Moreover, for your convenience, we have also added a ready-to-use Excel template and given stepwise instructions on how to use it. This template will help you determine the exact tax amount you need to pay for the AY 2024-2025 (FY 2023-2024) as per the old and new tax regimes. Here...
Income Tax Update: As per Explanation 2 to Section 139(1) of the I-T Act, taxpayers in the following categories submit their returns by 31st October 2024. Read More The CBDT finds that over 34.84 lakh audit reports had been filed on the e-filing portal for AY 2024-25 by 7 October...
Indexation adjusts the purchase price of an asset for inflation, reducing taxable profits and tax liabilities. For example, you made a 30% profit in 3 years but the inflation for the last three years was at 5% every year. Then you pay taxes on 30 – (5+5+5) = 15% profit only, no...