Introduction to Income tax Bill - 2025

Explore basic definitions to establish foundational tax terminology. It introduces essential terminology for income tax billing.

Define the basic terms essential to income tax billing, introducing foundational definitions to build a solid understanding.

Explore basic definitions in income tax billing to establish foundational terms and clarify key concepts.

Explore chargeability of salary under due basis and receipt basis, with rules on arrears, advance pay, and relief under section 157, plus the treatment of partner salaries.

Learn how salary is charged to tax on due or receipt basis and how the definition covers wages, allowances, provident fund contributions, pension schemes, and leave encashment.

Explore how perquisites and profits in lieu of salary shape total taxable salary under the new income tax bill, including accommodation, company stocks, and excess retirement contributions.

Explore deductions common to both regimes under the income tax bill 2025, including the standard deduction and gratuity exemption, with examples for private and government employees.

Explore deductions under old and new regimes, including gratuity and pension exemptions, leave encashment, and VRS relief, with a preview of new regime deductions.

Complete the course to gain insight, earn a course completion certificate, and boost your career by sharing your achievement on social media.

Under the new regime, the default tax system offers lower rates and limits deductions to three: standard deduction of 75,000 rupees, employer NPS contributions, and Seva Nidhi deposits.

Explore the deductions unique to the old regime, including hra, lta, professional tax, schedule 15 (section 80c), health insurance, and home loan interest, with proofs required for payroll.

Compute net taxable salary by adding basic pay and inclusions such as hra and other allowances, then subtract the standard deduction under the new tax regime.

Employers and payroll professionals must accurately compute and deduct income tax at the average rate, including non-monetary perquisites, and file TDS returns with TAN and PAN, and issue Form 16.

Complete the course to gain complete insight into the subject matter, earn a course completion certificate that boosts your career, and share the certificate on social media.