1. Individuals & HUFs Old Regime: - Up to ₹2.5 L: Nil - ₹2.5 L–₹5 L: 5% - ₹5 L–₹10 L: 20% - Above ₹10 L: 30% (Senior Citizens: Basic Exemption ₹3 L, Super Senior:…

1. Individuals & HUFs Old Regime: - Up to ₹2.5 L: Nil - ₹2.5 L–₹5 L: 5% - ₹5 L–₹10 L: 20% - Above ₹10 L: 30% (Senior Citizens: Basic Exemption ₹3 L, Super Senior:…

The Income Tax Department has extended the deadline for filing Income Tax Returns (ITR) for the Financial Year 2024-25 (Assessment Year 2025-26). The new deadline is September 15, 2025, up from the original due date…

Section 80EE of the Income Tax Act provides an additional deduction for interest paid on home loans taken for acquisition of a residential house property, specifically for first-time home buyers. This deduction is over and…

📜 Governing Section: Section 56(2)(x) of the Income Tax Act, 1961 The provisions related to the taxation of gifts are primarily covered under Section 56(2)(x) of the Income Tax Act. This section deals with income…

The Central Board of Direct Taxes (CBDT) has officially notified the income tax return (ITR) forms 1 and 4 for the financial year 2024–25.These forms shall be used for reporting incomes earned between 1 April…

The Government of India has officially authorized the Housing and Urban Development Corporation Limited (HUDCO) to issue bonds that qualify for capital gains tax exemption under Section 54EC of the Income Tax Act, 1961. ✅…

Advance tax, popularly known as 'pay-as-you-earn', is the practice of making periodic payments toward an estimated income tax liability. This system is mandatory for taxpayers whose estimated tax liability is equal to or exceeds INR…