Generally, a person carrying on business or profession maintains books of accounts and prepares a balance sheet and a profit or loss account to understand the financial position of his business or profession for a financial year.Under the income tax laws, a person engaged in prescribed business or profession is required to mandatorily maintain books of account, prepare financial statements and get his accounts audited. Further, profit/loss as per such financial statements would be considered to arrive at taxable profits after making necessary adjustments. However, to provide relief to small taxpayers from the tedious job of maintaining books of account and getting them audited, income tax law has introduced the concept of presumptive taxation scheme.Budget 2025 update: No income tax for income upto Rs. 12 Lakhs for new regime.Modifies slab rates are as follows:Income slabIncome Tax rates4,00,001 to 8,00,0005%8,00,001 to 12,00,00010%12,00,001 to 16,00,00015%16,00,001 to 20,00,00020%20,00,001 to 24,00,00025%Above 24,00,00030%It has been proposed to insert a new section 44BBD to cater non-residents providing services or technology to a resident, operating business related to electronics manufacturing. Such non-residents will be able to calculate profits at 25% of the amount received for such services.What is Presumptive Taxation?Presumptive taxation scheme lets the taxpayers declare their taxable income at a prescribed rate irrespective of actual profit/gains and in turn relieves them from the burden of maintaining regular books of account and getting the same audited.

You need to verify your Income Tax Return (ITR) to complete the return filing process. The income tax department has taken several measures to simplify the ITR filing for taxpayers. Further to these measures, the income tax department has launched a feature ‘e-verify return’ on its home page.The feature enables e-verification of income tax returns or ITRs without logging into the e-filing portal. Earlier, taxpayers had to log into the e-filing portal and then e-verify their ITR. Now, with the introduction of the ‘e-verify’ facility, taxpayers can verify without logging into the e-filing portal.What is the Need to E-Verify ITR?Verification is the most crucial step in completing the ITR filing process.

Paying property tax is an essential responsibility for property owners, including residents covering Greater Hyderabad Municipal Corporation. The revenue which is collected  is utilized in urban development, infrastructure maintenance and vital civic services, helping in improving the overall quality of life in the city. What is GHMC Property Tax?Greater Hyderabad Municipal Corporation or GHMC collects house and property tax from the people of Hyderabad. The state government makes the highest portion of their income from the amount of property tax paid by the citizens of this area. In addition, the municipal bodies use these funds to uplift the city’s standard of living through well-maintained public amenities.Every year, you must pay property tax irrespective of the use, such as using it for residential or commercial purposes. For having a residential property used by you or for letting it out to other people you are liable to pay tax every year, levied by the state government.

As per income tax rules, the domestic companies should file Form 10-ID to exercise the option as per Section 115BAB. The Form 10-ID should be submitted before the due date of filing the income tax return specified in the Income Tax Act of the financial year commencing on or after 1st April 2020. By filing Form 10-ID, the domestic company can pay income tax at reduced rates of 15% (plus surcharge and cess), subject to fulfilling specified conditions.Format of Form 10-IDWhat is Form 10-ID?Introduced in 2020, Form 10-ID allows eligible domestic manufacturing companies to opt for a reduced corporate tax rate of 15% (plus surcharge and cess) under Section 115BAB of the Income Tax Act. This is significantly lower than the standard rate of 30%, making it a game-changer for newly established manufacturing companies.Who can File Form 10-ID?Not every company qualifies. To be eligible, you must:Be a domestic company incorporated on or after October 1, 2019.Have commenced manufacturing or production of goods on or before March 31, 2024.Not be formed by splitting up or reconstructing an existing business.The company does not use any machinery or plant previously used for any purpose, except for imported machinery or plants that have not been used in India before.Company  does not use any building previously used as a hotel or a convention centreThe total income of the company should be computed without claiming any deduction under Chapter VI-A (except section 80JJAA & 80M) or section 10AA related to SEZ.Meet all the conditions stipulated in Section 115BAB.What is the Tax Rate under section 115BAB?The effective tax rate for the domestic company that opted for section 115BAB is 17.16%.

At the time of paying salary to an employee, the employer deducts TDS under section 192 of the Income Tax Act 1961. The employer has to file salary TDS return in Form 24Q every quarter. Details of salary paid to the employees and TDS deducted on such payment are to be reported in 24Q. You can easily file your TDS returns through ClearTax software i.e. ClearTDS.24Q consists of 3 annexures – Annexure I, Annexure II and Annexure III.While Annexure I has to be submitted for all four quarters of an FY, Annexure II and Annexure III are not required to be submitted for the first three quarters. Annexure II and Annexure III have to be submitted in the last quarter (Jan – Mar) only.TDS on salary has to be deducted as per the income tax slab.

