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Blogs
Read the latest articles, blogs, case studies, and many more published by MindYourTax
Budget 2025 Highlights
3 min read
Budget 2025 Highlights : 12 Lakhs Tax Exemption, Lower Gold Duties & Big Boost for Industry
The Union Budget 2025 brings major financial relief and industry boosts. The biggest announcement is the income tax exemption for earnings up to ₹12 lakh, benefiting millions. GST reforms focus on simplification and compliance, while customs duty changes aim to strengthen local industries. Key sectors like electronics, healthcare, renewable energy, and textiles see reduced duties to promote domestic manufacturing and exports. Gold and silver duties are lowered, making jewelry more affordable. With a strong push for economic growth and sustainability, Budget 2025 lays the groundwork for a resilient and competitive India.
MindYourTax updated on Feb 4, 2025
Income Tax Update
3 min read
Income Tax Budget 2025 Updates: No Income Tax Up to Rs 12 Lakhs Grand Relief for the Middle Class
The Income Tax Budget 2025 offers major relief, with zero tax on income up to ₹12 lakh under the new regime. Revised tax slabs, higher TDS & TCS exemptions, and increased deductions for homeowners and senior citizens ease the tax burden. The time for filing updated returns is now extended to 4 years, ensuring more flexibility. These changes simplify taxation, boost savings, and support economic growth.
MindYourTax updated on Feb 2, 2025
Company Registration
3 min read
ESOP Taxation for Startups: Section 17(2)(vi) and the Need for Tax Deferral
Employee Stock Option Plans (ESOPs) are a key incentive for startup employees, but taxation under Section 17(2)(vi) creates financial challenges. Currently, only employees of eligible startups under Section 80-IAC get tax deferral, while many DPIIT-registered startups are left out. This leads to an unfair tax burden, as employees must pay taxes on shares they haven’t liquidated. The blog highlights the need to extend tax deferral to all DPIIT-registered startups, ensuring a fairer system that supports startup growth and talent retention.
MindYourTax updated on Jan 31, 2025
ITR Notice
4 min read
Understanding Section 16(ia) Standard Deduction and the Need for Inflation-Linked Revisions
This blog highlights the importance of revising Section 16(ia) standard deduction limits to keep up with rising inflation. Salaried employees often face a mismatch between actual expenses and outdated deduction limits. By linking these deductions to the Cost Inflation Index (CII), employees can get fair tax relief, better financial support, and a system that stays relevant to today’s economic realities.
MindYourTax updated on Jan 28, 2025
ITR Notice
3 min read
Understanding Sections 44AD and 44ADA: Simplified Tax Provisions for Businesses and Professionals
Sections 44AD &44ADA attempt at making taxation to eligible persons on simpler arithmetic operations. Yet with a non-meaningful difference between these sections create obstacles among professionals. Section 44ADA in unison withSection 44ADIsm a Fair as well as Convenient and Non Arbitrary Tax Compliance.
MindYourTax updated on Jan 23, 2025
ITR Notice
3 min read
Section 44AB Audit: Key Provisions for Professionals under Section 44AA(1)
Learn about Section 44AB audit provisions for professionals under Section 44AA(1). This blog explains audit requirements for gross receipts over ₹50 lakh, presumptive taxation compliance, and key reforms to ensure accurate tax filings.
MindYourTax updated on Jan 22, 2025
ITR Filing
3 min read
Understanding Section 44AD: Simplifying Taxation for Small Businesses and Excluding Speculative & F&O Trades
Section 44AD offers simplified tax provisions for small businesses, allowing them to compute income on a presumptive basis. However, speculative and F&O trading are excluded due to their unique nature and complexities. Learn why these exclusions exist and how they impact tax compliance for traders and businesses.
MindYourTax updated on Jan 10, 2025
ITR Filing
4 min read
How to do ITR Filing Online?
Learn how to file your Income Tax Return (ITR) online with this easy-to-follow guide. From selecting the correct form to claiming deductions and verifying your return, simplify your tax filing process for FY 2023-24 (AY 2024-25).