,000Rent of boutique: Rs. 1,50,000Travel expenses: Rs. 1,00,000Repair and maintenance of machine:…

TDS on payments from Life insurance policies (Section 194DA): There is a reduction of TDS rate on payments from life insurance policies from 5% to 2%.  TDS on commission on sale of lottery tickets (Section 194G): There is also a reduction in TDS rate on commissions from lottery ticket sales. The new…

The comparison of old and new tax regime will help you in understanding the implications on your tax liability. The Union Budget, 2020 introduced a new tax regime with lower … Comparison of Old & New Tax Regime: All You Need To Know Read More » The post Comparison of…

To open a NPS Vatsalya account, following documents are necessary:  Proof of Date of Birth of the Minor: Birth Certificate, School Leaving Certificate, Matriculation Certificate, PAN or Passport.  KYC Documents of the Guardian: KYC documents of the guardian include documents of proof of identity and address like the Aadhaar, Driving…

Section 80D of the Income Tax Act provides a deduction of up to ₹25,000 in respect of the premium paid towards health insurance of self, spouse and dependent children. This section further, allows a deduction of up to ₹25,000 for the premium paid towards the health insurance policy of the assessee’s parents…

GST Slab Rates, 2024 are essential for knowing the GST rates that are applicable on goods and services in the Financial Year 2024-25. Book GST Consultation GST Slab Rates 2024: … GST Slab Rates 2024: All You Need To Know Read More » The post GST Slab Rates 2024: All…

GST on weddings is crucial to know because weddings involve lots of goods as well as services that are subjected to GST. Therefore, one should know about the implication of … GST on Weddings: Everything You Should Know Read More » The post GST on Weddings: Everything You Should Know…