For a salary level of Rs 30 lakhs, the most important part of the tax-saving strategy is the choice of the most beneficial regime. The new tax regime provides relaxed slab rates and limited deductions whereas the old tax regime has a variety of tax deductions with less beneficial slab rates.When you have deductions under the old regime more than Rs 8 lakhs, then the old regime is the most beneficial. Else, it is better to choose the new regime.Key Tax Deductions under the New RegimeStandard Deduction of Rs. 75,000 is available under the new regime.Section 80CCD(2) allows deduction for contributions made by employers in the National Pension Scheme (NPS). Up to 14% of the basic pay can be claimed as a deduction under the new regime.Under section 24, home loan interest due during the financial year for the let out property - can be claimed as a deduction.

TDS, or Tax Deducted at Source, is a mechanism wherein tax is deducted at the source of income generation and remitted to the government. The person who is supposed to pay the income tax to the recipient deducts a certain percentage of money as TDS and remits it to the government. The balance after the deduction of TDS is paid to the recipient. One can verify the TDS deducted from his/her income from Form 26AS available on the Income Tax e-filing portal. You might often wonder, "How do I check my TDS amount?" or "Is there an easy way to keep track of my TDS deductions?" This article will show you how to check your TDS amount online, which will help you pay your taxes.What is TDS?TDS, also known as Tax Deducted at Source, is one of the most effective tax collection mechanism followed by the government.Tax is deducted at the source level, i.e., the person who is liable to pay the money to us, deducts the tax amount from the total amount and pays it to the government. Only the net amount is received by the taxpayer in this case.It is deducted against various kinds of income like rent, commission, professional fees, salary, interest, etc.,The recipient will add the gross amount to his income and the amount of TDS is adjusted against his final tax liability. The recipient takes credit for the amount already deducted and paid on his behalf.

The new Income Tax Act, 2025 is set to take effect from 01st April, 2026. The new act has significantly reduced the number of sections, streamlined the flow, and simplified the law for better reference and compliance. Through simplification of compliance, the government intends to enhance the revenue and minimize the hassle of assessments and pending cases. Direct Tax Code is a concept aimed at consolidating all the laws related to direct taxes, for easy reference, reduced litigation and better compliance. Using this concept, the new Income Tax Act 2025 was introduced, emphasizing simpler and effective compliance.What is the Direct Tax Code or New Income Tax Bill? A code is a law that consolidates, simplifies and a structured version of an act.Whenever a code is introduced by the law makers, the intent is to consolidate the vast spread sections, which is complex and confusing.The Direct Tax Code intends to simplify, streamline, and standardize the current complex Income Tax Laws for all. With the new Income Tax Act, the number of sections are reduced by 40%.There will not be any changes in the slab rates proposed in Budget 2026.Why is the Direct Tax Code being Introduced?According to the data shared by the government in 2023, only 2% of the population in India are income taxpayers .It is strikingly low in comparison to the developed economies.The simplified version of the Direct Tax Code can help in making the tax laws equitable, and transparent.An improved taxpayer base can be conducive to the economic growth of India.What are the Proposed Changes in Direct Tax Code or New Income Tax Bill?As the code aims to simplify the taxes for all, it is expected to bring in various reforms. Let’s have a look:Concept of Tax YearUsually, people outside the tax domain are confused between the financial year and the assessment year. Therefore, the concept of tax year is used in the new bill.Tax year refers to the period from 1st April to 31st March of the year.

