Top 10 Mistakes First-Time Freelancers Make with Cross-Border Transactions

  The Indian tax scenario on income has been gradually changing, and the "New Tax Regime" has become increasingly popular, especially following the major changes in Budget 2023, ongoing to FY 2025-26 (Assessment Year 2026-27). The easier regime, now the default option, has less expensive rates but less deductions and exemptions than the Original Old Tax Regime. For most taxpayers, it can be puzzling to figure out how they can maximize their savings in this new system. In case you've made a choice (or ended up by default) under the new income tax regime, don't worry! This guide from EximPe will delve into effective strategies and highlight the specific "income tax saving options in new tax regime" that allow you to optimize your tax liability for the current financial year. Understanding the Revised Income Tax New Regime (FY 2025-26) Before diving into strategies, let's briefly recap the core aspects of the revised New Tax Regime for FY 2025-26: Default...

  Filing income tax may seem overwhelming, especially when it comes to calculating how much you owe. But with a clear understanding of the process and current tax slabs, you can easily figure it out. This guide is designed to help salaried individuals understand how to calculate income tax on their salary—with real-life examples, for both the old and new tax regimes. Understanding the Basics of Income Tax Income Tax is the tax you pay on your income to the Government of India. As a salaried employee, your employer deducts Tax Deducted at Source (TDS) based on your estimated income. You are required to file your Income Tax Return (ITR) annually to declare your income and claim eligible deductions or refunds. Income Tax Slabs for FY 2024–25 1. Old Tax Regime (Deductions like 80C, 80D, HRA, etc. are applicable here.) 2. New Tax Regime (Default regime from FY 2023–24) (Most exemptions and deductions are not allowed, except standard deduction and NPS employer contribution.) How to C...

Submitting your income tax return (ITR) may not be easy when you are doing it for the first time. But due to the Income Tax Department’s e-filing service, even beginners can go through the process easily. With this guide, both salaried people, freelancers, and small business owners can learn how to submit their ITR online. What is an Income Tax Return (ITR)? An Income Tax Return is a document where people declare their annual earnings, the deductions they took, and payments they have made in taxes. It lets the department track what you earn, decide your tax responsibilities, and reimburse you with refunds if you give more tax compared to your liability. Why Should You File Your Income Tax Return? Filing ITR is not just a legal obligation—it has real benefits: Claiming TDS refunds Serving as proof of income Required for loans or visa applications Avoiding penalties Carrying forward capital losses Documents Required to File Income Tax Return Online Before you begin, collect the follow...

Millions of people in India who get a salary often find income tax to be a tricky subject. Although several terms like deductions and exemptions are used, the Standard Deduction is one benefit that makes tax calculation much easier and lessens your tax burden. If you're a salaried employee or a pensioner, understanding what is standard deduction in income tax is absolutely essential. There is no need to show receipts or bills since you can deduct this amount from your gross salary or pension, whichever you prefer. To me, this sounds like a good plan. Let's dive deeper and simplify this important deduction in income tax from a guide from EximPe . Understanding the Basics of Standard Deduction in Income Tax The standard deduction in income tax was reintroduced in the Union Budget 2018, replacing the earlier allowances for transport and medical reimbursement. The primary aim was to simplify the tax filing process for salaried individuals and pensioners, providing them with a stra...

Income tax is a crucial aspect of financial and legal obligations in India. If your annual income exceeds a certain limit, you're required to pay income tax on your earnings. The Government regulates income tax rates, income slabs, and rules, which may change over time. Learn more about income tax from this guide by EximPe . Understanding Income Tax Income tax is a direct tax levied by the government on the income earned by i ndividuals, businesses, and other entities during a financial year. It is a primary source of revenue for the central and state governments in India. The Income Tax Act of 1961 governs the income tax system, outlining the rules and regulations for income tax calculation, assessment, and collection. Definition of Income Tax Income tax is a tax charged on the annual income of an individual or business earned in a financial year. The Income Tax system in India is governed by the Income Tax Act, 1961, which lays out the rules and regulations for income tax calcula...

  Trading with other nations often involves a lot of rules, procedures, and duties. Managing and sorting products that travel across borders is mainly done with the help of the Harmonized System Code — referred to as the HS Code. When you handle import and export, HS codes are important for putting your goods in the proper tax class and making sure they fit with all customs rules. Here, we are covering what an HS code means, why it plays a significant role, and how to get the proper HS code for your business. What is an HS Code? By means of an HS Code, or Harmonized System Code, different nations group products traded among them. This system is applied by almost all countries to solve customs issues. The World Customs Organization (WCO) came up with the system to make it easier to spot goods with a standard code. Every HS Code is made of six digits internationally and can be increased to eight, ten, or twelve digits based on each country’s system. Example of an HS Code: Let’s take ...