Cost Inflation Index for Financial Year 2024-25 Introduction The Cost Inflation Index (CII) is used to adjust the purchase cost of eligible capital assets for inflation when calculating long-term capital gains. For Financial Year 2024-25, the Cost Inflation Index is […]
FAST-DS Scheme 2026: Foreign Asset Disclosure Rules Explained Introduction The FAST-DS Scheme 2026 provides a time-bound voluntary disclosure mechanism for eligible taxpayers with specified historical issues involving foreign assets or foreign income. It distinguishes between genuinely undisclosed or untaxed foreign [...]
Section 354 of the Income Tax Act, 2025: Eligibility and Approval Introduction Section 354 of the Income Tax Act governs the approval of registered non-profit organizations seeking to receive donations eligible for deduction. Under the earlier Income-tax Act, 1961, these […]
Section 137 of the Income Tax Act, 2025 for Political Contributions Introduction Section 137 of the Income Tax Act allows an eligible assessee to claim a deduction for qualifying contributions made during a tax year to a registered political party […]
Form 144 Filing: Complete Guide for Non-Resident Payments Introduction Form 144 filing is required for reporting tax deducted at source from non-salary payments made to non-residents. It is a quarterly TDS statement introduced under the Income-tax Act, 2025 and the […]
Section 156 of the Income Tax Act, 2025: Rebate Rules and Limits Introduction Section 156 of the Income Tax Act, 2025 provides an income tax rebate for resident individuals who satisfy the prescribed income conditions. The provision applies from 1 […]
Section 140 of the Income Tax Act, 2025: Startup Deduction Introduction Section 140 of the Income Tax Act, 2025 allows eligible startups to claim a 100% deduction on profits from their eligible business for three consecutive tax years within the […]
Section 134 of the Income Tax Act, 2025: Rent Deduction Rules Introduction Section 134 of the Income Tax Act, 2025 allows eligible assessees to claim a deduction for rent paid for residential accommodation occupied as their own residence. It applies […]
Section 153 of the Income Tax Act, 2025: Interest Deduction Introduction Section 153 of the Income tax Act, 2025 allows eligible individuals and HUFs to claim a deduction on interest from specified deposits. The limit is ₹10,000 for non-senior individuals/HUFs […]
