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Section 80U of the Income Tax Act, 1961, provides a fixed tax deduction to individuals certified as persons with disabilities. It is designed to ease financial strain by reducing taxable income, irrespective of medical expenses. The deduction applies to resident individuals who have at least 40% disability certified by a recognized authority. This benefit reflects the government’s intent to ensure inclusivity and financial support for differently-abled taxpayers through stra

The World Customs Organisation (WCO) created the Harmonised System Nomenclature (HSN) Code, an internationally standardised system for classifying commodities. The HSN Code, which offers a methodical and rational framework for categorising items, is essential to international trade. This approach makes it easier to identify products and apply the appropriate taxes and levies. Additionally, the HSN Code guarantees adherence to international trade laws and facilitates the gathe

On December 21, 2024, the 55th GST Council meeting took place in Jaisalmer, Rajasthan. The Union Minister of State for Finance, Shri Pankaj Chaudhary, the Chief Ministers of Haryana, Jammu and Kashmir, Meghalaya, and Odisha, the Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, and Telangana, as well as the Finance Ministers of States and UTs (with legislature) and senior officers of the Ministry of Finance & States/UTs, were among the attendees. Certain goo

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

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 accur

The Income Tax Department of India is reminding taxpayers that September 15, 2025, is the deadline for submitting their Income Tax Return (ITR)  for the fiscal year 2024–2025. In accordance with Section 139(4) of the Income Tax Act, individuals who do not file by this date may still choose to file a delayed return. A belated return may be submitted until December 31, 2025 (three months before the conclusion of the applicable assessment year 2025–2026) or before the assessment

Getting an Income Tax Notice  can make any taxpayer anxious, but not every notice means you have done something wrong. The Income Tax Department issues these notices for several reasons: sometimes to correct a simple mismatch in your Income Tax Return (ITR), and other times to verify high-value transactions or confirm the deductions you have claimed. In most cases, it’s about data verification, clarification, or missing information, not penalties. The department uses automate

Employee Stock Option Plans (ESOPs) are a popular way for companies to reward and retain employees by offering ownership in the business. However, these benefits come with tax implications at multiple stages. ESOP taxation in India occurs first when shares are allotted (perquisite tax) and again when they are sold (capital gains tax). Proper reporting in your Income Tax Return (ITR) is crucial to avoid errors, penalties, and scrutiny. Understanding how these taxes apply, how

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