Old vs New Tax Regime 2025: Why the ₹4 Lakh Deduction Threshold is the Game-Changer for ITR Filing 1. Executive Summary / Key Highlights Key Benchmark: The ₹4 lakh deduction threshold is critical in deciding between old and new tax regimes. Old Regime: Higher tax rates but allows multiple deductions/exemptions. New Regime: Lower tax rates but minimal deductions. When to Choose Old Regime: Total deductions above ₹4 lakh. When to Choose New Regime: Total […]

 🌍 What Happens toNRE and FCNR deposits RNOR When You Become an  in India? 🧾 Summary If you’re an NRI planning to return to India or have recently returned, understanding the tax treatment of your NRE and FCNR deposits is crucial. Under Indian law, your residency status change to RNOR (Resident but Not Ordinarily Resident) can impact the interest exemption and account management of these deposits. Let’s decode the legal, tax, and practical implications of […]

Income Tax Filing FY 2024–25: Who Should File ITR-2 and ITR-3  Why It Matters Overview As the income tax return (ITR) filing deadline for FY 2024–25 approaches, choosing the correct ITR form is critical for avoiding scrutiny, penalties, or rejections. While most salaried taxpayers use ITR-1 or ITR-4, those with capital gains, multiple properties, foreign assets, or business/professional income need to use more detailed forms—ITR-2 or ITR-3. Let’s break down what these forms are, who […]

GST Compliance Checklist 2025–26: Key Updates All Taxpayers Must Note Before April 1 Overview: GST Compliance Checklist 2025–26 As the financial year 2024–25 draws to a close, the State GST Department of Kerala has released a comprehensive compliance guide for all registered taxpayers. This circular outlines the mandatory GST actions, deadlines, and form submissions required before April 1, 2025, to ensure a smooth transition into the new financial year (2025–26). It addresses regular taxpayers, composition […]

GST Waiver Scheme SPL Application Issue 2025 Overview of GST Waiver Scheme SPL Application Issue 2025 The Goods and Services Tax Network (GSTN) has officially announced issues being faced while filing SPL 01 and SPL 02 applications under the current Waiver Scheme. This information aims to alert taxpayers and tax professionals about the technical glitches impacting the submission and processing of these forms. This update primarily affects those applying for late fee waivers, interest exemptions, […]