Introduction The Indian income tax system follows a progressive slab-based structure, applicable to both individuals and non-individual entities. Under this framework, taxpayers are categorized into income brackets or “slabs,” with each slab attracting a specified tax rate. Higher income levels are taxed at proportionately higher rates to ensure equity in the tax burden. This article…
Updated 15.06.2025 A Depository refers to a place or entity that holds financial securities in a dematerialized form. In the Indian capital market, this term has a lot of relevance where they hold securities in dematerialized (Demat*) form. In demat form, all physical share certificates were converted into electronic form and the same was deposited…
Originally posted on December 21, 2019, updated on 15.06.2025 The government issued a notification on November 9, 2023, making several important changes in the popular Senior Citizen’s Savings Scheme (SCSS), Public Provident Fund (PPF), and 5-year post office time deposit. New rules for premature closure of Account: The earlier rule says; “Provided further that on…
Introduction The Finance Act, 2023 introduced pivotal amendments to Section 115BAC of the Income Tax Act, 1961, effective from Assessment Year (AY) 2024–25. As a result of these changes, the new tax regime has been made the default taxation system for certain categories of taxpayers, including Individuals, Hindu Undivided Families (HUFs), Associations of Persons (AOPs)…
Section 3 of Indian Trust Act 1882 provides that “A Trust is an obligation annexed to the ownership of the property, and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another, or of another and the owner”. A trust can be…
The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme for girl children in India, designed to promote their welfare and education. It allows parents or legal guardians to open a savings account for a girl child until she reaches the age of 10, with deposits made for 15 years and the account maturing after…
Overview: The Finance Act, 2023, introduced significant amendments to Section 115BAC of the Income Tax Act, effective from the Assessment Year (AY) 2024–25. These changes designate the new tax regime as the default regime for certain categories of taxpayers, including individuals, Hindu Undivided Families (HUFs), Associations of Persons (AOPs) (excluding co-operative societies), Bodies of Individuals…
Updated: As per the amended finance act 2020 Any gain arising on the transfer (by sale or exchange) of the capital asset is known as a capital gain. Capital gains are calculated on the cost of acquisition and cost of improvement expenses of a capital nature incurred in making any additions or alterations to the…
Acceptance of deposits and maintenance of deposit accounts is the core activity in any bank. Para banking activities are the activities carried out by the bank which are apart from its normal day-to-day activities. Banks can undertake certain eligible financial services or para-banking activities either departmentally or by setting the subsidiaries. Some examples of the para-banking…
IntroductionUnder Section 14 of the Income Tax Act, 1961, the total income of an individual is classified under five distinct heads. This classification facilitates proper computation of taxable income and ensures compliance with tax laws. The five heads of income are: 1. Income from Salaries Income under this head is reported in Schedule S of…
