1. What is Section 133(6) of the Income Tax Act? Section 133(6) of the Income Tax Act, 1961, allow the tax authorities the power to issue notices to individuals or entities, requiring them to furnish certain information or documents in relation to their financial dealings. These documents may include financial statements, records, or details of… Continue reading Income Tax Notice under Section 133(6)
What is Leave Encashment? A salaried individual is entitled to a minimum number of paid leaves annually by their employer. However, it is not mandatory for an employee to use all the allowed leaves in the same year. The unutilized paid leaves at the end of the year are carried forward to next year. Employees… Continue reading Leave Encashment Taxability with Example: Taxation Rules You Need to Know
What is Trademark? A trademark is a unique symbol, logo, word, or name of a business which is used to identify its products or services. A trademark establishes a distinct identity that sets a brand apart from its competitors. By registering a trademark, you get legal protection that prevents others from exploiting/using/copying your brand and… Continue reading Trademark Registration Simplified- A CA’s Guide to Protecting Your Brand
As we approach the end of financial year 2024-25, here are few last-minute tax saving tips for salaried individual. Deduction under section 80C, Section 80CCC and Section 80CCD An Individual can claim deductions from income up to Rs.1.5 lakh if they invest their money in instruments mentioned under section 80C, 80CCC, and 80CCD. Public provident… Continue reading Last-Minute Tax Planning Tips to Maximize Savings Before FY 2024-25 Ends
Proposed Changes in Income Tax Laws in Budget 2025-26 Rates of Income Tax: Applicable for Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person No Income Tax for incomes up to ₹12 lakh annually under the new regime: For Salaried Class: Tax exemption up to ₹12.75 lakh (including ₹75,000 standard deduction)… Continue reading Budget 2025-26: New Income Tax Laws Explained & Highlights
In India, the taxation of a sole proprietorship is relatively simple and straight forward because the business is not considered a separate legal entity from its owner. The income from the sole proprietorship is taxed as the personal income of the proprietor i.e. Individual. How Taxation of Proprietorship Works? 1. Income Tax Income Tax Filing:… Continue reading Demystifying Sole Proprietorship Taxation in India: A Comprehensive Guide
In India, Partnership Firms are taxed under the Income Tax Act, 1961 as a separate entity. The taxation of partnership firms is subject to specific provisions as provided by Income Tax Act, and here’s an overview of its working: 1. Applicable Tax Rate for Partnership Firms The tax rate for partnership firms (including Limited Liability… Continue reading Partnership Firm Taxation in India: Key Insights and Tax Benefits Explained
In India, individual taxpayers are required to file an Income Tax Return (ITR) provided they meet specific criteria, primarily based on their total income, age, and type of income. Below are the situations in which a taxpayer is required to file an ITR: 1. Income Thresholds: If a taxpayer total annual income exceeds the prescribed… Continue reading Income Tax Return Filing in India: Simplified Online CA Services
A Comprehensive Overview: New Income Tax Slab Rates in India for 2025-26 The Indian government introduced annual updates to the Income Tax slabs to ensure that the tax system aligns with the economic situation and offers relief to taxpayers. Let’s have a detailed look at the new Income Tax Slab Rates in India for individual… Continue reading Old and New Income Tax Regime Explained for Individual Taxpayers
GSTR-1 is a monthly or quarterly return that a registered businesses required to file under the Goods and Services Tax (GST) rules and regulation. The purpose of this return is to provide details of the outward supplies, i.e., sales of goods and services, made by a taxpayer. GSTR-1 plays an important role in the GST… Continue reading Complete Guide to Filing GSTR-1: Rules, Requirements, and Procedures
We have launched a range of Chartered Accountants Services for families along with a complete income tax filing product suite covering ITR-1 to ITR-7. With the launch of our families division, we aim to help millions of Indians with financial literacy, compliance and investment.
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