INPUT TAX CREDIT
INPUT TAX CREDIT The world of Goods and Services Tax (GST) can feel like a labyrinth, but Input Tax Credit (ITC) is the thread that leads you out. ITC is the mechanism where a business can reduce the tax it has already paid on inputs (purchases) from the tax it is liable to pay on […]
INCOME TAX RETURN FILING (ITR)
INCOME TAX RETURN (ITR) Filing an Income Tax Return (ITR) is your annual way of reporting your income, tax-saving investments, and taxes paid to the government. Think of it as your yearly financial “report card.” It’s essential not only for compliance but also for claiming refunds if you’ve paid excess tax. As of March 2026, […]
PRIVATE LIMITED COMPANY REGISTRATION
Under the Companies Act, 2013 — A Complete Legal Reference Governed By Companies Act, 2013 Min. Directors 2 Directors Min. Shareholders 2 Members Max. Members 200 Members 1. MEANING OF PRIVATE LIMITED COMPANY A Private Limited Company (Pvt. Ltd.) is one of the most popular forms of business entity in India, incorporated and regulated […]
PARTNERSHIP FIRM
What is a Partnership Firm? A partnership firm is a business arrangement where two or more individuals (called partners) come together to carry on a business with a shared goal of earning profit. It is one of the oldest and simplest forms of business organization, governed in India by the Indian Partnership Act, 1932. The […]
PROPRIETORSHIP COMPANY REGISTRATION
Understanding Sole Proprietorship: A Comprehensive Guide By Advocate Debabrata & Co. A Sole Proprietorship is the simplest and most common form of business structure in India. It is a business owned, managed, and controlled by a single individual. In the eyes of the law, there is no legal distinction between the owner and the business […]
Budget 2026 Decoded: Key Income Tax Changes for FY 2025-26
What’s new for FY 2025-26 — Budget 2026 changes Three significant changes take effect from AY 2026-27: The due date for ITR-3 and ITR-4 (non-audit business and professional taxpayers) has been extended from 31 July to 31 August, giving these filers one additional month. The due date for filing revised returns has been extended from […]
Budget 2026 Decoded: Key Income Tax Changes for FY 2025-26
What’s new for FY 2025-26 — Budget 2026 changes Three significant changes take effect from AY 2026-27: The due date for ITR-3 and ITR-4 (non-audit business and professional taxpayers) has been extended from 31 July to 31 August, giving these filers one additional month. The due date for filing revised returns has been extended from […]
Section 10(10D) of the Income Tax Act
Section 10(10D) deals with the tax exemption on amounts received under a life insurance policy, including any bonus. This means the maturity proceeds or death benefits from a life insurance policy are exempt from income tax — but with important conditions. Core Provision Any sum received under a life insurance policy (including bonuses) is fully […]
Surcharge is levied under the Income Tax Act when taxable income exceeds.
Surcharge is an additional tax levied on the income tax payable (not on income itself) when a taxpayer’s total income crosses specified thresholds. Think of it as a “tax on tax.” Surcharge slabs for individuals (FY 2024-25) Total Income Surcharge Rate Up to ₹50 lakh Nil ₹50 lakh – ₹1 crore 10% ₹1 crore – […]
Deductions (80C, 80D, 80G, 80TTB).
Income Tax Deductions Under Chapter VI-A These deductions reduce your taxable income, thereby lowering your tax liability. Limit: ₹1,50,000 per year The most popular deduction, covering a wide range of investments and expenses: Instrument Example PPF Depositing ₹50,000 in Public Provident Fund ELSS Investing ₹30,000 in a tax-saving mutual fund Life Insurance Premium Paying ₹20,000 […]