Filing Your Tax Returns? Here’s What NOT To Do

3 weeks, 3 days ago

Income Tax Calculator: Here you can assess which tax regime – old or new – is better for you?

ITR filing 2025: Before filing your income tax return, it is vital to compare the tax computation under both the tax regimes i.e., old and new. If you opt for the new tax regime as per Section 115BAC, you are supposed to forgo exemptions and deductions while computing total income. Now you can choose the slug on the extreme left …

Income Regime Tax Calculator Old Tax

1 month, 1 week ago

Income Tax: You can continue to avail THESE deductions in the new tax regime

Live Mint

With the new tax regime becoming increasingly prevalent and more common, taxpayers stand to lose their eligibility to claim most of the exemption and deductions offered under various provisions such as sections 80C, 80D, 80DD and 80G under the old tax regime. However, in the new tax regime, taxpayers can claim deductions only under a few situations which we have …

Tax Regime Taxpayers

1 month, 2 weeks ago

New Tax Regime: Should you opt for it over old tax regime? All about income tax slabs, exemptions and more

Live Mint

In 2020, the Government of India introduced a new tax regime that offered concessional tax rates while scrapping most of the deductions and exemptions offered under the old tax regime. Deduction under section 80JJAA: This allows eligible businesses to claim a deduction for hiring new employees Standard deduction benefit In 2023, the finance minister announced the new tax regime as …

Tax Income Tax Exemptions Cent Lakh Regime Deduction

1 month, 3 weeks ago

Old Tax Regime Vs New Tax Regime: Which One Offers Better Deductions?

ABP News

The Union Budget 2025 has revamped the new tax regime, exempting individuals earning up to Rs 12 lakh annually from income tax giving a massive relief to taxpayers. The revised tax structure also introduces a 25 per cent tax slab for incomes between Rs 20 lakh and Rs 24 lakh. Revised Tax Slabs Under The New Regime Income up to …

Old Lakh Rs 20 Lakh Tax Regime Rs 12 Lakh Rs 24 Lakh

1 month, 3 weeks ago

Income Tax: 4 key reasons for which you should still opt for the old tax regime

Live Mint

Budget 2025 introduced a number of changes including the new tax slab rates under the new tax regime wherein taxpayers are not supposed to pay any income tax up to ₹12 lakh a year. When you invest in tax-saving instruments: Although the new tax regime offers concessional tax rates, you stand to lose your entitlement to claim most deductions and …

Tax Income Tax Income Old Regime Opt

1 month, 3 weeks ago

Goodbye old tax regime; new regime now more attractive

Live Mint

The budget’s biggest, shiniest takeaway: no tax on income up to ₹12 lakh. First, zero tax up to ₹12 lakh as well as the attractive new tax slabs are only applicable to the new tax regime. For instance, even if your income is above the ₹12 lakh or ₹12.75 lakh rebate limit, you still have the ongoing provision of claiming …

Capital Gains Old Lakh Regime Sitharaman Deduction Rebate

1 month, 3 weeks ago

Middle class jackpot! Who saves the most under the new tax regime?

Hindustan Times

Income Tax Slabs and Rates – FY 2024-25, AY 2025-26: Union finance minister Nirmala Sitharaman, the Budget 2025, announced on Saturday that annual income of up to ₹12 lakh will be exempt from Income Tax under the new regime. “The revamped tax slabs under the new tax regime as introduced by the Finance Bill 2025, aim to provide significant relief …

Finance Tax Budget Income Tax Pay Income Lakh

1 month, 3 weeks ago

Should you choose new tax regime over old? All your questions on income tax answered

Firstpost

Are you left scratching your head about the changes in tax slabs in the new regime announced in Union Budget 2025? In the Rs 4 lakh - to Rs 8 lakh bracket, five per cent income tax will be applied. A tax payer in the new regime with an income of Rs 12 lakh will get a benefit of Rs …

Finance Tax Budget Income Tax Changes Pay Income

1 month, 3 weeks ago

Should you choose new tax regime over old? All your questions on income tax answered

