INCOME TAX HIGHLIGHTS OF UNION BUDGET 2025-26

👉 No personal income tax payable upto income of Rs 12 lakh (i.e. average income of Rs 1 lakh per month other than special rate income such as capital gains) under the new regime. 👉 This limit wi…

Tax benefit from House Rent Allowance ( HRA )

What is HRA? HRA or House Rent Allowance is an allowance which salaried individuals receive from their employer for meeting the rental expenses of their house. The amount received is partly exempted…

Who should file income tax return mandatorily ?

Who should file return of income(ROI)?​ Every individual has to file the ROI if his total income (including income of any other person in respect of which he is assessable) without giving effect to t…

Section - 194R of Income-tax Act, 1961-2022 TDS on benefit or perquisite in respect of business or profession

Section - 194R , Income-tax Act, 1961-2022 Deduction of tax on benefit or perquisite in respect of business or profession. Payer : Any Person Payee : Resident Nature of Transaction :  Any person re…

Investments / Payments / Incomes on which I can get tax benefit ? / Tax deductions specified under Chapter VIA of the Income Tax Act

Tax deductions specified under Chapter VIA of the Income Tax Act  These Deductions will not be available to a taxpayer opting for the New Tax Regime u/s 115 BAC, except for deduction u/s 80CCD (2) wh…