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The Income Tax Act's Section 44BB outlines the tax regulations for non-residents who work in the business of extracting or producing mineral oils. With respect to this section, "mineral oil" refers to natural gas and petroleum, whereas "plant" refers to the ships, planes, cars, drilling units, scientific apparatus, and equipment used to further the specified commercial goals. Their income is calculated using a presumptive basis. In this guide, we will provide a comprehensive

Section 87A of the Income Tax Act offers taxpayers a significant rebate, providing a reduction in the amount of tax payable. This rebate is particularly beneficial for individuals earning below a certain income threshold, making it an important provision for those looking to optimize their tax liability. With the upcoming changes for FY 2025-26 (Assessment Year 2026-27), it is crucial to understand how the Section 87A rebate works, the updates for the new assessment year, and

Investors increasingly use multiple broker platforms for diversification, but this approach creates a hidden problem: fragmented capital gains data that makes accurate tax reporting a huge challenge. When it comes to filing Income Tax Returns (ITR), users need to compare and reconcile data across all these platforms. While every wealth app provides its own capital gains statement, reconciling them becomes an issue given that the Income Tax Department has mandated the use of

With the central government granting API access to tax portals, AI-focused automation tools have found their way into the financial ecosystem to simplify compliance and filing. In addition, data from the Press Bureau of India reveals that approximately 9.19 Crore Income Tax Returns (ITRs) have been filed during FY 2024-25 demonstrating an increase in the number of taxpayers across the country. GST-registered taxpayers are a huge part of this pie, running small and medium bus

Table of Contents What is Form 16? Form 16 updates for FY 2025-2026 Form 16 Format of FY 2025-2026 Who is responsible for issuing Form 16? When Will Form 16 Be Available For 2025-26? Key points regarding the eligibility criteria for Form 16 What is the purpose of Form 16 Form 16: How to Download from TRACES? Important Points to Note What can you do in the absence of Form 16? What are the Different Types of Form 16? Distinctions between Form 26AS and Form 16 How can discrepanc

On most employee wellness and HR platforms, one hidden productivity drain often goes unnoticed, and that is tax confusion. Employees are forced to spend hours comparing tax regimes, checking Form 26AS, and asking HR to explain changes in their take-home salary. This creates a hidden productivity cost affecting retention, engagement, and organisational performance. Loss of productivity is a critical challenge for HR teams. Minor tax clarifications can become a significant drai

Payment apps have evolved beyond tools to send or transfer money. They have now transformed into everyday financial hubs where users pay bills, save time, and even manage financial obligations. India’s payment landscape is evolving fast, with UPI becoming the backbone of digital payments. As per a press release by the Ministry of Finance, 24,162 Crore UPI transactions worth ₹314 Lakh Crore+ have been clocked in FY26, highlighting the growing reliance on UPI transactions acros

Plug-and-play tax-filing SDKs (Software Development Kits) are a strategic solution for neobanks and SMB applications seeking to embed Income Tax Return (ITR) filing capabilities. Achieving this functionality without extensive custom development is no easy feat. With pre-built software kits, integrating tax filing functionality directly into neobank or SMB banking applications is simple. It allows users to complete tax returns without redirecting to third-party websites. Plug-

Income can be of different types, from salary to business profits, rent, and interest on investments. The concept of casual income is different from all of these standard types of income. Since lottery and betting money are a one-time thing, you may believe you are exempt from paying income tax, but this is untrue. To deter winnings from gambling or betting, the Indian government imposes a fixed tax rate on casual income. The Income Tax Act's Section 115BB addresses the tax r

In India, the Employees' Provident Funds Organisation administers the Employee Provident Fund (EPF), a retirement benefit plan. Employees can save for their retirement with the support of this government-backed savings program. A monthly contribution to the EPF account is made by the employee under this plan, often equal to 12% of their base pay plus dearness allowance. The employer contributes the same amount. The government periodically declares a fixed interest rate on the