And if there’s one clear takeaway, it’s this: deductions are the deciding factor. Speaking to CNBC-TV18, Mayur Shah, Tax Partner at EY India, and Mohit Gang, Co-Founder and CEO of Moneyfront, broke ...

If these do not cumulatively exceed one quarter of the claimant’s Standard Allowance, other deductions may ensue, reports the Mirror. Nonetheless, reaching this cap means lower-priority ...

Confirmed by Labour Chancellor Rachel Reeves in the Autumn Budget last year, the maximum deductions from the standard allowance will drop from 25% to 15%. Currently, the DWP and other third ...

shall not be eligible for deduction, he said. “This effectively overrides prior tribunal rulings and brings much needed clarity to the tax landscape, although grey areas persist under other ...

In a notification issued on April 23, the Central Board of Direct Taxes (CBDT) notified that any expenditure incurred to settle proceedings initiated in relation to contravention or defaults under ...

The income tax department on Thursday said taxpayers will not be allowed to claim deduction for expenditures incurred to settle proceedings initiated under four laws, including the Sebi and the ...

Basic salary is the core part of your total salary package. It’s a fixed amount paid before any extras like bonuses, allowances, or deductions. Many other salary components, such as House Rent ...

In the new financial year, taxpayers are gearing up to file their income tax returns (ITRs) for FY2024-25 (Assessment Year 2025-26). At the same time, these taxpayers do their math to check how ...