Firstpost

Are you left scratching your head about the changes in tax slabs in the new regime announced in Union Budget 2025? In the Rs 4 lakh - to Rs 8 lakh bracket, five per cent income tax will be applied. A tax payer in the new regime with an income of Rs 12 lakh will get a benefit of Rs …

Finance Budget Income Tax Changes Pay Income Old

1 month, 3 weeks ago

Income tax calculator: Find out which tax regime suits you better — New or Old

Live Mint

Income tax calculator: The new tax regime became a default tax regime in FY 2023, which means taxpayers are meant to pay income tax based on the new regime unless they opt out of it. Tax exemptions There are a range of income tax exemptions which are available only in the old tax regime and not in the new tax …

Tax Income Tax Income Old Regime Tax Regime Calculator

2 months, 1 week ago

90,000 taxpayers withdraw wrongful tax deductions

Live Mint

New Delhi: As many as 90,000 taxpayers including individuals have withdrawn wrongful tax claims and have paid additional taxes following an Income Tax department drive against incorrect tax claims, a person informed about the development said. Incorrect deductions The person quoted above explained that during various search and seizure and survey operations by the tax department, it has come to …

Income Tax Person Tax Claims Incorrect Deductions

2 months, 1 week ago

3 must-know sections under old tax regime to save money

India Today

As the financial year draws to a close, taxpayers opting for the old tax regime must gear up to make the most of the available deductions. Some popular choices include life insurance premiums, Employee Provident Fund contributions, Public Provident Fund, National Savings Certificate, and tax-saving fixed deposits with a 5-year lock-in period. For those aiming to boost their retirement savings, …

Tax Deductions

2 months, 2 weeks ago

Pre-budget outlook: How to make the new tax regime more enticing and simplify compliance

Live Mint

As the budget season approaches, anticipation grows over how the government will balance growth ambitions and fiscal responsibility. A press release issued on 2 August 2024 showed that 72% of taxpayers who filed their returns by 31 July 2024 chose the new tax regime, up from 67 percent in FY23. The new tax regime appeals to those with straightforward finances, …

Income Tax Old Regime Deductions Taxpayers Standard Deduction

2 months, 3 weeks ago

ITR filing: 5 new tax regime features every taxpayer must know

India Today

The revamped income tax slabs introduced in Budget 2024 bring significant relief to taxpayers, enabling savings of up to Rs 17,500 annually under the new tax regime. REVAMPED INCOME TAX SLABS The new tax regime offers simplified and attractive slab rates, with no tax on income up to Rs 3 lakh, 5% for Rs 3–7 lakh, 10% for Rs 7–10 …

Savings Tax Income Lakh Regime

3 months, 1 week ago

Income tax investment declaration: When you change job, this is what you should do

Live Mint

This is the time of the year to submit proof of investment with your employer in order to claim tax exemption. Finally, when he will file his income tax return in July next year, the tax calculation will turn out to be more than the TDS deducted by his employer. Investment declaration: If you have not shared information of investment …

Investment Income Tax Employer Tds Tax Lakh Income Claim Exemption

8 months ago

Old Tax Regime Vs New Tax Regime: Should You Consider Moving To New One Now?

ABP News

Old Tax Regime Vs New Tax Regime: Finance Minister Nirmala Sitharaman made significant adjustments to lower tax rates under the new tax regime in the Union Budget 2024 on Tuesday, signalling an expected transition from the old tax regime. New Income Tax Regime Slabs Up to Rs 3 lakh, the tax is NIL From Rs 3 lakh to Rs 7 …

Tax Income Liability Rate Lakh Rebate Rs 10 Lakh

8 months ago

ITR 2024: Avoid THESE mistakes when filing Income Tax return, otherwise your form may get cancelled

India TV News

ITR filing 2024: The deadline for filing income tax returns is approaching, with the last date to file without late fees for the financial year 2023-24 being July 31, 2024. Avoid THESE mistakes Incomplete or incorrect information: When filing your income tax return, ensure that all information is complete and correct. Discrepancies in income information: Discrepancies in income information can …

Tax Income Filing Return 2024 Avoid Your Return Income Tax Return

9 months, 1 week ago

Budget 2024: Exemption limit under new tax regime may be hiked to Rs 5 lakh, says report

