New Income Tax, TDS, and TCS changes effective from April 1, 2025 Key Income Tax, TDS, and TCS changes effective from April 1, 2025, which affect salaried individuals, startups, crypto investors, business entities, and more: Major Income Tax Changes (From April 1, 2025) Revised New Tax Regime Slabs Income Slab (₹) Tax Rate Up to …
What are the common Reasons for Scrutiny & How to Avoid Them Why Do You Receive an Income Tax Notice? Even if you have filed your Income Tax Return (ITR) correctly and on time, a notice may still land in your inbox. The reasons could range from minor errors to major mismatches. Understanding these can …
TDS TCS Rate Chart for FY 2024–25 and FY 2025–26 TDS Deduction (FY 2024–25) Interest on Deposits (194A): 10% Commission (194H): 5% Rent (194I): 10% (for land/building) 2% (for plant/machinery) Professional/Technical Fees (194J): 10% Job work, labor contract, advertisement, etc. (194C): 1% for Individual/HUF 2% for others Salary (192B): Slab rates applicable Purchase of Goods …
Do Not Keep Your Money in a Savings Bank Account — Here’s Why In a world where inflation silently eats into your purchasing power, letting your money sit idle in a savings bank account (typically earning just 2.5%–4% interest) is like watching it lose value in slow motion. Why you shouldn’t: Low returns: Most banks …
Top SIP investment strategies for young professionals starting out For many young professionals stepping into the workforce, the idea of investing can feel distant—something to consider later, once expenses settle or income rises. However, this stage, despite its modest cash flows, presents a unique opportunity: time. And when it comes to long-term investing, time can …
NRI Faces PAN Card Fraud—INR 2.84 Cr GST Notice Shock! A shocking case of identity theft has surfaced after an NRI received a GST notice of INR 2.84 crore based on an alleged INR 13.8 crore business income accrued between 2019 and 2022 — income he claims he never earned. Who: A 48-year-old NRI from …
CBIC’s Revised Instructions Issued on Streamlining GST Registration & Reducing Harassment: CBIC’Instruction No. 03/2025-GST : here is quick summary and practical interpretation of the CBIC Instruction No. 03/2025-GST, issued on 17 April 2025, In this CBIC’s Revised Instructions Key Issues Addressed : Taxpayers have been harassed for irrelevant or excessive documents Officers were raising presumptive …
Official Fact Check: No 18% GST on UPI Transactions Above INR 2,000 Official statement from the Ministry of Finance, Government of India, clarifying that the government is NOT considering levying GST on UPI transactions over INR 2k . This clarification firmly debunks any misinformation regarding the imposition of GST on UPI transactions and reinforces the …
Lesser-Known Facts About VPF (Voluntary Provident Fund) Key Features of VPF: Extension of EPF, Not a Separate Scheme : A voluntary provident fund is not a separate fund — it is an extension of the Employee Provident Fund. Only salaried employees contributing to EPF can opt for Voluntary Provident Fund. Contributing to a VPF account …
What are Forms 15G and 15H? These are self-declaration forms submitted by individuals to prevent TDS on interest income and other eligible incomes if their total taxable income is below the basic exemption limit. Form 15G and Form 15H are self-declaration forms used to request non-deduction of TDS (Tax Deducted at Source) on certain incomes (usually …