On July 23, 2024, Finance Minister Nirmala Sitharaman presented Budget 2024 including revisions to the Tax Deducted at Source (TDS) rates. TDS Sections Current TDS Rate Proposed TDS Rate Effective…
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Union Budget 2024-2025 presented by Finance Minister Nirmala Sitharaman on 23 July 2024, the new tax regime got better for the middle class in India. Standard deduction has been increased…
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Income Tax
Budget 2024: Re-Opening & Reassessment provisions under Income Tax Act
by Taxchanakyaby TaxchanakyaWhile presenting the Union Budget 2024-25, Finance Minister Nirmala Sitharaman emphasized tax simplification, improved taxpayer services, and reduced litigation. Simplifying Taxation for Greater Transparency and Efficiency. She has proposed thoroughly…
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Finance
3 employment-linked schemes under EPFO announced in Budget 2024
by Taxchanakyaby TaxchanakyaFinance Minister Nirmala Sitharaman on Tuesday announced three employment-linked incentive schemes under the Employees’ Provident Fund Organisation (EPFO) to boost hiring under Union Budget 2024- 2025 Schemes, including Scheme A…
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Income Tax
SC Uphold Validity of I-T Provisions on Interest-Free Loans to Bank Employees Under Rule 3(7)(i)
by Taxchanakyaby TaxchanakyaThe appeals filed by staff unions and officers’ associations of various banks, impugning judgments which dismiss their writ petitions, where the vires of Section 17(2)(viii) of the Income Tax Act,…
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RBI
Tax Exemption for Startups under Section 80 IAC under Income Tax Act
by Taxchanakyaby TaxchanakyaNewly established and incorporated startups often face shortage of financial resources during their initial stages of operations. This further has a negative impact on their sales and profits. The situation…
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