Income Tax

TDS Rates for FY 2025-26 (AY 2026-27)

TDS Rate Chart as applicable for the Financial year 2025-26 (Assessment Year 2026-27) The updated TDS rates for financial year 2025-26 are given in below table Section Nature of Payment Threshold Limit (in Rs) Individual/HUF Others(Co./Firm/LLP etc.) 192 Salary Basic exemption limit Slab rates Slab rates 192A Premature withdrawal from

Read More »

Remuneration & Interest to Partners (2025-26) Section 40b

Section 40b determines the maximum amount of remuneration and interest on capital payable to a partner under Income Tax Act. The amount over the specified limit is not allowed as a deduction to a partnership firm. Remuneration to Partners Section 40b Remuneration includes salary, bonus, commission .Remuneration in partnership firm

Read More »

Section 44AD – Presumptive taxation Scheme for Businesses

Section 44AD This section is for presumptive taxation for eligible small businesses to declare a fixed percentage of their turnover as taxable income, eliminating the need for detailed books or audits. This Scheme gives you an option to compute your income on a presumptive basis (deemed profit), which is as

Read More »

Section 44ADA – Presumptive Taxation Scheme for Professionals & Freelancers

Section 44ADA Section 44ADA was introduced for presumptive income for Freelancers & professionals. This section is similar to section 44AD for traders. Under this section Freelancers or professionals such as legal, medical, engineering, architect, accountancy, technical consultancy, interior decoration or any of the profession as given in section 44AA are allowed

Read More »

TDS on Purchase of Property from Non-Resident

Applicability When any person purchases an immovable property (like land, building, flat etc) from an NRI (Non-Resident), TDS is required to be deducted on the amount of the capital gain, arising to such non-resident as per Section 195 of the Income Tax Act. Note: – TDS is required to be

Read More »

Residential Status for Seafarers (Merchant Navy)

Proposed changes for Seafarers in Budget,2025 Net Income Range FY 2025-26 (AY 2026-27) Upto Rs. 4,00,000 NIL From Rs. 4,00,001 to Rs. 8,00,000 5% From Rs. 8,00,001 to Rs.12,00,000 10% From Rs. 12,00,001 to Rs. 16,00,000 15% From Rs. 16,00,001 to Rs. 20,00,000 20% From Rs. 20,00,001 to Rs. 24,00,000

Read More »

TDS on Rent by Individual/HUF – Section 194IB & Form 26QC

Provisions of this section is applicable from 1st June 2017 A new section 194IB has been introduced from 01st June 2017. This section  requires certain individuals or HUF to deduct TDS on rent paid for the use of any land or building or both. Persons required to deduct TDS under

Read More »

Type of Bank Accounts for Seafarers

Proposed changes for Seafarers in Budget,2025 Net Income Range FY 2025-26 (AY 2026-27) Upto Rs. 4,00,000 NIL From Rs. 4,00,001 to Rs. 8,00,000 5% From Rs. 8,00,001 to Rs.12,00,000 10% From Rs. 12,00,001 to Rs. 16,00,000 15% From Rs. 16,00,001 to Rs. 20,00,000 20% From Rs. 20,00,001 to Rs. 24,00,000

Read More »

Taxability of Salary and Other Income for Seafarers

Proposed changes for Seafarers in Budget,2025 Net Income Range FY 2025-26 (AY 2026-27) Upto Rs. 4,00,000 NIL From Rs. 4,00,001 to Rs. 8,00,000 5% From Rs. 8,00,001 to Rs.12,00,000 10% From Rs. 12,00,001 to Rs. 16,00,000 15% From Rs. 16,00,001 to Rs. 20,00,000 20% From Rs. 20,00,001 to Rs. 24,00,000

Read More »

Income Tax Guide 2025 (FY 24-25) for Indian Seafarer (Merchant Navy)

Proposed changes for Seafarers in Budget,2025 Net Income Range FY 2025-26 (AY 2026-27) Upto Rs. 4,00,000 NIL From Rs. 4,00,001 to Rs. 8,00,000 5% From Rs. 8,00,001 to Rs.12,00,000 10% From Rs. 12,00,001 to Rs. 16,00,000 15% From Rs. 16,00,001 to Rs. 20,00,000 20% From Rs. 20,00,001 to Rs. 24,00,000

Read More »