India Today

The government plans to raise the income exempt from tax under the new regime from the current Rs 3 lakh to Rs 5 lakh in the forthcoming full budget, reported moneycontrol.com. Officials also said that the government is unlikely to accept a proposal from industry representatives to lower the top individual income tax rate from 30% to 25% in the …

Income Report Lakh Regime New Tax Regime Lower Tax

1 year ago

Major Income Tax Reforms Effective From April 1: What You Need To Know

ABP News

In the wake of the new fiscal year, April 1, 2024, sweeping changes in the tax landscape herald major implications for personal finances. Streamlined Slabs & Expanded Basic Exemption Limit Under the new tax regime, the minimum tax threshold has been raised from Rs 2.5 lakh to Rs 3 lakh. Increased Tax Rebate Threshold Individuals opting for the new tax …

Tax Lakh Regime

1 year, 3 months ago

How to slash YOUR IRS bill: As tax filing season looms, experts reveal five strategies that can minimize your taxes - and why you might want to make a big purchases now

Daily Mail

Tax season is looming but experts insist there is still time to reduce your bill Tax season may fast be approaching but experts insist there is still time for workers to shave down the size of their bill. Defer your income From next year, IRS tax brackets are set to rise by around 5.4 percent in-line with inflation. Tax season …

Tax Workers Income Capital Gains Next Year Irs Credits

1 year, 8 months ago

Income Tax Department Warns Taxpayers of Penalties for False Refund Claims

Deccan Chronicle

Hyderabad: The income-tax department has appealed to taxpayers to rectify false claims of refund, if any, by filing revised returns for the current assessment year and updated returns for the previous assessment year. Explaining the revised and updated returns, Chief Commissioner Shishir Agarwal said tax payers who had already filed their returns by making false claims of refund could submit …

False Claims Income Tax Cent Refund Returns Tax Department Updated Returns

1 year, 10 months ago

How to file income tax return without Form 16

India Today

The deadline for filing Income Tax Returns for the fiscal year 2022-23 is July 31. When filing your income tax return, it is crucial to ensure that the Form 16 you use is valid and in an acceptable format. If you need to file your income tax return without Form 16, follow these steps: Calculate income from salary: Compile the …

Salary Tax Income Form Itr Tds Income Tax Return

1 year, 11 months ago

Old vs New Income Tax regime: Which one to choose for TDS on salary in FY 2023-24?

Firstpost

At a time when changes introduced in the Income Tax Act 1961 have already come into effect from 1 April 2023, salaried taxpayers might have confusion over selecting between the old and new tax regimes, especially for those who are in the higher income brackets. Employees need to keep in mind that if they do not inform their respective companies …

Salary Income Tax Regime Itr Tds Tax Exemptions Regimes

1 year, 11 months ago

Which income tax regime should salaried employees choose? Details here

Hindustan Times

With the onset of new financial year on April 1, several new income tax laws like the new tax regime being set as the default one to the increase in the tax rebate limits, came into effect. Under the new tax regime, an individual with an annual income of up to ₹ 7 lakh would not be required to pay …

Tax Pay Income Lakh Regime Income Tax Slabs

2 years, 1 month ago

Opt new tax regime if deduction, exemption claims less than Rs 3.75 lakh: Official

India Today

A taxpayer whose deductions and exemption claims are less than Rs 3.75 lakh annually would be advised to opt for the new income tax regime and pay less tax than they gave in the old regime, a senior finance ministry officer said Wednesday. According to the changes proposed in the Budget, no tax would be levied on people with an …

Tax Budget Pay Income Old Cent Lakh

2 years, 6 months ago

3 reasons why your paycheck shrinks after salary hike and how to stop it

Live Mint

Receiving a promotion or raise in salary is always an exciting time as it is not only a recognition of the efforts taken by you in the last year but also reward in the form of additional money which will come henceforth. Therefore as and when you receive a hike it is bound to attract higher tax meaning the tax …

Salary Planning Income Tax Provident Fund Fund Ctc Tax Planning

2 years, 7 months ago

Here's why you need to still file your income tax return after paying TDS

Firstpost

TDS is the tax deducted at source and represents only a part of the income tax that you are liable to pay, if you are above the exemption limits set by the government Tax deducted at source or TDS is one thing all of us have come across while filing our income tax return. TDS is the tax deducted at …

Tax Income Tax Pay Income File Your Income Your Tax Return

2 years, 8 months ago

Income Tax Filing: Why should you file the income tax return even after paying TDS?

