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The introduction of the new tax regime has significantly altered how salaried employees manage their tax liabilities. One of the most impactful changes is the removal of common exemptions and deductions, including the widely used House Rent Allowance (HRA). For employees living in rented accommodations, HRA used to be a powerful tax-saving tool under the old regime. But with the new regime offering lower slab rates in exchange for giving up such benefits, many are now uncerta

The digital marketplace has grown rapidly, with millions of transactions happening online every day. To ensure tax compliance within this thriving sector, the government introduced Section 194O of the Income Tax Act. This section mandates the deduction of Tax Deducted at Source (TDS) on payments made to e-commerce participants through platforms such as Amazon, Flipkart, or any other digital marketplace. Effective from October 1, 2020, Section 194O requires e-commerce operator

Very often, tax planners recommend health insurance for tax-saving purposes. Section 80D is a key consideration for individuals as it offers substantial tax benefits while securing adequate health insurance coverage. The premium paid toward medical insurance also helps reduce the individual’s tax burden, contributing to overall savings. However, benefits of 80D deduction are not available if an individual opts for the New Tax Regime . Here is everything to know about 80D ded

In today’s competitive job market, compensation extends beyond a mere paycheck. Employers increasingly recognize the importance of providing additional benefits that enhance job satisfaction and employee well-being. These benefits, commonly referred to as perquisites or "perks," play a crucial role in attracting and retaining talent. But what exactly are perquisites? They encompass a range of benefits offered to employees, including both monetary and non-monetary forms, that

Payments made to advertising agencies are subject to a TDS deduction under Section 194C. Payments made to advertising agencies for the publication of magazines, newspapers, ads, etc., may also fall under this category. Organisations that deal with advertising campaigns and procurement (for online or print media) are called advertising agencies. Let's examine TDS's relevance, spending cap, and other essential facets of the commercial advertisements. Table of Contents What is S

Mutual funds and stocks are both investing options, but they require to be approached differently. Potential buyers need to be conscious of other variations between stocks and mutual funds and the procedures involved in investing in them. They will be better equipped to understand both possibilities and make a better choice with a good understanding of both. In the long run, investing in stocks and mutual funds may assist you earn gains that exceed inflation. Before investing

Tax Deducted at Source, or TDS is a crucial part of India's tax structure. Its purpose is to guarantee the methodical collection of taxes. TDS is used in every kind of business transaction to guarantee equitable tax collection. There was a great deal of misunderstanding regarding TDS on expenditure reimbursement following the implementation of 194C. "Reimburse" basically means to recompense or pay back. The recovery of an individual's expenses is implied by reimbursement of e

It is essential for business owners to comprehend the tax rules that impact their organisations. Section 179 of the Income Tax Act is among the most crucial clauses that businesses need to understand. Public enterprises are exempt from the Income Tax Act of 1961's Section 179. Private limited corporations, publicly traded companies, and closely owned third-class public limited companies are all available in India. When authorities and courts decide to raise the corporate veil

Cash payments in India are being quickly replaced by digital ones via e-wallets and UPI apps. The National Payments Corporation of India (NPCI) reports that in June 2024, UPI transactions reached a record of 13.89 billion, representing a 49% annual rise. Anyone may utilise UPI payment systems or e-wallets with just a few clicks thanks to their user-friendly interface. Did you know, though, that you might have to pay taxes on UPI transactions? Continue reading to learn more. T

With the introduction of the new tax regime in India, many salaried individuals are questioning whether they can still claim House Rent Allowance (HRA) to reduce their taxable income. If you are living in a rented home and receiving HRA, it is essential to understand how the new tax regime affects HRA eligibility. The changes in tax laws and exemptions can significantly impact your tax liabilities, and understanding these changes is crucial for effective tax planning. Table o