Tax planning is a crucial component of personal finance, enabling taxpayers to minimize liabilities while complying with legal obligations. With significant changes introduced by the recent Finance (No. 2) Act 2024, understanding how to optimize tax planning for the Financial Year (FY) 2024-25 (Assessment Year 2025-26) is essential. In this article, we will discuss effective … Read more
The Central Board of Direct Taxes (CBDT) on Tuesday clarified that all Indian citizens are not required to obtain an income-tax clearance certificate (ITCC) before travelling to other countries. The statement was issued after an amendment was made to the Income Tax Act 1961 through the Finance Bill 2024, wherein the Black Money Act has been … Read more
The Central Board of Direct Taxes (CBDT) has issued a clarification regarding Section 230 of the Income Tax Act, 1961 over reports that claimed a mandatory tax clearance was needed before leaving the country. Responding to the reports, which created a significant stir, the CBDT said Section 230 does not mandate every individual domiciled in … Read more
As an Indian taxpayer, it’s imperative to file your Income Tax Returns (ITR) annually. The ITR encompasses details of your annual income and the corresponding tax payable to the government for that year. Individuals continually seek effective methods to minimize their tax liabilities. Through prudent tax planning, you can achieve substantial long-term savings. Smart tax … Read more