Live Mint

As the deadline to file income tax return on July 31 comes closer, tax payers are advised to file their returns on time so that they don’t have to pay any fine for the dues later on. And merely because you have already paid tax deducted at source, it does not mean that you do not need to file an …

Tax Income Tax Income Liability Return Tds Deducted

2 years, 8 months ago

Filing income tax return? Key points to know before submitting ITRs

Hindustan Times

The deadline to submit income tax returns for financial year 2021-22 and assessment year 2022-23 is July 31. Income Tax department While the Income Tax Department provides pre-filled forms to help salaried individuals file their returns without any hassle, taxpayers, too, should keep all the required documents handy, and cross-check each field in the pre-filled forms. The new optional tax …

Tax Taxes Income Regime Form Return Details

2 years, 8 months ago

For taxpayers with two Form 16s, steps to file their ITRs

Hindustan Times

The deadline to file Income Tax returns for the ongoing assessment year 2022-23 is July 31. People with two Form 16s should know they, too, can file their returns and claim all their benefits. Now, from your total salary for the entire financial year, subtract leave travel allowance, house rent allowance, standard deduction, and deductions under Sections 80C, 80G, 80D …

Tax Income Form Itr

2 years, 11 months ago

Don’t wait for January 2023, start your income tax planning right now with this checklist

Live Mint

It's that part of the year where you get an email from your HR department for filing up the Income Tax Declaration in order for the company to decide the quantum of TDS to be deducted throughout the year. It covers following items: Contribution of Public Provident Fund Employee contribution to Employee Provident Fund Payment of Life Insurance Premium Equity …

Salary Income Emi Pan Rent Deduction Employer

3 years, 6 months ago

Tax returns filing this year: What has changed

Live Mint

Every year, there are certain changes that are incorporated in the forms issued for filing income tax returns and the processes involved, which the taxpayer should know about. Say the deadline for filing ITR is 31 July, and a person files ITR on 5 August, interest will be levied at the rate of 1% per month on the tax due. …

Tax Income Interest This Year File Itr Taxpayer

5 years, 1 month ago

Finance ministry expects at least 80% of taxpayers to move to new tax regime, says revenue secretary

Firstpost

Mumbai: The finance ministry expects at least 80 percent of the taxpayers to move to the new income tax regime, Revenue Secretary Ajay Bhushan Pandey said on Friday. The government introduced new tax slabs with reduced rates for an annual income of up to Rs 15 lakh for those foregoing exemptions and deductions under a simplified tax regime. “To provide …

Income Lakh Regime Deductions Taxpayers Tax Pay Reduced Tax

5 years, 1 month ago

How much money you can save? This new e-calculator will answer all questions on new vs old income tax regime

India TV News

How much money you can save? This new e-calculator will answer all questions on new vs old income tax regime The Income Tax department has launched an e-calculator to answer all your queries on the new vs old tax regime. E-calculator to calculate tax as per age groups Taxpayers in three age categories of normal citizen, senior citizen and super …

Income Tax Pti Old Cent User Regime Calculator

5 years, 1 month ago

Thought new tax regime is good for you? Think again

India Today

If you think switching to the new income tax regime will boost your disposable income and help provide a boost to demand, think again. It has been established that the new "simpler" income tax regime offers lower upfront tax labs in lieu of exemptions, which are a major component of the existing income tax structure. According to Finance Minister Nirmala …

India Household Savings Tax Economic Growth Indian Economic

5 years, 1 month ago

Income Tax Return: Settling The Old vs New Tax Regime debate

India TV News

Finance Minister Nirmala Sitharaman announced a new simplified tax regime for personal taxpayers. However, it depends upon person to person which tax rates are beneficial to go ahead with.” Income Tax Slab for New FY 2020-21 New Tax Rate Old Tax Rate Upto Rs 2.5 Lakhs NIL NIL Rs 2.5- Rs 5 Lakhs 5% 5% Rs 5- Rs 7.5 Lakhs …

