Good news is on the horizon for businesses and taxpayers in India. The Central Board of Indirect Taxes and Customs (CBIC) is working on a plan to make GST return filing simpler while also reducing unnecessary tax disputes. By introducing a monetary threshold for issuing demand notices, CBIC aims to bring relief to businesses that […]
Optional Tax Regime U/s. 115BAC: Exemptions & Deductions Not Allowed
Introduction Have you ever felt confused by the endless list of exemptions and deductions in your income tax return? You’re not alone. For decades, India’s tax system has relied on a maze of tax-saving options—from 80C investments to HRA claims—that often left taxpayers puzzled. To simplify this, the government introduced Income Tax Section 115BAC, popularly […]
Choosing Between Old vs New Tax Regime for F.Y. 2025-26: What Should You Prefer? Check Your Tax Burden by the Advance Tax Calculator FY 2025-26
Every year, salaried employees face the same pressing question: Should I choose the Old Tax Regime or the New Tax Regime for F.Y. 2025-26? With Budget 2025 bringing fresh changes, the New Regime seems tempting at first glance. But does that mean it’s always the better option? Not necessarily. Think of it like choosing between […]
Tax Department Gives Relief to Income Taxpayers Regarding Section 87A Tax Rebate Claim for the F.Y.2025-26
Introduction: Section 87A Tax Rebate and CBDT’s Latest Circular The Central Board of Direct Taxes (CBDT) has addressed a long-standing issue faced by taxpayers who claimed the Section 87A tax rebate on incomes taxable at special rates, such as short-term capital gains (STCG) on equities. Through Circular No. 13/2025, the CBDT clarified its stance and […]