Top Highlights of Budget FY 2024-25 by Finance Minister Nirmala Sitharaman in July 2024
Budget 2024 introduce in Parliaments on 23rd July, 2024 at 11:00 PM and following major highlights of budget 2024.
Agricultural Income: Taxation and Exemption u/s 10(1) of Income Tax Act, 1961
While filling of income tax Return by individuals, they surprised that after adding agricultural income into ITR; Income Tax calculation shows increase in tax without increase of Taxable income. If […]
Section 194R of Income Tax Act: Deduction of Tax on benefit or Perquisite in Respect of Business or Profession
As per the Memorandum of Finance Bill, 2022; Taxable income as per Clause (iv) of Section 28 of the Act, the value of benefit or perquisite paid in money or […]
Section 43B(h) of Income Tax Act – Disallowance of Delayed Payment to Micro and Small Enterprises
Section 43B(h) of Income Tax Act introduced in Finance Act, 2023 for protect the interest of micro and small scale business or Enterprises. This Amendment effective from 1st April, 2024 […]
House Rent Allowance (HRA) – Exemption And Calculations
Hi! Folks! Have you ever heard about something called HRA? It is like a secret weapon when it comes to save your hard-earned money when you file your Income Tax […]
How to Read DTAA – A Complete Guide
Are you perplexed by the complexities of Double Taxation Avoidance Agreements (DTAAs)? Do you find it challenging to navigate through the intricate provisions and legal jargon? Fear not! In this […]
Income Tax Deductions on Salary Income [Full Guide]
Income tax is a crucial component of a country’s revenue system, and India is no exception. The Indian tax system is designed to collect taxes from individuals based on their […]
Depreciation Chart as per Income Tax Act, 1961
Depreciation under section 32 allowed as percentage of Written Down Value (WDV) (excluding Power Generating Units where depreciation allowed as per straight line method). Below Depreciation Chart applicable from Assessment […]
Fair Market Value(FMV) of Equity Shares as on 31st January, 2018
The highest price of equity share quoted on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on 31-Jan-2018 is given in this table. If there is no […]
TDS Rate Chart for Financial Year 2024-25 (Assessment Year 2025-26)
Below you’ll find the TDS rate Chart for FY 2024-25, which summarises all the TDS provisions of the Income Tax Act, 1961. For Better use of TDS Rate Chart Use […]