Category: Finance and Accounting
-
ITR Filing 2025: Tax Deductions You Might Be Missing and Smart Investments to Save More
With the Income Tax Return (ITR) filing season for FY 2024-25 (AY 2025-26) underway, many taxpayers end up paying more tax than they should because they miss out on eligible deductions. By planning ahead and investing in the right instruments, you can reduce your tax liability significantly. This article explains the most important deductions, investments,…
-
Tax Rebate vs Deduction vs Exemption: Complete Guide for Indian Taxpayers FY 2024-25
Every year when tax season approaches, terms like rebate, deduction and exemption are thrown around. Many taxpayers don’t realise how each one affects their final tax liability. Understanding these concepts clearly can help you plan better, save more and file accurate returns. This guide breaks down all three with clear examples, updated figures and tables…
-
Tax Computation 2025: Does Section 87A Apply If My Income is more then Rs 12 Lakh?
Understanding the Indian Income Tax system can often be confusing, especially when it comes to rebates and deductions. One such rebate is Section 87A, which provides tax relief to resident individuals. Many taxpayers wonder whether this rebate applies when their income is around Rs 12 lakh, but total income exceeds the threshold. This comprehensive guide…
-
How to Update New GST Rates in TallyPrime – Step-by-Step Guide for 2025
With recent changes in GST rates across India, businesses must ensure their accounting and invoicing software reflects the updated rates. TallyPrime, being one of the most widely used accounting solutions, allows users to quickly update GST rates for ledgers, stock items, and stock groups. This guide explains how to update new GST rates in TallyPrime,…
-
ITR Benefits 2025: How Filing Your Income Tax Return Can Get You Loans, Visas & More
In India, filing your Income Tax Return (ITR) is not just a legal obligation for those above the taxable threshold — it’s also an investment in your own financial credibility. Even if your income is below the tax limit, filing a “nil return” can open doors to instant loans, smoother visa approvals, scholarships, and more.…
-
Government Allows MRP Revision on Unsold Stock Following GST Rate Changes
The Indian government has introduced a significant relief for manufacturers, importers, and packers by permitting them to revise the Maximum Retail Price (MRP) on unsold pre-packaged goods manufactured or imported before GST rate changes. This move ensures that the benefits of GST reductions reach consumers promptly while avoiding the burden of repackaging or recalling unsold…
-
India’s GST Reforms: A Strategic Boost for Coal India
India’s recent GST reforms have brought significant changes to the taxation of coal, creating a favorable scenario for Coal India Limited (CIL), the country’s largest coal producer. By revising GST rates and removing certain cesses, the government has effectively reduced the net tax burden, benefiting producers, consumers, and the broader energy sector. These reforms come…
-
Income Tax Return FY 2024-25: Avoid Late Fees & Penalties by Filing on Time
📝 ITR Deadline 2025: Penalties & Late Fees Explained Filing your Income Tax Return (ITR) on time is not just a legal obligation—it directly impacts your finances. The due date for filing returns for FY 2024-25 (AY 2025-26) has been extended, but taxpayers who miss it will face penalties and interest. Here’s a complete breakdown.…
-
How to Avoid Income Tax Notices on Savings Account Interest in India
Interest earned on savings accounts is taxable under Indian income tax laws, but many account holders are unaware of provisions that can help reduce or avoid tax liabilities. Understanding these rules is essential to avoid income tax notices, ensure compliance, and make the most of available deductions. In this blog, we cover everything you need…
-
How High-Earning Middle-Class Professionals Are Saving Lakhs in Taxes: An Insider Strategy Unveiled
In today’s tax landscape, high-income earners are increasingly discovering a powerful strategy to preserve millions in income—one that bypasses traditional salaried constraints. Recently, a well-known CA highlighted a growing trend on a professional platform: savvy professionals are shifting from salaried roles to consulting arrangements to legally reduce their tax liability. While salaried income comes with…