Income Tax - Palgou India

Tax Audit Late Fee FY 2025-26: Is ₹75,000 Applicable or Not for FY 2025-26 (AY 2026-27)

Tax Audit Late Fee FY 2025-26: Is ₹75,000 Applicable or Not for FY 2025-26 (AY 2026-27)? Over the last few weeks, a single line has been circulating across WhatsApp groups, social media, and even some professional blogs: “From now on, a late tax audit report will cost you ₹75,000, and beyond one month, ₹1,50,000!” This […]

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CBDT Notifies SFT Reporting Rules for Mutual Fund Transactions by RTAs

CBDT Notifies SFT Reporting Rules for Mutual Fund Transactions by RTAs The Central Board of Direct Taxes (CBDT) has introduced detailed guidelines for reporting mutual fund transactions under Statement of Financial Transactions (SFT) by Registrar and Transfer Agents (RTAs). The framework has been notified under Section 508(1) of the Income-tax Act, 2025, read with Rule

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Is ₹12 Lakh Tax Free in Tax Year 2026-27? STCG & LTCG Explained

Is ₹12 Lakh Tax Free in Tax Year 2026-27? STCG & LTCG Explained The statement “No income tax up to ₹12 lakh” has become one of the most searched tax questions after the changes introduced for the new tax regime. But there is an important catch. If your total income is below ₹12 lakh, does

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How Can Indians Invest in US Stocks or in other Foreign Stocks?

More Indians than ever are looking beyond the BSE and NSE to build wealth. Apps that let you buy Apple or Tesla shares in a few taps, the rupee’s steady slide against the dollar, and a genuine desire to diversify beyond Indian markets have all pushed global investing into the mainstream. But investing abroad isn’t

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New TDS Payment Codes – Income Tax Act 2025

NEW TDS Payment Codes – Section Wise The Income Tax Act, 2025 has introduced a new system of TDS and TCS payment codes (1001–1092), replacing the earlier section-based approach under the 1961 Act. Each type of transaction is now mapped to a specific payment code, making compliance more structured but also more sensitive to errors.

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Your PAN Card Will Be Inoperative from Jan 1, 2026 if Not Linked to Aadhaar!

The clock is ticking! The deadline to link your Permanent Account Number (PAN) with your Aadhaar card is fast approaching. Failure to link these two essential documents by December 31, 2025, will result in your PAN becoming “inoperative” starting from January 1, 2026. This deadline applies specifically to the remaining group of PAN holders who obtained their

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Top Income Tax Benefits for Senior Citizens in India: Maximize Your Savings in FY 2024-25

Senior citizens in India can avail themselves of several income tax benefits to reduce their tax liability for the financial year 2024-25. Here are some key provisions: 1. Higher Tax Exemption Limits: 2. Deductions Under Section 80TTB: Senior citizens can claim a deduction of up to ₹50,000 annually on interest income from savings accounts, fixed

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Jammu and Kashmir Startup Policy 2024: A Comprehensive Overview

The Jammu and Kashmir Startup Policy 2024 marks a significant step towards fostering innovation and entrepreneurship in the region. This policy aims to create a vibrant startup ecosystem by providing necessary support and incentives to budding entrepreneurs. The policy is designed to nurture startups through various stages of their development, from ideation to scaling up.

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Understanding Tax Exemption vs. Tax Deduction in India

Tax planning is a crucial aspect of personal finance management, helping individuals and businesses reduce their tax liabilities within the framework of the law. Two important concepts in this realm are tax exemptions and tax deductions. While both mechanisms serve to lower your taxable income, they function differently. This article elucidates the differences between tax

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Understanding Dividend Tax in India for AY 2024-25

Dividend tax refers to the tax imposed on the income earned from dividends in India. For the Assessment Year (AY) 2024-25, there are certain key aspects to consider regarding dividend taxation in the country. 1. Dividend Distribution Tax (DDT) Prior to the financial year 2020-21, companies were required to pay Dividend Distribution Tax (DDT) on

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