One stop for everything related to taxes,
Our Blogs

Form 10BA acts as a declaration for individuals claiming rent deductions under Section 80GG when House Rent Allowance is not available. It confirms rent payments, verifies that no residential property is owned at the place of work or residence, and ensures eligibility for the deduction. Section 80GG is specifically designed for salaried and self-employed individuals who pay rent but do not receive HRA, making Form 10BA a mandatory compliance step. Since this deduction applie

House Rent Allowance remains one of the most significant components of tax planning for salaried individuals in India. The rules, however, differ sharply between the old and new tax regimes in 2025. The old regime continues to offer HRA exemption under Section 10(13A) , while the new regime under Section 115BAC has removed this benefit entirely, even if HRA is part of the salary. Understanding how exemption is calculated, who qualifies, and when each regime becomes financia

Choosing between the old and new income tax regimes depends on correct form submission and awareness of the latest rule changes under the Income Tax Act, 1961. Form 10-IE was used earlier to opt into the new regime when the old regime was the default, while Form 10-IEA now serves as the declaration form for taxpayers opting out of the default new regime to choose the old one. These forms ensure accurate tax computation, correct TDS treatment, and smooth filing, especially for

Tax planning for FY 2024-25 revolves around using the revised income tax slabs, maximizing eligible deductions, and aligning investments with the latest Budget reforms. The government’s emphasis on a simplified new regime and increased standard deductions offers individuals more flexibility in optimizing their tax liability. By choosing the right mix of exemptions, salary structuring, and investments, taxpayers can significantly reduce their overall tax outgo while ensuring c

Chapter VI-A of the Income Tax Act, 1961 provides a structured way for taxpayers to reduce their taxable income through specific deductions. These deductions cover investments, insurance premiums, medical expenses, donations, and interest income, offering comprehensive relief under the old tax regime. The updated list for FY 2024-25 includes sections ranging from 80C to 80U , with limits designed to encourage financial discipline and savings. TaxBuddy simplifies this proces

Switching between the  old and new tax regimes  online under the Income Tax Act, 1961 is designed to give flexibility and control to taxpayers. The process differs depending on whether income is from salary, pension, or business/profession. Salaried individuals can change regimes each year during ITR filing, while business or professional taxpayers must file Form 10-IEA before the ITR deadline. These changes reflect the government’s intent to simplify compliance and make regi

Section 115BAC  of the Income Tax Act, 1961, introduces India’s simplified “New Tax Regime,” offering lower tax rates but limited deductions compared to the traditional system. Applicable to individuals, HUFs, and NRIs, this regime aims to streamline tax computation and make compliance easier. With revised slab rates, enhanced standard deductions, and rebate limits, the government has further strengthened its appeal in Budget 2025. These reforms mark a strategic move toward a

The financial year 2024-25 brings a refined version of India’s new income tax regime, aligning simplicity with fairness. The revised tax slabs have widened the income thresholds, providing better relief to middle-income earners. With the rebate under Section 87A making income up to ₹7 lakh tax-free and a standard deduction of ₹50,000 for salaried individuals, the new regime aims to reduce compliance burdens. Health and education cess of 4% and a capped surcharge of 25% ensure

Choosing between the old and new tax regime  for FY 2025–26 depends on income level, deduction eligibility, and overall financial planning. The government’s refinements in Budget 2025, such as enhanced exemption limits and increased standard deduction under the new regime, have significantly altered how taxpayers evaluate both systems. The old regime continues to reward disciplined saving and investment habits, while the new regime simplifies compliance and offers relief thro

Loss from house property is a common scenario for taxpayers with home loans or multiple properties, especially when the interest payable exceeds rental income. The Income Tax Act, 1961 allows taxpayers to set off such losses against other heads of income, reducing the overall tax burden. However, the extent of this adjustment depends on the tax regime chosen and the nature of the income involved. With updates in the Income Tax Bill 2025, the rules for set-off and carry-forwar