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Tax

The National Pension System (NPS) is one of the schemes that can avail exemptions under both tax regimes.
Updated : Mar 31, 2024

NPS taxation in FY25: How to claim tax deductions for National Pension System under old, new tax regimes

Taxpayers should note that the NPS-related deduction under Section 80CCD (2) of the Income-tax Act, 1961, is the only exemption allowed under both the tax regimes.

From PPF, house rent, mutual funds to donation to a religious organisation, investors can claim tax saving under Old Tax Regime through several options.
Updated : Mar 31, 2024

Opting for Old Tax Regime? Section 80C, other sections that can fetch you exemption

Section 80C is the most well-known and widely used deduction. But it is mostly for those who will opt for or have already opted for the Old Tax regime.

The income tax slabs and income tax rates will remain unchanged in the upcoming financial year 2024-25, starting from April 1, 2024.
Updated : Mar 30, 2024

Choosing New Tax Regime in FY25? Here are the deductions that are allowed under new structure 

It should be noted that the adoption of New Tax Regime comes with certain restrictions. Like, exemption claims associated with specific deductions, including House Rent Allowance(HRA), Leave Travel Allowance (LTA), Sections 80C, 80D, etc, will remain inaccessible.

Till FY 2019-20 (ended on March 31, 2020), there was only one tax regime with four tax slabs and tax rates. The New Tax Regime was introduced in 2020.
Updated : Mar 30, 2024

Income Tax FY2025: Here's how to make a switch between new and old tax regimes

Income tax new fiscal year: Individual taxpayers can make a switch from the Old Tax Regime to the New Tax Regime as many times as they want. But that's not the same for individual taxpayers with business income.

The income tax slabs in new tax regime will remain unchanged for FY 2024-25 (AY 2025-26). No changes have been announced in the interim budget.
Updated : Mar 30, 2024

Tax-time hacks: Unlock the benefits of deductions beyond 80C to save more money

Prudent tax planning entails understanding and using the various other sections of the tax laws that can help minimise tax outgo and maximise savings.

Nithin Kamath
Updated : Mar 28, 2024

'If you are married and a Hindu': Zerodha's Nithin Kamath has a hack to lower your income tax outgo

HUF offers substantial benefits for married Hindus looking to optimize their tax savings.

The income tax liability of an NRI in India is determined by their residential status for the year.
Updated : Mar 25, 2024

ITR Filing: NRIs feel double taxation the biggest challenge in return filing, says survey

The survey highlighted that 12.10%, 9.05%, and 6.02% of NRIs from the US, the UK, and Australia found accessing taxation documents from abroad to be the most challenging concern for filing taxes as NRIs.

March 31 marks the final opportunity for taxpayers to file their updated Income-Tax Return (ITR-U) for the Assessment Year 2021-22
Updated : Mar 22, 2024

Income tax tasks which you need to complete before March 31 deadline

For salaried individuals who switched jobs during the fiscal year (between April 1, 2023, and March 31, 2024), submitting Form 12B to their new employer becomes imperative.

CBDT has broadened the scope of exceptions which are now outside the scope of monetary threshold.
Updated : Mar 20, 2024

CBDT allows I-T dept to file appeals irrespective of monetary threshold, includes TDS disputes

As per the present rules, tax authorities are allowed to file appeals before the ITAT, High Court and Supreme Court, if the disputed tax demand exceeds Rs 50 lakh, Rs 1 crore and Rs 2 crore.

Available for a five-year lock-in period, the interest accrued is fully taxable. These FDs feature a lock-in period of five years but provide tax deductions of up to Rs.1.5 lakh in a financial year.
Updated : Mar 20, 2024

How to save tax: 5 tax-saving instruments for senior citizens

Consider methods that align with your risk appetite and investment goals

The Ministry issued an order dated March 18, wherein its decision of opening all Income Tax office in India on March 29, 30, and 31, 2024 was announced.
Updated : Mar 20, 2024

No long weekend for Income Tax department, all offices open from March 29-31. Details inside

It may be noted that March 31 of this year falls on a Sunday while March 30, 2024 is a Saturday and March 29, 2024 happens to be a closed holiday.

JSON is a file format used when downloading or importing your pre-filled return data into the offline utility.
Updated : Mar 19, 2024

ITR 2023-24: I-T dept releases JSON utilities for ITR-1 and ITR-4 forms for AY 2024-25

Those taxpayers who don't need their accounts to be audited can file their income tax returns for FY 2023-24 (AY 2023-24) by July 31, 2024.

Most health insurance companies will provide you with an 80D certificate specifying the claimable amount for each year.
Updated : Mar 19, 2024

How can individuals and senior citizens claim tax benefits for a multi-year health insurance policy?

Claiming tax benefits for a multi-year health insurance policy works a bit differently than claiming benefits for an annual policy.

PM Narendra Modi at the India Today Conclave on Saturday.
Updated : Mar 17, 2024

New tax regime to shorter period for I-T refunds: PM Modi lists NDA govt's achievements since 2014

Speaking at the final session of India Today Conclave, PM Modi said: "In 2014, people had to give tax on an annual salary of Rs 2 lakh. Today, people with Rs 7 lakh annual income don't have to pay even a single rupee." 

Ashneer Grover
Updated : Mar 15, 2024

Tax notice: Ashneer Grover thanks I-T dept for 'timely closure of faceless assessment of ITR'

Earlier this week, the former Shark Tank India judge and investor posted on social media platform X that he received an I-T notice at 8.00 am on Tuesday and that he has to produce accounts and documents called for by 12:28 pm Wednesday (March 13).

There is a time limit for filing ITR-U.
Updated : Mar 14, 2024

Updated ITR: Deadline to file updated returns for FY21 is March 31. Check how to file

Taxpayers won't be asked to pay a penalty or additional fee to fill the ITR-U. However, they will have to pay an additional tax as per Section 140B of the Income Tax Act.

Taxpayers need to pay advance tax in four specified instalments: June, September, December and March of any financial year.
Updated : Mar 13, 2024

Advance tax: Last instalment deadline on March 15. Know who all need to file 

The Income-Tax Act 1961 clearly states that individuals need to make payments of advance tax following a specified schedule to avoid penalties. The advance tax needs to be paid in four instalments.

The Income-Tax Act 1961 states that individuals need to make payments of advance tax following a specified schedule to avoid penalties.
Updated : Mar 12, 2024

Advance tax: Zerodha's Nithin Kamath shares his guide on tax payment ahead of March 15 deadline

If taxpayer's estimated annual tax liability for any given financial year after subtracting tax deducted at source (TDS) exceeds Rs 10,000 then one has to need to pay advance tax.

Taxpayers need to pay advance tax in four specified instalments: June, September, December and March of any financial year.
Updated : Mar 12, 2024

Inconsistencies in advance tax notices? Here's what you should note

Under the income tax rules, specified institutions are required to furnish SFT to the I-T department with the details of certain financial transactions or any reportable account registered/recorded/maintained by them during the year.

One can check their Income Tax Refund status from an online facility offered by the I-T department.
Updated : Mar 12, 2024

Maximise your CTC: 12 tax-free components every salaried employee can include

The HRA component must be included in your salary package to qualify for this tax deduction

This is not the first time the former Shark Tank India judge has expressed his tax displeasure.
Updated : Mar 12, 2024

'Goli hi maar do seedha': Income Tax notice timing leaves Ashneer Grover unhappy

Grover had earlier said if the tax rate is uniformly set at 10-15 percent for all individuals and stringent measures are implemented to prevent tax evasion, the government would ultimately generate higher tax revenues.

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