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When running a business or profession, expenses related to rent, rates, taxes, repairs, and insurance for premises are significant. The Income Tax Act provides specific provisions allowing deductions for such expenses, helping taxpayers reduce their taxable income. This blog delves into the eligibility criteria and scope of deductions available under this provision. Understanding Section 30 […]

Rental income is a crucial component of income for many taxpayers. However, there are instances where tenants fail to pay rent on time, leading to arrears or unrealised rent. To address such situations, Section 25A of the Income Tax Act provides specific provisions for taxing arrears of rent and unrealised rent when received subsequently. This

Owning property jointly with others is common, whether among family members, business partners, or investors. However, the taxation of such co-owned property is subject to specific rules under the Income Tax Act. This blog explains the tax implications of co-owned property and how income from such property is assessed under the law. Understanding Co-Ownership of

The concept of annual value is crucial in determining the taxable income from house property under the Income Tax Act, 1961. Section 23 of the Act lays down the provisions for computing the annual value of a property, which forms the basis for taxation under Section 22. Whether the property is self-occupied, let out, or

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