ITR Filing for FY 2024-25: Before you make investment declaration, be aware of these 5 key points
20 hours, 21 minutes ago

ITR Filing for FY 2024-25: Before you make investment declaration, be aware of these 5 key points

Live Mint  

If you have invested in tax-saving instruments during the year, it is imperative that you submit the proof of investment to your employer in order to claim deduction for those investments. For instance, if you invest up to ₹1.5 lakh in certain instruments such as PPF, NSC, ULIP, you become entitled to income tax exemption under section 80C of Income Tax Act. “It is not unusual that at the time of filing of their tax return in July, some salaried taxpayers realise that they claimed income tax exemption on two separate occasions – each time with a different employer,” says CA Chirag Chauhan, a Mumbai-based chartered accountant. Failure to submit investment proofs: To understand the chronology, one must first declare the investments to the employer that one intends to make during the year. And towards the end of the year, one must submit the proof of your investment, failing which your employer will deduct TDS including on the income that you have already invested.

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History of this topic

Budget 2024: Time to opt out of old tax regime? Explained
5 months ago

Budget 2024: Time to opt out of old tax regime? Explained

Hindustan Times  

The message from Budget 2024 was loud and clear: say goodbye to the old income tax regime. Union finance minister Nirmala Sitharaman proposed three key changes in the new tax regime, while the old one was left untouched. If your deductions and exemptions exceed the break-even amount, go for the old tax regime, otherwise the new tax regime will be …

Budget 2024: Taxpayers, you can expect these 6 income tax benefits on July 23
5 months ago

Budget 2024: Taxpayers, you can expect these 6 income tax benefits on July 23

Hindustan Times  

Finance minister Nirmala Sitharaman is set to present the Union Budget on July 23. Taxpayers are expecting a potential hike in standard deduction, relief in income tax rates and an increase in Section 80C exemptions in the Budget. Experts believe that adjustments to income tax slab rates could be seen in the Budget as the Finance Minister might announce tax …

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?
6 months ago

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?

Hindustan Times  

If your gross taxable income exceeds basic exemption limit, it is mandatory for you to file an income tax return. But this does not mean you have to pay income tax as there is a tax rebate under section 87A of the Income tax Act, 1961 owing to which you are eligible if your net taxable income does not exceed …

ITR Filing AY 2024-25: Boost Your Tax Refund By Claiming THESE 5 Lesser-Known Deductions
7 months, 2 weeks ago

ITR Filing AY 2024-25: Boost Your Tax Refund By Claiming THESE 5 Lesser-Known Deductions

News 18  

Tax Deductions You Can Claim To Save On Your Taxes? Here are a few deductions that may not be popular, but could offer potential tax savings: National Pension Scheme: Contribution to NPS Tier 1 account is eligible for an additional deduction of Rs 50,000 under section 80CCD. Medical expenditure incurred for senior citizen parents: While many taxpayers are familiar with …

New Tax regime rules to come into effect from today: Check deductions, rebates, changes in tax slab
8 months, 3 weeks ago

New Tax regime rules to come into effect from today: Check deductions, rebates, changes in tax slab

India TV News  

As the new financial year begins on April 1, there will be changes to India's income tax regulations. The Centre will implement the New Tax Regime as the default setting, which implies that unless individuals manually choose to abide by the old tax structure, taxes will be automatically assessed and applied according to this new system. The tax slabs will …

Maximise Your Savings: Top 7 Tax-Saving Tips As FY2023-24 Draws To A Close
8 months, 3 weeks ago

Maximise Your Savings: Top 7 Tax-Saving Tips As FY2023-24 Draws To A Close

ABP News  

With the financial year ending on March 31, taxpayers are gearing up to optimise their tax-saving strategies for the upcoming year. Here are some vital tips to navigate through the tax-saving landscape: Invest in Tax Saving Options To capitalise on tax deductions provided under Section 80C of the Income Tax Act, individuals can explore avenues such as the Employee Provident …

Income Tax: Submit investment proof soon to prevent TDS from eating into your salary
11 months, 1 week ago

Income Tax: Submit investment proof soon to prevent TDS from eating into your salary

Live Mint  

If you have already made investment in some of the tax-saving instruments such as insurance, PPF and NPS, among others, it is imperative that you submit the proof of your investment at the earliest so that your employer does not deduct more tax than required. But when you didn’t submit the documents, the tax towards this income of ₹1.5 lakh …

Everything To Know About the New Income Tax Regime 2023
1 year, 10 months ago

Everything To Know About the New Income Tax Regime 2023

Hindustan Times  

The new income tax regime 2023 is upon us and taxpayers need to be prepared for the changes ahead. This blog will cover everything you need to know about the new income tax regime, from understanding the different tax brackets to using an income tax calculator to ensure you’re paying the right amount. Using an Income Tax Calculator In order …

Budget 2023 | Those earning up to ₹7 lakh a year need not pay income tax
1 year, 10 months ago

Budget 2023 | Those earning up to ₹7 lakh a year need not pay income tax

The Hindu  

Finance Minister Nirmala Sitharaman on Wednesday announced that those earning up to ₹7 lakh a year need not pay any income tax under the new tax regime, giving a push for the regime which disallows all exemptions on investments. Those earning up to ₹7 lakh annually and opting for new tax regime, could save ₹33,800. “It is proposed to increase …

