TAX GUIDE FOR SALARIED INDIVIDUALS AY 2025-26 Under this blog outlines the tax guide for salaried individuals for AY 2025–26. Tax Regimes for FY 2024-25 (AY 2025-26): New Tax Regime: Default regime under Section 115BAC (1A). Taxpayers can opt for Old Tax Regime if preferred. Business Income: Option to switch regimes is limited to once …
Companies Act, 2013 – Company Law List of Sections 1- Short title, extent,commencement and application 2 – Definitions 3 – Formation of company 4 – Memorandum 5 – Articles 6 – Act to override memorandum, articles, etc 7 – Incorporation of company 8 – Formation of companies with charitable objects, etc 9 – Effect of …
TDS Rates Chart for the financial year 2024-25 This is the TDS (Tax Deducted at Source) Rates Chart for the financial year 2024-25. Here’s a quick breakdown of the rates and thresholds for various sections: Section 192: Payment of Salary – Based on slab rates; Threshold is the basic exemption limit. Section 193: Interest on …
Indian Govt is preparing to implement social security benefits for gig workers, such as those working with platforms like Zomato, Swiggy, Ola, and Uber. Under this initiative, these platforms will be required to deduct a portion of the workers’ payments and deposit it into the Employees’ Pension Scheme.
This move aligns with the provisions of the Code on Social Security, 2020, which aims to extend social security benefits—including life and disability cover, accident insurance, health and maternity benefits, and old age protection—to gig and platform workers. Additionally, the Govt plans to contribute 3-4% to this scheme.
These efforts reflect a growing recognition of the importance of providing social security to gig workers, who often face job insecurity and income uncertainty. The Govt is actively working to implement the Social Security Code to provide much-needed protection for gig workers.
Key highlight in 55th GST Council Meeting (January 15, 2025) The 55th GST Council Meeting demonstrated a proactive approach to addressing key sectoral challenges, refining tax rates, and simplifying procedural complexities. These updates aim to improve clarity and compliance for taxpayers while simplifying specific processes under GST, particularly regarding annual return filings, ISD mechanisms, and …
Analysis of Issues in India’s New Tax Regime & Proposed Taxation system India’s tax system offers two personal tax regimes: Old Tax Regime: Higher rates, numerous exemptions and deductions. New Tax Regime : Lower rates, fewer deductions, now the default option. Both regimes allow a INR 50,000 standard deduction for salaried individuals, ensuring some parity …
Comparison of Fixed Deposits (FDs) and Life Insurance Plans Under this blog, we provide the details of the comparison of Fixed deposits and Life Insurance Plans as financial tools for achieving specific objectives. Both fixed deposits and Life insurance plans serve distinct purposes. FDs are reliable for saving and securing capital, while Life insurance addresses …
Taxation of property transactions where the consideration is less than stamp duty value Section 56(2)(x) of the Income Tax Act was introduced to address the taxation of gifts or property received without adequate consideration. It replaced the earlier provisions under Section 56(2)(vii) and (viia) and widened the scope to include all categories of taxpayers (individuals, …
Supreme Court: Stay INR 1.5 trillion worth of GST notices against Online Gaming Co. The recent Supreme Court decision to stay INR 1.5 trillion worth of goods and services tax notices against online gaming companies has significant implications for both the gaming industry and tax authorities. Here’s a detailed breakdown of the developments Key Details …
Credit Note Disclosure in GSTR-9 Annual Return Filing Under GST, suppliers of goods or services must issue a tax invoice for every taxable supply. However, when the taxable value of the supply decreases due to specific circumstances, the supplier is required to issue a credit note. This ensures proper adjustment of tax liability and helps …