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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

Section 44AD of the Income Tax Act provides a simplified solution through the Presumptive Taxation Scheme. The idea is to relieve assessees from maintenance and compliance with detailed book-keeping accounts, which at times may become difficult, and make the tax filing process easy and accessible. This article will examine the fine points associated with Section 44AD: who is eligible, how it benefits the taxpayer, and practical issues in opting for it. Table of Content Unders

To promote investment in a variety of programs and industries, the government has implemented a number of profit-linked deductions and incentives. Taxpayers who qualify for these deductions or incentives would either become zero taxpayers or pay marginal tax even though they are able to pay regular taxes. However, the government also requires a steady stream of tax revenue, which is one of its main sources of income, to pay for a range of national welfare-related costs. Hence

In Indian tax law, income tax is essential for individuals and businesses. Challan Referral Number, or CRN for short, is a term used in income tax that the government has implemented to make it easier for people to file and pay taxes. The article explains the concept of CRN in income tax, including what it is, how to create it, and how to use it to pay taxes. Table of Contents What is CRN in Income Tax? Types of Challans and Their Applications Significance of CRN in Income T

The economics of certain nations are remarkably steady. As a result, their governments do not have to levy taxes on their populace. For those looking to minimise their tax obligations, these countries are ideal. Many nations around the world do not impose income taxes, and some of them are even very nice places to live. Another name for this is "Tax Haven." A pure tax haven is one that levies no taxes at all, while a tax haven is merely one that gives people or companies a li

When filing income tax returns, taxpayers often look for ways to maximize deductions and reduce taxable income. House Rent Allowance (HRA) and Section 80E deductions are two popular tax benefits, but many taxpayers are unsure how one affects the other. While HRA provides relief for those paying rent, Section 80E helps individuals reduce taxable income by claiming interest paid on education loans. But how does claiming Section 80E impact HRA claims? Do both deductions work tog

For salaried individuals, tax planning plays a crucial role in maximizing savings. House Rent Allowance (HRA) and Section 80C deductions are two of the most popular tools to reduce taxable income. By strategically claiming these benefits, taxpayers can significantly lower their tax liabilities while making financial investments for the future. Understanding how to make the most of these deductions can help you achieve higher tax savings. This article explains how much tax you

Continuous skill improvement and professional growth are essential for a successful career in today's competitive work environment. Thus, the government introduced the Professional Pursuit Allowance (PPA). Employees will be able to advance their abilities with this allowance without having to worry about taking on more debt. This allowance provides specific tax benefits and incentivises workers to enhance their skills. Read on to discover the many facets of the professional p

Capital gains tax on mutual funds is determined by how long the investment is held and the type of fund—equity or debt. The Income Tax Act, 1961, categorizes these gains into short-term and long-term, each attracting distinct tax rates. Budget 2025 has introduced clarity on holding periods, tax slabs, and exemption limits, making compliance easier for investors. With automation-led tax filing platforms like TaxBuddy, reporting capital gains has become simpler and more accurat

Under the current provisions of Section 80AC of the Income Tax Act, unless the assessee's income return is submitted on or before the deadline set forth in Section 139(1), no deduction under Sections 80IA, 80IAB, 80IB, 80IC, 80ID, or 80IE would be allowed. Section 80AC does not apply to other taxpayers who are making comparable deductions. The government proposed in Budget 2018 to expand the scope of Section 80AC to include all similar deductions covered under the heading "C—