Section 10(10D) of the Income Tax Act, 1961, is a crucial provision that allows for tax exemption on the proceeds received from a life insurance policy. This includes not only the maturity amount but also any bonuses accrued during the policy term. However, the exemption is subject to certain conditions regarding the premium paid, the …
Introduction The Income Tax landscape in India has undergone a significant transformation with the introduction of the New Tax Regime under Section 115BAC. For the Financial Year 2024–25 (Assessment Year 2025–26), taxpayers can choose between the old and new regimes, but this flexibility has also led to confusion. Which regime will help you save more? …
Introduction The GST Composition Scheme is a simplified taxation system introduced to ease the compliance burden of small taxpayers. Applicable to small manufacturers, traders, and service providers, the scheme allows them to pay tax at a fixed rate of turnover. With lower compliance requirements and simplified returns, it remains one of the most preferred schemes …
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Introduction In India, Goods and Services Tax (GST) has streamlined the indirect tax structure by replacing multiple taxes with a unified regime. With the evolving business ecosystem, especially in the digital and startup sectors, GST registration has become a crucial compliance measure. For FY 2025–26, timely registration and understanding the implications of GST are essential …
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