TDS is basically a part of income tax. It has to be deducted by a person for certain payments made by them. In this article, we will discuss in detail the TDS provisions under the Income Tax Act.What is TDS? – TDS Meaning and Full FormTDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments. Usually, the person receiving income is liable to pay income tax.

The government has introduced the presumptive taxation scheme under section 44AD to give relief to small taxpayers having business income. Taxpayers engaged in any business other than plying, hiring and leasing referred to in section 44AE of the Act. Taxpayers who have professional income can opt for presumptive scheme as referred to in Section 44ADA.Latest UpdateThe Budget 2023 amended Sec 44AD and Sec 44ADA and revised presumptive taxation limits for FY 2023-24 (AY 2024-25) as follows:CategoryPrevious limitsRevised limitsSec 44AD: For small businessesRs. 2 croreRs. 3 crore*Sec 44ADA: For professionals like doctors, lawyers, engineers, etc.Rs.

A large portion of the Indian population consists of salaried middle-class individuals who thirst for tax-saving and tax-planning strategies. Because they are concerned about their hard-earned money, they seek better tax-saving opportunities to reduce their tax burden. The deductions listed under Chapter VI-A are one such option availed by salaried-class individuals in India. Purpose of Availing Chapter VI Deductions The purpose of availing Chapter VI-A deductions is as follows:Encourage saving attitude in individuals by way of PPF, LIC and many more.Promotes retirement planning through NPS. Spread of education among the middle class with loans on education.Increases donations to charitable organisations. Health and well-being. Relief for senior citizens by way of medical insurance premiums and interest on deposits. Reduction in overall tax liability. An illustrative list of various deductions that can be availed by individuals belonging to  salaried classes are as mentioned below:Section Conditions to avail Maximum deduction80C Deductions for investments and expenses like life insurance premiums, Employees'  Provident Fund (EPF), Public Provident  Fund (PPF), National Savings Certificates  (NSC), repayment of housing loan principal,  and payment of tuition fees.Rs. 1,50,00080CCC Deductions for contributions to pension funds offered by public or private sector insurers.Rs. 1,50,00080CCD Additional deductions for contributions to the  National Pension System (NPS).Rs.

Are you currently a member of a co-operative society, or are you interested in joining one? Whether you're already a part of one or considering becoming a member, it is essential to have a basic understanding of how co-operative societies are taxed. In this article, we will explore the taxation implications for co-operative societies.What is meant by a Co-operative Society?A cooperative is an autonomous association of persons who voluntarily cooperate for their mutual social, economic and cultural benefit.As per the Income Tax Act, 1961, a co-operative society is an entity registered under the Co-operative Societies Act, 1912, or any other law for the time being in force in any state for the registration of co-operative societies. What is the Tax Rate for Co-operative Societies?The tax rate for Co-operative societies is as follows:Tax Slab Tax RateUpto Rs. 10,00010%Rs. 10,001 to Rs. 20,00020%More than rs.

The Union Budget is presented annually by Finance Minister Nirmala Sitharaman on February 1st. This will mark the second Budget of the Modi government’s third term and Nirmala Sitharaman’s eighth consecutive budget presentation, including one interim budget. In this article, we answer your questions about the date, time, and where to watch the Budget.Union Budget 2025 DateFinance Minister Nirmala Sitharaman will present the Union Budget 2025 on 1st February 2025.  Note: Please note that the exact date is typically announced by the government closer to the time, but February 1 has been the standard for recent years.What is a Union Budget?The Union Budget is the annual financial statement, which provides an estimate of the government’s receipts and expenditures for the upcoming year. It plays a pivotal role in shaping the nation’s economic agenda, guiding fiscal policies, and determining the allocation of resources across various sectors.What is the Main Focus of Budget 2025?The Union Budget 2025 is expected to center around the themes of 'Amrit Kaal' and 'Viksit Bharat.' These priorities are designed to foster growth and development across various sectors, in line with the vision of transforming India into a developed nation.When did the Budget-making Process Begin for 2025?The Finance ministry started working on the Budget in October, 2024. It involves discussions with various ministries to finalise financial estimates and requirements for the upcoming fiscal year.

