CA Arjun Dhorajiya

The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, introduces significant reforms in India’s direct tax structure, primarily benefiting the middle class and aiming to stimulate economic growth. Below are the key highlights: Revised Income Tax Slabs  The budget proposes a substantial increase in the tax exemption threshold. Individuals earning up to ₹12 lakh […]

Tax Deducted at Source (TDS) plays a crucial role in ensuring tax compliance in India. One of the key sections governing TDS on professional and technical fees is Section 194J of the Income Tax Act, 1961. This section mandates TDS deduction on payments related to professional and technical services, royalty, and director’s fees. In this

Income from house property is one of the five heads of income under the Income Tax Act, 1961. If you own a house or any other property, you may be liable to pay tax on the rental income or deemed rental value of the property. However, the Act allows certain deductions to reduce the taxable

Determining an individual’s residential status in India is crucial for assessing tax liability under the Income Tax Act, 1961. A person’s residency status affects whether their global income or only their Indian income is taxable. In this blog, we will explore the residence rules, including criteria for individuals, Hindu Undivided Families (HUFs), firms, and companies.

Taxpayers in India can benefit from a rebate under Section 87A of the Income Tax Act, which reduces their overall tax liability. This provision is especially helpful for individuals in lower-income brackets, allowing them to save on taxes. In this blog, we’ll cover: What is Section 87A? Eligibility for the rebate Rebate limits under the

Audit of accounts is a crucial compliance requirement for businesses and professionals under the Income Tax Act, 1961. Section 44AB mandates tax audits for certain persons based on their turnover, receipts, or profits. In this article, we will explore the applicability, provisions, limits, and key aspects of tax audits under Section 44AB. What is a

Maintaining proper books of accounts is essential for businesses and professionals to ensure compliance with income tax laws in India. Section 44AA of the Income Tax Act, 1961, lays down the requirements for maintaining books of accounts by certain individuals and entities engaged in business or profession. This blog explains the provisions of Section 44AA,

ITR-6 is a specialized income tax return form designed for companies, except those claiming exemption under Section 11 (charitable or religious trusts), to report their income and fulfill their tax obligations. Eligible entities include private limited companies, public limited companies while companies exempt under Section 11 or claiming exemptions for charitable activities cannot file ITR-6.

The Income Tax Return Form 5 (ITR-5) is specifically designed for entities like firms, Limited Liability Partnerships (LLPs), Associations of Persons (AOPs), Bodies of Individuals (BOIs), estates of deceased individuals, business trusts, and investment funds. Eligible entities must use this form to report their income, deductions, and tax liabilities for a financial year. However, it

The ITR-4 Form, also known as Sugam, is specifically designed for individuals, Hindu Undivided Families (HUFs), and firms (other than LLPs) who have opted for the presumptive taxation scheme under Sections 44AD, 44ADA, or 44AE of the Income Tax Act. It is ideal for small businesses and professionals with turnover or income within prescribed limits.