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Professional tax is a small but important deduction that can reduce your taxable income. Whether it’s automatically deducted from your salary or paid directly by self-employed individuals, it qualifies for a deduction under Section 16(ia) of the Income Tax Act, 1961. Reporting it correctly in your ITR ensures your taxable income is computed accurately and helps avoid discrepancies during assessment. Understanding where and how to claim it depends on your income type and the I

NRIs earning income from salary or investments in India are required to file an Income Tax Return (ITR) if their total income exceeds the basic exemption limit. The tax liability depends on the type of income earned—such as salary, interest, capital gains, or rental income—and whether tax has already been deducted at source (TDS). To ensure compliance and claim eligible refunds, NRIs must file their ITR accurately within the due date prescribed by the Income Tax Department.

Interest under Section 234A of the Income Tax Act is a financial penalty imposed when a taxpayer fails to file their Income Tax Return (ITR) within the prescribed due date under Section 139(1). The interest rate is 1% per month or part of a month, calculated on the unpaid tax amount after deducting TDS, advance tax, and self-assessment tax. The intention behind this provision is to promote timely compliance and discourage delays in tax filing. With the recent digital refo

Introduction For any taxpayer, GST payments and refunds are essential as they involve money. The GST law outlines the procedures for filing forms and returns to request GST refunds and using challans to make GST payments. Depending on the net GST liability, GST payment is required when filing a GSTR-3B . At the same time, taxpayers can claim refunds later if they are eligible for them. Therefore, it is critical to be aware of both concepts to stay ahead of compliance and clai

Income earned by a minor child in India is taxed under specific rules that depend on how the income is generated. The Income Tax Act outlines clear provisions on when a minor’s income must be clubbed with a parent’s tax return and when the child must file a separate ITR. These rules apply to common income sources such as bank interest, gifts, investments, or earnings from a child’s talent or business activity. Understanding these provisions ensures correct reporting, prevents

Introduction In India, GST on health insurance has long been a cost factor for policyholders. An 18% GST on health insurance premiums increased the cost of policies, whether they were for individuals, families, or older citizens. However, major improvements to lower the cost of health insurance were introduced at the 56th GST Council meeting in September 2025. This article examines how GST affects health insurance rates as well as the major adjustments made in the most recen

Introduction The Income Tax Act promotes exports through Section 10AA , but previously, the reporting for this deduction was a bit of a mess due to a lack of standardization. Form 56F has improved transparency and expedited the procedure to address this. This form is essentially a report from a practicing Chartered Accountant that details the entity registered under SEZ, along with the export turnover, total turnover, and the exemption claimed under Section 10AA. Now, it is m

ITR filing for trusts receiving donations requires strict compliance with the Income Tax Act, 1961. Trusts registered under sections like 12AB, 10(23C), or 80G must file ITR-7 and report all donations in Form 10BD. The process involves maintaining accurate records, meeting audit requirements, and disclosing donor details to retain exemptions under Sections 11 and 12. Updated reporting rules, validation checks, and mandatory disclosures ensure transparency for donors and regu