What is the Composition Scheme? The Composition Scheme under GST is a simple way for small businesses to pay tax at a fixed rate without too much paperwork. It helps small traders, shopkeepers, and local service providers to easily follow GST rules. Best for: When Did It Start? Composition Tax Rates under Section 10(1) (a) … Read more
What is Section 54F? Section 54F of the Income Tax Act allows individuals and HUFs to claim exemption from long-term capital gains (LTCG) if the gains are reinvested in buying or constructing a residential house in India. It applies only when you sell any long-term asset other than a residential house (like land, gold, commercial … Read more
Presumptive Taxation Scheme is a relief for small taxpayers who don’t want to maintain complicated books of accounts. If you are a small business owner, professional, or someone who runs a goods vehicle, the Income Tax Act offers you a simpler way to pay tax under sections 44AD, 44ADA, and 44AE. Let’s understand it in … Read more
📅 Updated: July 2025 | ✍️ By TaxGiveIndia.com Benefits of MSME Registration include easy bank loans, lower interest rates, government subsidies, faster payments from buyers, and special access to government tenders. It helps your business grow with legal and financial support. 💡 What is MSME Udyam Registration? Udyam Registration is a government certificate for small … Read more
Form 26AS is a very important document for every taxpayer in India. If you are planning to file your Income Tax Return (ITR), this is the first thing you should check. In this blog, we will explain in simple language what is Form 26AS, why it matters, and how you can download it easily from … Read more
Where Are ITR-2 and ITR-3 Forms? Latest Update for Taxpayers:- Filing your income tax return (ITR) on time is important for every taxpayer in India. Many salaried professionals, freelancers, and business owners are ready with their documents — but facing one big issue: ITR-2 and ITR-3 are still not available on the Income Tax e-filing … Read more
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