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But here’s the confusion:How does the government know which tax regime you’re choosing? 👉 This is where Section 10IE and 10IEA come into play. 🔍 What is Section 10-IE? Section 10IE was applicable before FY 2023–24. It was used by those who wanted to choose the new tax regime under Section 115BAC. 🧑💼 Who should … Read more
✅ Who Does NOT Need to File ITR in 2025? No Need to File ITR Cases in 2025 (AY 2025-26) if: 💡 Basic Exemption Limits (FY 2024–25) Age Group Old Tax Regime New Tax Regime Below 60 years ₹2.5 lakh ₹3 lakh 60–80 years (Senior Citizens) ₹3 lakh ₹3 lakh 80+ years (Super Senior Citizens) … Read more
1️⃣ GSTR-3B Once Filed – Cannot Be Changed Earlier, many businesses used to adjust figures in GSTR-3B. But now, after 1 July, you cannot edit GSTR‑3B once submitted.✅ Details in GSTR-3B will be picked directly from your GSTR-1.✅ Any correction must be done through GSTR-1A only — and only once per month. 🧾 For example:If … Read more
If you’re filing your Income Tax Return (ITR) for the financial year 2024–25, here new changes—explained in simple terms. 📆 ITR Filing Deadline Extended 🧮 New Income Tax Slabs (Default Regime) The New Regime is now the default tax structure unless you choose the old one. Here’s the slab structure:http://incometax.gov.in/iec/foportal/help/individual/return-applicable-1#taxslabs Income (₹) Tax Rate 0 … Read more
If you get a Notice u/s 148 from the Income Tax Department? This notice is sent when income is not reported correctly, or Income Tax Return (ITR) is not filed, and the department has information that your income has escaped assessment. In this blog, we’ll explain: ✅ What is a Notice under Section 148✅ Reasons … Read more
In financial year 2024–25, if you are a salaried person, freelancer, content creator, or small business owner, the Indian Income Tax Act offers several smart ways to reduce your tax. 🔍 New vs. Old Tax Regime – Which One to Choose in FY 2024–25? In India there is two tax regimes: ✅ Old Regime (with … Read more
1. Tax Incentives for Electric Vehicles (EVs) Electric vehicles (EVs) play a vital role in reducing India’s dependence on fossil fuels and cutting down harmful emissions. To encourage more people to buy EVs, the government offers several tax benefits. Here’s how you can benefit: A. Section 80EEB: Deduction on EV Loan Interest B. FAME India … Read more
Filing your income tax return is an important responsibility. If you’re a salaried person or have simple income, you might be able to use the ITR-1 (Sahaj) form. But not everyone can file ITR-1. Let’s see who can and who cannot use this form. Who Can File ITR-1 (Sahaj)? You can file ITR-1 if you … Read more