One of the most common questions among salaried employees is: “How much income tax will I pay if my CTC is ₹9 lakh?” Many people assume that a ₹9 lakh salary package automatically results in a substantial tax liability. However, under the New Tax Regime applicable for FY 2025-26 (AY 2026-27), the actual tax payable […]
When news broke that teenage cricket sensation Vaibhav Suryavanshi had reportedly earned ₹7 crore before reaching adulthood, it sparked more than just admiration for his talent. It also raised an interesting tax question: Can a minor be liable to pay income tax in India? Many people assume that individuals below the age of 18 are
The introduction of Section 393 under the New Income Tax Act marks a significant shift in how Tax Deducted at Source (TDS) is governed in India. While TDS has always been a core part of tax collection, the new structure aims to simplify provisions, improve compliance, and enhance transparency. This detailed guide explains every aspect
Section 393 of New Income Tax Act: TDS Rules, Rates & Compliance Explained Read More »
In a landmark update for salaried taxpayers, the Income Tax Rules have expanded the list of recognized metropolitan cities for the purpose of calculating House Rent Allowance (HRA) exemption. What was previously limited to four traditional metro cities has now been broadened to eight – bringing substantial tax relief to employees residing in India’s rapidly
From Four to Eight: Income Tax Rules Expand Recognized Metro Cities for HRA Read More »
The Income Tax system in India is evolving steadily toward greater transparency, flexibility, and taxpayer convenience. One of the most important reforms in recent years relates to the time limits for filing a Revised Income Tax Return (ITR). Mistakes in tax returns are common, even among careful taxpayers, and the law recognises this by allowing
New Time Limits for Revised Income Tax Return Read More »
From, FY 2023-24 onwards, the New Tax Regime is the default tax regime. If you are a salaried person and intend to opt for the New Tax Regime in FY 2025-26, then this blog is for you. This blog covers only the slab rates and related provisions under the New Tax Regime. The slab rates
New Tax Regime Explained: Updated Tax Slabs for Salaried Individuals in FY 2025-26 Read More »
Have you ever noticed your employer or bank deducting money from your salary or interest and wondered, “Why is money going out of my income?” If you haven’t, you’re in the right place! In this blog, we explain TDS in simple terms, show why your employer or bank deducts it, and teach you how to
What Is Tax Deducted at Source (TDS) – A Beginner’s Breakdown! Read More »
The Income-tax Act of 1961 has been the backbone of India’s tax system for more than six decades. Over the years, countless amendments, notifications, and clarifications transformed it into a massive legal labyrinth with over 800 sections and 100,000+ words. Taxpayers, accountants, and even tax officers often struggled to keep up, leading to widespread confusion,
From 800 to 536 Sections: What’s New in India’s Income Tax Rewrite Read More »
Missing the income tax filing deadline can be a stressful experience. Whether it’s due to procrastination, unexpected personal issues, or confusion about the process, filing late can lead to penalties, interest charges, and even legal complications. However, the situation is far from hopeless. If you’ve missed the deadline, the key is to act quickly and
Late on Income Tax Filing Here’s How to Bounce Back Without Penalties Read More »
Income tax systems can be complex, but understanding the different income tax categories can help you navigate through your tax filing more efficiently. Whether you’re an individual taxpayer or a business owner, being aware of how tax categories impact your deductions and exemptions is crucial to minimizing your tax burden. In this post, we’ll explore
Income Tax Categories and Their Impact on Deductions and Exemptions Read More »
