FINANCE

New reporting requirements for #incometaxreturn ITR -1 and ITR-4 under the old tax regime for A.Y. 2025–26: HRA Exemption (Section 10(13A)): Place of employment HRA amount received Actual rent paid Basic salary + Dearness Allowance 50% (metro cities) or 40% (non-metro cities) of basic salary Section 80D (Medical/Health Insurance): Insurance company name Policy/Document Number Section 80E (Education Loan Interest): Lender’s name Bank name Loan account number Loan sanction date Total loan amount Outstanding balance as of March 31 Section 80EE/80EEA (Home Loan Interest): Lender’s name Bank name Loan account number Loan sanction date Total loan amount Outstanding balance as of March 31 Section 80EEB (Electric Vehicle Loan Interest): Lender’s name Bank name Loan account number Loan sanction date Total loan amount Outstanding balance as of March 31 Section 80DDB (Medical Treatment of Specified Diseases): Name of the specified disease Increased disclosures & documentation 🤯🤯

Dear Taxpayers,  The Revised ITR Forms 1-7 have been enabled on the Income Tax portal. However, the department has not yet enabled the ITR e-filing utilities.  TDS details and Form 26AS have not been updated yet, and employers have not provided Form 16.  Consequently, the actual filing process will commence from late May to early June.  In the meantime, we encourage you to collate the necessary documents and information required for the filing process: 1. Salary Income:    - Form 16 (Part A & B) from your employer(s).    - Salary Slips 2. Interest Certificates:    - For Savings/Fixed Deposits/Recurring Deposits, etc. 3. Capital Gains:    - Profit & Loss (P&L) Statement from Broker    - Details of the sale of other Capital Assets (property, gold, etc.)    - Make sure there is separate LTCG reporting before and after July 23, 2024, due to new rules on indexation and tax rates. 4. House Property Inc...

Read if you have time . 19 years ago,  an 18-year-old boy walked out to bat for Delhi just hours after losing his father. Today, that boy retires from Test cricket as one of the greatest of all time. It was December 2006. Virat Kohli had just lost his father, Prem Kohli — his first coach, biggest supporter, and lifelong inspiration. While his family grieved,  Delhi was looking at a follow on against Karnataka in a crucial Ranji Trophy match. Virat was not out with an overnight score of 40 .  At dawn, while most would be home preparing for a funeral, Virat padded up and walked out to bat. Under pressure.  In pain.  With the weight of grief on his shoulders, he played a masterclass — an unbeaten 90 off 238 balls, helping Delhi save the match. And from a position wherein Delhi was 14/4 with Shikhar Dhawan just getting out .  After stumps, he returned home , just in time for his father’s cremation. That day, Indian cricket didn’t just witness talent. It witness...

Starting a private limited company is an exciting step for any entrepreneur. However, along with registration, it's essential to comply with legal commitments, one of which is the private limited ROC filing. This write-up will help us to know the important forms of Newly Registered Pvt Ltd Companies. 🟧 What is ROC Filing? ROC filing refers to submitting various documents and returns to the MCA through the Registrar of Companies. This includes financial statements, annual returns, and other key company data. 🔘 Important ROC Filings for Newly Registered Pvt Ltd Companies Newly formed private limited companies are required to complete the following ROC filings 👇 1. Form INC-20A: This is the declaration of commencement of business to be filed within 180 days of incorporation. It confirms that the company has received the subscription money from its shareholders. 2. Form AOC-4 : Filed annually to report the company's financial statements, including balance sheet, Profit and Loss,...

🔹 ITR-1 now allows LTCG under Sec 112A (up to ₹1.25 lakh) 🔹 Expanded eligibility for small businesses & professionals 🔹 Mandatory Form 10-IEA for old regime Here’s a breakdown of what’s changed🧵👇 Who can file ITR-1 (Sahaj) for AY 2025–26? ✅ Resident individuals (not ordinarily resident) ✅ Total income up to ₹50 lakh ✅ Income from salary, one house property, other sources (interest, etc.) ✅ Agricultural income up to ₹5,000 ✅ LTCG under Section 112A up to ₹1.25 lakh (from listed shares/mutual funds).  ❌However, if you have capital gains from selling of house property or short term capital gains from listed equity and equity mutual funds, then you cannot use ITR-1 to file the tax returns. ❌ Not eligible if you have losses to carry forward. Who can file ITR-4 (Sugam) for AY 2025–26? ✅ Resident Individuals, HUFs & Firms (other than LLPs) ✅ Total income up to ₹50 lakh ✅ Income from business/profession under Sections 44AD, 44ADA, or 44AE ✅ LTCG under Section 112A up to ₹1.25 ...

For filing your Income Tax Return (ITR) for the financial year 2024-25 , ensuring you have the right documents is crucial for a seamless process. Here’s a detailed breakdown  of what you’ll need: --- 1. Basic Identification & Tax Documents These documents establish your identity and tax compliance: - PAN Card – Essential for tax filing and financial transactions. - Aadhaar Card – Required for verification and linking with PAN. - Form 16  – Issued by your employer, summarizing salary details and **Tax Deducted at Source (TDS)**. - Bank Account Details  – All active accounts must be reported, except dormant ones. At least one account should be selected for tax refunds. --- 2. Income-Related Documents Your income sources determine your tax liability: - Salary Slips – Helps in calculating taxable income and deductions. - Rental Income Details  – If applicable, including tenant details, municipal tax receipts, and interest certificates for home loans. - Capital Gains ...