If you are paying rent but not receiving HRA, the Income-tax Act 2025 gives you some relief. Under Section 134 of the Income-tax Act, 2025, you can claim a deduction for rent paid—but only if you file Form 31. This form is very important because without it, your tax deduction may not be allowed. Let’s understand this step-by-step in a simple way. What is Form 31 and why … [Read more...] about How to Claim Income Tax Deduction on Rent with Form 31 (Section 134)
PAN (Permanent Account Number) Explained for Beginners in India
If you are dealing with income, bank transactions, or taxes in India, you will often hear about PAN (Permanent Account Number). It may sound like just another document, but in reality, it is one of the most important financial identities you will have. Think of PAN as your unique ID in the income tax system. It helps the government track your financial activities and ensures … [Read more...] about PAN (Permanent Account Number) Explained for Beginners in India
STT Rates From April 2026: What Trader and Investor Should Know about Securities Transaction Tax
If you invest or trade in the stock market, you are already paying something called Securities Transaction Tax (STT), often without even noticing it. From April 1, 2026, some of these STT rates have been revised under the Finance Act, 2026. Now, you might be wondering — what exactly has changed, and will it affect your trading cost or profits? Let’s understand this … [Read more...] about STT Rates From April 2026: What Trader and Investor Should Know about Securities Transaction Tax
Credit Note & Debit Note in GST: A Beginner’s Practical Guide with Examples
In real business, prices don’t always stay fixed after a sale. Sometimes goods are returned, discounts are given later, or mistakes happen in billing. In GST, you cannot just adjust this informally—you must use Credit Notes and Debit Notes. These documents help correct invoices properly. Let’s understand this in a simple and practical way. What is a Credit Note in … [Read more...] about Credit Note & Debit Note in GST: A Beginner’s Practical Guide with Examples
IGST Levy and Collection Explained – Simple Guide for Beginners in India
When you deal with GST, one of the most important questions is: when does tax actually apply when goods or services move from one state to another in India? This is where IGST levy and collection comes in. IGST (Integrated GST) applies when goods or services move from one state to another within India. In this guide, we will break down how IGST is charged, who pays it, … [Read more...] about IGST Levy and Collection Explained – Simple Guide for Beginners in India
TDS on Salary: What Details and Proof Employees Must Submit (Simple Guide)
When your employer deducts tax (TDS) from your salary, it is not done randomly. There is a proper system behind it. Rule 204 and Rule 205 of the Income Tax Rules, 1962 help ensure that the correct amount of tax is deducted from your salary. These rules mainly deal with two things: Let’s understand both rules in a practical way so that you can know exactly what to do as … [Read more...] about TDS on Salary: What Details and Proof Employees Must Submit (Simple Guide)