Tax Income Tax Pay Income Old Rates Lakh

5 years, 1 month ago

While making tax-saving decisions, don’t make these common mistakes

India TV News

By Adhil Shetty, CEO BankBazaar.com As we’re approaching the end of the financial year, many of us are on the hunt for a tax-saving investment plan or insurance policy. This means that in your hurry, you may buy an investment or insurance policy that has poor returns, low liquidity, heavy charges, and low coverage. MIXING LIFE INSURANCE WITH INVESTMENTS Another …

Tax Money Investment Health Insurance Income Money Management Plan

5 years, 10 months ago

How To Update Your Tax Withholding And Avoid A Surprise Tax Bill Next Year

Huff Post

Boris Zhitkov via Getty Images You probably need to update your W-4. That means that even if your overall tax liability decreased last year, you could have ended up owing some money because you didn’t update your W-4. “Generally speaking, the lower the number of allowances, the more tax is withheld from an employee’s paycheck,” said Dane Janas, an enrolled …

Taxes Update Irs Allowances Paycheck Withheld Tax Bill

6 years, 1 month ago

Tax Refund Fiasco Is Political Payback For Republicans

Huff Post

LOADING ERROR LOADING Republicans boasted all last year that their new tax law boosted paychecks and showered bonuses on several million workers. The value of “allowances” that workers can choose on Form W-4 to adjust their withholding has been pegged for years to something called the personal exemption ― which the new tax law eliminated. “It looks like the Trump …

Law Trump Treasury State House Irs Refund

6 years, 2 months ago

9 Tax Deductions That Are Gone In 2018 (And What To Claim Instead)

Huff Post

LOADING ERROR LOADING The Tax Cuts and Jobs Act, which passed in December 2017, involved some of the most sweeping changes to the U.S. tax system in more than 30 years. Unrestricted home equity loan interest deduction Before the new tax law, homeowners could deduct interest paid on a home equity loan or line, or credit of up to $100,000, …

Personal 2018 Credit Taxes Income Interest Taylor

6 years, 8 months ago

Here are some smart tips to save taxes while filing your income tax returns

Hindustan Times

There are a number of deductions a salaried taxpayer can claim while filing their income tax returns. In such a situation, it’s necessary to diligently declare details of all such exemptions and deductions to one’s employee, to avoid suffering any TDS, in excess of one’s final tax liability, says Alok Agrawal, income tax expert and partner, Deloitte India. However, on …

Tax Deduction Deductions Ctc Nps Tax Returns Returns Employees

6 years, 9 months ago

Changing jobs? Check if new salary structure is income tax efficient

Live Mint

When changing jobs, one aspect that usually swings the deal is the salary being offered by the new company. A vast majority of companies do not give flexi benefit options and just fix the benefits for employees,” said Bhavin Turakhia, chief executive officer, Zeta, an enterprise solutions company for payroll-related services. Income tax benefits It makes sense to check how …

Salary Benefits Employees Companies Tax Benefits Survey Employee Employee Tax

6 years, 11 months ago

Income tax returns: Just keep it real

Live Mint

Have you declared lower income to save tax while filing your income tax returns in the past? At the beginning of the tax filing season, the income tax department has issued a cautionary note to all salaried individuals who are eligible for ITR filing. The move comes immediately after the tax department issued revised ITR form where you now have …

Tax Income Department Itr Tax Returns

9 years, 8 months ago

Filing income tax returns? Make sure you don't make these silly mistakes

Firstpost

Filing your income tax returns was once a cumbersome task. 1) Getting numbers wrong: The amount of number you have to fill in an Income Tax Returns form is mind boggling. Tax payers often make silly mistakes while putting the IFS code of their bank branch. Make sure that you send the physical copy of IRT-V acknowledgement to CPCBanglore income …

Bank Income Filing Itr Sure Tax Returns Income Tax Returns

Filing Your Tax Returns? Here’s What NOT To Do

Discover Related