The New Form 12BAA for Employees
The Central Board of Direct Taxes (CBDT) has recently notified vide Notification No. 112/2024, dated October 15, 2024 introduction of a new Form 12BAA, to…
View More The New Form 12BAA for EmployeesSection 80CCH – Tax Benefits for Agniveers under the Agnipath Scheme
The Finance Act, 2023 introduced Section 80CCH into the Income Tax Act, 1961, providing specific tax deductions and exemptions for individuals enrolled in the Agnipath…
View More Section 80CCH – Tax Benefits for Agniveers under the Agnipath SchemeTDS Exemption to Non-Residents on certain withdrawal from NSS
The Ministry of Finance, Dept. of Revenue has recently notified vide Notification No. 27/2025 dated 4th April 2025, that provides TDS exemption on certain withdrawals…
View More TDS Exemption to Non-Residents on certain withdrawal from NSSCircular on Interest Waiver (TDS / TCS)
The Income Tax Department, through Circular No. 5/2025, dated 28th March ’25, has introduced a waiver mechanism for certain interest liabilities related to TDS /…
View More Circular on Interest Waiver (TDS / TCS)FY: 24-25 – Guide for income details of Employees – Form 24Q-Q4
It is mandatory to provide tax computation of each employee while filing the TDS Return on Salary for Quarter 4 as per the format of…
View More FY: 24-25 – Guide for income details of Employees – Form 24Q-Q4TDS / TCS – Changes w.e.f. 1st April 2025
1. Section 194D – Payment related to Insurance Commission The TDS @2% would apply on Section 194D – Payment related to Insurance Commission, till 31st…
View More TDS / TCS – Changes w.e.f. 1st April 2025Circular from TIN – Correction Statement
Protean for and on behalf of Tax Information Network (TIN) has issued a circular over email on 21/03/2025, related to restrictions pertaining to filing of…
View More Circular from TIN – Correction StatementTax Rebate – Section 87A
Section 87A provides a tax rebate to resident individual taxpayers, reducing their income tax liability if their taxable income falls within a specified threshold. The…
View More Tax Rebate – Section 87ATax on Salary Income – Old Regime vs New Regime
As it seems evident, gradually the ‘Old Regime’ for computing income tax is being phased out, from FY:24-25, each tax payer has been placed in…
View More Tax on Salary Income – Old Regime vs New RegimeNew Regime vs Old Regime – which is better?
In a nutshell and quite obvious, one should opt for the regime where the tax liability is lower. Determination of tax liability Following factors are…
View More New Regime vs Old Regime – which is better?