As the 2025 Budget approaches, there is a widespread anticipation for positive changes and relief. This will be the second budget of Narendra Modi’s third term, and it is expected to be focused on boosting economic growth which is in line with the vision of a 'Viksit Bharat' (Developed India) by 2047. In this article, we will explore some key expectations for this budget.Expected Date of Budget 2025 AnnouncementThe Union Budget for 2025 is likely to be presented by Nirmala Sitharaman on February 1, 2025, at 11:00 AM IST. While the date has not been officially confirmed, it is anticipated to follow tradition and be delivered on February 1.Anticipated Changes in Income Tax from the Budget 2025 The changes in Income tax that are being anticipated from the Budget 2025 are as follows:Reforms Under Section 80D:Proposed Tax Deduction Limits: Proposal to Raise Tax Deduction Limits to Rs 50,000 (Rs 1,00,000 for Seniors) and Include Section 80D in the New Tax Regime to Promote Insurance Penetration.New Tax Regime Inclusion: The current tax deduction limits under Section 80D have remained unchanged for several years. Given the rising health concerns and the growing need for comprehensive insurance coverage, it is crucial to increase these limits. Higher Deduction Limit on Home Loan InterestProposed Change: It is expected that the government to promote homeownership might increase the limit under  section 24(b) for deduction on interest on home loan from Rs 2 lakhs to Rs 3 lakhs. This change aims to:Encourage homeownershipBoost the real estate sectorStrengthen economic growth by increasing investments in residential properties.Increase in Limit Under Section 80CProposed Tax Deduction Limits: Similarly, the deduction limit under Section 80C is expected to be raised from Rs. 1.5 lakhs to Rs.

Budget 2025 is expected to be presented on 1st Feb 2025. As the date approaches, citizens are getting more and more excited for the big changes from the government. This budget will focus on ‘Amrit Kaal’ and ‘Viksit Bharat’ and will try to grow and develop various sectors to make India a developed nation.A big focus of Budget 2025 will be on reducing the fiscal deficit. The government also aims to streamline tax structures and reduce the burden of taxes on taxpayers. There will be relief for the taxpayer in terms of changes in the tax slabs under the new regime.

The income tax is a direct tax which follows a progressive slab rate, where the rate of tax increases as the taxpayer's income rises. The Income-tax Act, 1961 provides for two tax regimes: the old regime, which allows various deductions and exemptions, and the new regime, which offers lower tax rates without exemptions.What is an Income Tax Slab?In India, the Income Tax applies to individuals based on a slab system, where different tax rates are assigned to different income ranges. As the person's income increases, the tax rates also increase. This type of taxation allows for a fair and progressive tax system in the country. The income tax slabs are revised periodically, typically during each budget.

After the Lok Sabha Elections 2024 concluded and the National Democratic Alliance (NDA) secured the third consecutive term at the Centre (Modi 3.0), President Droupadi Murmu has  approved for the Budget 2024 to be held on 23rd July 2024. This budget is most likely to prioritise economic growth without heightening the inflation graph and bring equitable development in infrastructure, defence, railways, accelerate renewable energy and others.This article focuses on the 2024 budget expectations that are to be announced.Update on Budget Expectations:Latest update on the Budget expectsTechnological Advancements in Manufacturing sectorCybersecurity measures to be improved as rise in cyber crime.Fintech Sector is targeted to  foster financial inclusion and forecasting fuel innovation Education sector is expected to emphasis digital literacy, research programes, equitable access to quality education.Subsidies to avail home loans easilyEV owners can expect tax incentivesExpected Date of Budget 2024 Budget 2024 UPDATE: Official announcement has been released by the government, Budget 2024 for FY 2024-25 is held on 23rd July.The Budget session of Parliament will begin from July 22, 2024, and continue until August 12, 2024. Several pre-budget consultations are expected to take place on July 20, 2024, with industry leaders and finance ministers of different states. Meanwhile, the 53rd GST Council recommended amendments on June 22, 2024.A. Income Tax:Budget 2024, is expected to make pleasing announcements in favour of salaried individuals. Here are our top expectations,1. 80C Deduction LimitThe deduction limit for Section 80C for any investment made on life insurance premium, contribution to PPF, FD, ELSS etc.

The upcoming Union Budget for 2025, which is to be unveiled by Finance Minister Nirmala Sitharaman on February 1, 2025, is much awaited with taxpayers eagerly as they expect some relief in the form of tax reforms. The expectations are high that the budget will introduce revised tax slabs aimed at reducing the burden on individuals, especially the middle class while encouraging greater consumer spending and investment. This budget is most likely to prioritise economic growth, which is in line with the vision of ‘Viksit Bharat’ by 2047. This article focuses on the 2025 budget expectations that are to be announced.Expected Date of Budget 2025The Budget 2025 session of the parliament will be likely on February 1, 2025. It will be presented by Nirmala Sitharaman for the eighth consecutive time, making her the first Finance Minister in India's history to achieve this milestone. A. Income Tax:It is expected that Budget 2025 will have some tax reliefs for individual taxpayers.