Tax Planning

The new Bill will replace the 64-year-old Income Tax Act 1961 and will be called Income Tax Act, 2025, taking effect from April 1, 2026.

Despite the revisions under the new tax regime, the old tax regime continues to be beneficial for individuals who have investments in tax-saving instruments.

Staying true to its promise of a middle-class friendly budget, Ms Sitharaman announced major changes to the income tax slab for the financial year 2025-26. 

Housing is a primary need, yet skyrocketing property and land prices make it seem like a distant luxury. Plus, there is no relief for home loan borrowers under the new tax regime.

Considering the rise in the cost of living, Finance Minister, Ms Nirmala Sitharama needs to do a lot more to make the New Tax Regime attractive while the ultimate intent is to phase out the old tax regime.

With healthcare inflation soaring, deductions under Section 80D for health insurance premiums are due for an upgrade. Moreover, 18% GST on health insurance premiums needs to be done away with.

The CBDT recently, vide notification No. 112/2024 dated October 15, 2024, amended the Income-tax Rules, 1962 to introduce Form 12BAA.

The tax clearance certificate is issued by the Income Tax authorities stating that you have cleared all your tax dues before leaving the country. It is an important regulatory requirement, but…

With the completion of the ITR filing process, taxpayers who have diligently paid their taxes, are eagerly awaiting their income tax refunds.

Selecting the right tax-saving mutual funds can not only provide substantial tax benefits but also ensure long-term wealth creation.