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Residential status under the Income Tax Act, 1961, determines how an individual’s income will be taxed in India. It affects whether global income or only Indian income becomes taxable, making it one of the most crucial steps before filing returns. As per Section 6 of the Act, residential status depends on the number of days an individual stays in India and their past presence over the preceding years. Accurate classification ensures compliance, helps avoid double taxation, an

Double taxation occurs when income earned abroad by an Indian resident is taxed both in the foreign country and in India. Section 90 of the Income Tax Act, 1961, allows residents to claim relief through the Double Taxation Avoidance Agreement (DTAA) signed between India and other countries. This ensures that the same income isn’t taxed twice. By using DTAA provisions, taxpayers can either claim exemption or receive credit for taxes already paid overseas, depending on the tr

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

The Indian tax system often leaves even experienced taxpayers with questions—whether about choosing the correct ITR form, claiming deductions, or resolving notices. TaxBuddy’s Schedule-a-Call feature bridges this gap by allowing users to connect directly with qualified tax professionals who offer real-time, personalized advice. This interactive consultation helps clarify doubts, avoid filing errors, and maximise eligible tax benefits. Table of Contents What Is the Schedule-a

Tax-saving investments under Section 80C continue to be the foundation of smart financial planning for Indian taxpayers in 2025. With the deduction limit capped at ₹1.5 lakh, Section 80C covers a diverse mix of traditional savings and modern market-linked instruments. Each option not only helps reduce taxable income but also contributes to disciplined wealth creation. Understanding the key investment avenues under this section can help individuals choose instruments that mat

Capital gains exemptions under Sections 54 , 54EC , and 54F allow taxpayers to reduce their tax burden by reinvesting profits from the sale of assets. Each section has distinct conditions, eligible investments, and timelines. Understanding these provisions helps taxpayers plan efficiently and maximize savings. Online platforms like TaxBuddy simplify this process by automatically identifying eligible exemptions and ensuring accurate reporting while filing ITR, making complex

Section 10 of the Income Tax Act, 1961, offers valuable exemptions that reduce taxable income for salaried employees. These provisions include allowances, reimbursements, and retirement benefits that ease the financial burden while improving compliance efficiency. Understanding these exemptions is essential during salary structuring, bank account verification, and year-end tax planning. By optimizing these benefits under the correct regime, employees can achieve better in-ha

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

Sections 44AD  and 44ADA  under the Income Tax Act, 1961, simplify tax filing  for small businesses and professionals by allowing them to declare income on a presumptive basis rather than maintaining detailed books of accounts. These provisions encourage voluntary compliance and ease the financial reporting burden, especially for those with moderate annual receipts. Table of Contents Section 44AD: Simplified Tax Scheme for Small Businesses Section 44ADA: Presumptive Taxation

Capital losses  can significantly impact tax planning if not managed correctly. The Income Tax Act, 1961 allows taxpayers to reduce their taxable income by setting off such losses against capital gains in the same or future years. The concept of set-off and carry forward helps individuals and businesses optimize their tax outgo by adjusting losses within defined limits and time frames. With recent Budget 2025 changes expanding flexibility, understanding these provisions has b