Complying with Form 15CA and Form 15CB is important for making payments to non-residents. This includes deducting tax as per the Income Tax Act or DTAA provisions. Hence, Form 15CA and Form 15CB can be a time-consuming process, requiring documentation and approval from a Chartered Accountant. The income tax department has revised the rules relating to the preparation & submission of Form 15CA and Form 15CB.The significant changes are as follows –Form 15CA and 15CB which does not require RBI approval will NOT be required to be furnished by an individual for remittance.List of payments of specified nature mentioned in Rule 37BB, which do not require submission of Forms 15CA and 15CB, has been expanded from 28 to 33 including payments for imports.Form No.15CB will only be required for payments made to non-residents, which are taxable and if the payment exceeds INR 5 lakh.A person responsible for making a payment to a non-resident or a foreign company has to provide the following details:When payment made is below Rs 5 lakh: For such payments information is required to be submitted in Part A of Form 15CAWhen payment made exceeds Rs 5 lakh:The following documents are required to be submitted:Part B of Form 15CA has to be providedCertificate in Form 15CB from an accountantPart C of Form 15CAWhen the payment made is not chargeable to tax under the Income Tax Act: Part D of Form 15CA is required to be submitted.In the following cases, no submission of information is required:The remittance is made by an individual and it does not require prior approval of Reserve Bank of India [as per the provisions of section 5 of the Foreign Exchange Management Act, 1999 (42 of 1999) read with Schedule III to the Foreign Exchange (Current Account Transaction) Rules, 2000]The remittance is of the nature specified in the list below:Overall list of payments where no forms 15CA and 15CB are required are as follows (Rule 37BB):Sl. No.Nature of Payment1Indian investment abroad -in equity capital (shares)2Indian investment abroad -in debt securities3Indian investment abroad-in branches and wholly owned subsidiaries4Indian investment abroad -in subsidiaries and associates5Indian investment abroad -in real estate6Loans extended to Non-Residents7Advance payment against imports8Payment towards imports-settlement of invoice9Imports by diplomatic missions10Intermediary trade11Imports below Rs.5,00,000-(For use by ECD offices)12Payment- for operating expenses of Indian shipping companies operating abroad.13Operating expenses of Indian Airlines companies operating abroad14Booking of passages abroad -Airlines companies15Remittance towards business travel.16Travel under basic travel quota (BTQ)17Travel for pilgrimage18Travel for medical treatment19Travel for education (including fees, hostel expenses etc.)20Postal Services21Construction of projects abroad by Indian companies including import of goods at project site22Freight insurance – relating to import and export of goods23Payments for maintenance of offices abroad24Maintenance of Indian embassies abroad25Remittances by foreign embassies in India26Remittance by non-residents towards family maintenance and savings27Remittance towards personal gifts and donations28Remittance towards donations to religious and charitable institutions abroad29Remittance towards grants and donations to other Governments and charitable institutions established by the Governments.30Contributions or donations by the Government to international institutions31Remittance towards payment or refund of taxes.32Refunds or rebates or reduction in invoice value on account of exports33Payments by residents for international bidding.How To File 15CA And 15CB Online?To know more about Form 15CA and 15CB in detail and how to file online, click here. const userAgent = navigator.userAgent || navigator.vendor || window.opera; const inlineCTAbutton = document.getElementById('inlinebtnLink'); if (/android/i.test(userAgent)) { inlineCTAbutton.href = "https://black-cleartax.app.link/filing-entryscreen" } if (/iPad|iPhone|iPod/.test(userAgent) && !window.MSStream) { inlineCTAbutton.href = "https://cleartax.in/MyAccount/start" } .

Form 26Q is a statement containing details of TDS deducted on payments made under a particular TDS section except for salary payments; this needs to be filed quarterly by the person responsible for the deduction. But form 26QE is Challan-Cum-Statement used to report TDS deducted under section 194S by specified persons. Filed within 30 days from the end of the month in which TDS is deducted, Individuals or organisations must fill out TDS forms as per their eligibility for each financial year.In this guide, we will explore the Form 26Q and Form 26QE, its significance and the procedures for filing.What is Form 26Q?Form 26Q is a statement of Tax Deducted At Source filled by the TDS deductor. This statement shows the payment made by the deductor to resident individuals and entities and the TDS amount deducted on those payments at a specified rate as per the Income Tax Act. The deductor fills this statement quarterly for TDS deducted on non-salary payments made to residents.The tax deducted at source under Sections 193, 194, 194A, 194B, 194BB, 194C, 194D, 194EE, 194F, 194G, 194H, 194I,194J and 194T of the Income Tax Act of 1961 are to be filed by the depositor by submitting Form 26Q.  It is to be noted that Form-26Q for  TDS reporting related to non-salary and payment made to residents only, where Form-27Q is for non-resident payments, Form-24Q is for reporting TDS deducted on salary payments, and Form 27EQ is for TCS transactions.Note: If you want to download Form 26QE, follow the same steps but choose Form 26QE. How to File Form 26Q?Here are the steps to file TDS return form 26Q:Login to e-filing portal using your TAN and password. Click on 'e-file>Income Tax Forms > File Income Tax Forms. Click on 'File Now' for filing of Quarterly TDS Return.Click on 'Let's get started'.Select the Form type, Financial Year, Quarter and Upload type.