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Income Tax

How to avoid deduction of tax at source (TDS) on dividend income

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Dividend incomes are taxable in the hands of the investor under the head “income from other sources”. If trading in stocks and mutual funds is your business, then you can take dividend income as your business income.It does not matter whether the dividend is received from a company or a mutual fund.To know under which head and how dividend income is taxable, you can read … [Read more...] about How to avoid deduction of tax at source (TDS) on dividend income

Key changes to new income tax regime FY 2025-26 (AY 2026-27)

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Update: New tax regime slab rates for Financial Year 2025-26 (AY 2026-27)Here are the key changes proposed in budget 2025 for an individual.Income SlabsTax RatesUp to Rs 4 lakh0%Rs 4-8 lakh5%Rs 8-12 lakh10%Rs 12-16 lakh15%Rs 16-20 lakh20%Rs 20-24 lakh25%Above Rs 24 lakh30%No income tax payable on income up to Rs 12 lakh due to tax rebate. No income tax payable for Rs … [Read more...] about Key changes to new income tax regime FY 2025-26 (AY 2026-27)

Income tax deduction for Agnipath Scheme- Section 80CCH

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In Budget 2023, our honorable finance minister Nirmala Sitharaman announced the addition of section 80CCH to the Income Tax Act, 1961. The main objective is to provide tax deduction to Agnipath scheme. Before getting into the provisions of tax deduction as specified under section 80CCH, let us understand what agnipath scheme is.Our Indian Government launched Agnipath scheme … [Read more...] about Income tax deduction for Agnipath Scheme- Section 80CCH

How financial transactions are tracked by the income tax department

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High value financial transactions beyond a specified limit are monitored by the government of India through its various agencies. Income tax department matches the specified high value financial transactions with the data provided by the taxpayer in their income tax return.Therefore, you must include all high value financial transactions to your income tax return while … [Read more...] about How financial transactions are tracked by the income tax department

Penalty for delay in filing income tax audit report under section 44AB

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Deadline for filing an income tax audit report for the financial year 2022-23 under section 44AB of the Income tax act, 1961, with the Government of India was 30th September 2023. This deadline has not been extended by the income tax department.For the financial year 2023-24, the deadline for filing income tax audit reports under section 44AB will be 30th September … [Read more...] about Penalty for delay in filing income tax audit report under section 44AB