FINANCE

Default Regime is New Regime for ITR Filing Form 10IEA Filing Requirements  ITR 1 - No Requirements to File Form 10IEA to Opt for old regime or re-entering to New Regime (No Switching Restrictions) ITR 2 - No Requirements to File Form 10IEA to Opt for old regime or re-entering to New Regime (No Switching Restrictions) ITR 3 - Form 10IEA Filing mandatory when opting for old regime and if opting again for New Regime in subsequent Year  (if opted old regime for one year and then opted for new regime in subsequent year then not eligible to opt old regime again means one time Switching option is there (Need to file Form 10IEA maximum 2 times only, First when you opt for old regime and Second when you opt for new regime in subsequent year and leaving old regime) (If Form 10IEA already filed for old regime for particular year then cant opt new regime in such year and vice-versa) ITR 4 - Form 10IEA Filing mandatory when opting for old regime and if opting again for New Regime in subse...

Finally the ITR Filing Season Started from Today as all the ITR Forms for Individuals Released by Income Tax Department Income From Salary : Taxable as per Slab Rates (75,000 Standard Deduction in New Tax Regime) Income From House Property: 30% Standard Deduction then Taxable at Slab Rates Income From Business and Profession: Taxable at Slab Rates  Income From Capital Gain: Short Term Capital Gain before 23rd July 2024 taxable at 15% Short Term Capital Gain on or after 23rd July 2024 taxable at 20% Long Term Capital Gain before 23rd July 2024 taxable at 10%  Long Term Capital Gain on or after 23rd July 2024 taxable at 12.5% (Exempt upto 1,25,000) Income From Other Source: Taxable at Slab Rates Income from winning or online gaming or VDA: Taxable at special rates Slab Rates under New Tax Regime: Income Slab : Tax Rate Up to ₹ 3,00,000 : Nil ₹ 3,00,001 - ₹ 7,00,000 : 5% ₹ 7,00,001 - ₹ 10,00,000 : 10% ₹ 10,00,001 - ₹ 12,00,000 : 15% ₹ 12,00,001 - ₹ 15,00,000 : 20% Above ₹ 15,00,0...

  . Documents from Indian Directors and Shareholders PAN Card (mandatory for Indian nationals) Aadhaar Card Passport-size Photograph Identity Proof (any one of: Voter ID, Passport, Driving License) Address Proof (any one of: Bank Statement, Utility Bill, Mobile Bill — not older than 2 months) Email ID and Mobile Number 2. Documents from Foreign Nationals / NRIs Passport (mandatory) Address Proof (e.g., utility bill, bank statement) Passport-size Photograph All documents must be notarized or attested by the Indian Embassy , depending on the country of residence. 3. Proof of Registered Office Address Utility Bill (Electricity, Gas, or Telephone — not older than 2 months) Rent Agreement (if rented) NOC from Property Owner Sale Deed or Property Deed (if owneD)

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,...