Budget 2023 new income tax slabs: How to calculate your tax
1 year, 10 months ago

Budget 2023 new income tax slabs: How to calculate your tax

Hindustan Times  

In a big relief for the middle class, finance minister Nirmala Sitharaman on Wednesday announced five income tax measures in the last full budget of the government before the 2024 Lok Sabha elections. People earning up to ₹7 lakh annually will not pay any income tax in the new tax regime as the personal income tax rebate limit has been …

Income tax return: Eligibility, important documents for filing ITR-1 form
2 years, 5 months ago

Income tax return: Eligibility, important documents for filing ITR-1 form

Live Mint  

Income tax return: The due date for income tax return filing for FY 2021-22 and the Assessment Year or AY 2022-23 is 31st July 2022. As, majority of the earning individuals file ITR-1 form, it is very important for the taxpayer to know the important documents that one must have in hand during its ITR filing. On who can file …

New Income Tax Rules from April 1: Cryptocurrency Tax, PF, Revised ITR Form, Key Changes
2 years, 8 months ago

New Income Tax Rules from April 1: Cryptocurrency Tax, PF, Revised ITR Form, Key Changes

News 18  

Even as the new financial year is starting from Friday, so are the new income tax and other rules. Updated ITR on Payment of Additional Tax In the Budget Speech, Sitharaman also announced to allow taxpayers to correct any discrepancy or omissions in their income tax returns within two years of filing these, from April 1. No ITR Needed for …

PF, ULIP, Fixed Deposits: Top Tax-Saving Investment Options Decoded for You
2 years, 11 months ago

PF, ULIP, Fixed Deposits: Top Tax-Saving Investment Options Decoded for You

News 18  

Tax Saving Schemes: Saving taxes is one of the major interest for taxpayers across the world, as much of an individual’s earnings are spent on clearing duties and excises. Section 80C of Income Tax Act The Section 80C of the Income Tax Act is one of the most popular options to save taxes for individuals and HUFs in India. Here …

ITR filing for financial year 2020-21
3 years, 1 month ago

ITR filing for financial year 2020-21

India Today  

The Income Tax Return is an annual ritual for the citizens of India and the other taxpayers of the country. The majority of taxpayers must have filed an Income Tax Return whereas a certain ratio of them is yet to file the returns. The deadline to file an income tax return for FY 2020-2021 is for three months to December …

ITR filing for FY 2020-21: Documents required to file your Income Tax Return
3 years, 2 months ago

ITR filing for FY 2020-21: Documents required to file your Income Tax Return

India Today  

The government has extended the deadline to file an income tax return for the assessment year 2021-22 to January 31, 2021. The procedure of filing an Income Tax Return varies as per the income earned per year and income source like salary, business profit, investment profit, and so on. Check here the details of the documents needed for filing Income …

Income tax filing for AY2021-22: Things you should remember to do
3 years, 4 months ago

Income tax filing for AY2021-22: Things you should remember to do

Live Mint  

While filing ITR there are too many things that one needs to get in order - investment proofs, Form 16, TDS certificates etc. Here is the list of things a taxpayer should be mindful of while filing ITR: Choosing the right assessment year Taxpayers often get confused about the assessment year relevant to a financial year and as a result …

5 new income tax rules that will come into effect from 1 April
3 years, 9 months ago

5 new income tax rules that will come into effect from 1 April

Live Mint  

Union Finance Minister Nirmala Sitharaman presenting Union Budget 2021 had announced a slew of changes in the income tax rules. Let's take a look at 5 income tax changes that will come into effect from 1 April: 1) PF tax rules: Interest on annual employee contributions to provident fund over ₹2.5 lakh would be taxed from 1 April 2021. 2) …

ITR FY 2019-20: These People Should File Income Tax Return Before January 10, 2021
3 years, 11 months ago

ITR FY 2019-20: These People Should File Income Tax Return Before January 10, 2021

News 18  

Some people think that they do not need to file an income tax return, if they don’t fall in the tax bracket. As the deadline for filing ITR is approaching closer, here are criteria which require you to do so: · Those who have spent Rs 2 lakh or more on foreign travel of self or any other person in …

Income Tax Returns: Over 4.15 crore ITRs for fiscal 2019-20 filed till Dec 26
3 years, 11 months ago

Income Tax Returns: Over 4.15 crore ITRs for fiscal 2019-20 filed till Dec 26

India TV News  

Over 4.15 crore taxpayers have already filed their income tax returns for assessment year 2020-21 till December 26, the Income Tax Department said on Sunday. As the deadline to file ITR by individuals nears, the tax department also urged people to file their ITR for assessment year 2020-21 early to avoid last minute rush. "More than 4.15 crore Income Tax …

Centre gives more time for income tax filings, investments for FY20
4 years, 6 months ago

Centre gives more time for income tax filings, investments for FY20

Live Mint  

New Delhi: The government on Wednesday gave extra time for individuals and businesses to meet various compliance requirements including for filing tax returns amid signs that the coronavirus pandemic will take time to subside. The finance ministry notified fresh due date for filing tax returns for FY19 and gave more time for making investments to claim tax deductions for FY20 …

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