Income Tax

Form 10-IEA: Certainly! The Form 10-IEA is a crucial document for taxpayers who want to exercise their right to choose between the old and new tax regimes. Let me provide you with some key details about this form: Applicability: Form 10-IEA is applicable from Assessment Year 2024-25 onwards (i.e., for A.Y. 2024-25 and subsequent years) […]

Understanding Hindu Undivided Family (HUF) and Its Benefits Introduction: In the realm of personal finance and taxation in India, the concept of Hindu Undivided Family (HUF) holds significant importance. It’s not just a financial entity but also a cultural and legal institution deeply ingrained in the Indian ethos. Understanding what an HUF is and the

Certainly! Let’s delve into the comparison between the old and new income tax regimes for the financial year 2024-2025 (FY 2024-25). 📊 Old vs New Tax Regime: Which Is Better for Individual Salaried Employees and Professional? The Budget 2023 introduced significant changes, leading to confusion among taxpayers regarding the choice between the old and new

Did you know that deceased people can also be taxed? As ironic as it sounds, the income tax returns for a deceased person has to be filed, if he/she has taxable income. His legal heir/representative needs to file the return on his behalf for the income earned till the date of death. The legal heir