A COMPREHENSIVE OVER VIEW OF PPF SCHEME
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…
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Comparative Analysis of the Old and New Tax Regimes under Section 115BAC
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)…
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What is a Trust and how it is formed?
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…
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A comprehensive over view of Sukanya Samriddhi Yojana Account
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…
Read articleConditions and Features for Opting the New Tax Regime under Section 115BAC of the Income Tax Act
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…
What is capital gain and how capital gain tax has arrived?
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…
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