ITR filing: Maximise tax savings for FY 2024-25. Check investment options
6 days, 23 hours ago

ITR filing: Maximise tax savings for FY 2024-25. Check investment options

India Today  

As the calendar year 2025 begins, there are only three months left in the financial year 2024-25, which ends on March 31. For taxpayers looking to maximise their savings, now is the crucial time to make investments that will help claim tax exemptions for the fiscal year. KEY INVESTMENT OPTIONS FOR TAX EXEMPTION IN FY 2024-25 To claim tax exemptions for FY 2024-25, the investments must be made in this current financial year, which concludes on March 31, 2025. Section 80CCC : Contributions to life insurance-based pension plans also qualify for tax deductions under this section. DON’T MISS OUT ON POTENTIAL SAVINGS While the new tax regime offers fewer exemptions, certain contributions, like those to the Agniveer Corpus Fund, are still eligible for deduction.

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ITR filing: Submit these investment proofs to claim deductions and save on TDS
2 days, 7 hours ago

ITR filing: Submit these investment proofs to claim deductions and save on TDS

India Today  

With the financial year-end approaching, employers are reminding salaried employees to submit investment and expenditure proofs to claim tax-saving benefits. Employees opting for the old tax regime must submit proof of eligible investments and expenses to claim deductions and exemptions. KEY DEDUCTIONS UNDER THE OLD TAX REGIME HRA exemption: Submit rent receipts and agreements. Section 80C deductions: Investments like PPF, …

ITR filing: 5 new tax regime features every taxpayer must know
3 days, 7 hours 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 …

Filing ITR: Last 90 days to claim tax exemption via investments for fiscal year 2025. Check details here
Trending News
1 week ago

Filing ITR: Last 90 days to claim tax exemption via investments for fiscal year 2025. Check details here

Live Mint  

The calendar year 2025 has begun and the financial year 2025 is set to end in three months. To claim the exemption in 2024-25 for which you will file the income tax return before July 31, investment must be made in the financial year which will end on March 31, 2025. Tax saving under 80C: Taxpayers can invest in a …

Top Tax-Saving Instruments To Maximize Your Returns In 2025
Trending News
1 week, 1 day ago

Top Tax-Saving Instruments To Maximize Your Returns In 2025

ABP News  

Planning and strategising your taxes is one of the most critical aspects of your financial management. These policies allow you to claim deductions of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. Public Provident Fund The Public Provident Fund is one of the most popular tax-saving options under Section 80C for income tax benefits. Fixed …

10 income tax changes in 2024: What you need to know for filing ITR in 2025
1 week, 6 days ago

10 income tax changes in 2024: What you need to know for filing ITR in 2025

India Today  

The year 2024 brought significant changes to income tax laws, altering how taxpayers will approach filing their Income Tax Returns in 2025. These reforms—ranging from revamped tax slabs to new rules for capital gains and TDS—promise to impact how you plan, save, and file your Income Tax Return in 2025. REVISED INCOME TAX SLABS UNDER THE NEW REGIME The new …

ITR Filing for FY 2024-25: Before you make investment declaration, be aware of these 5 key points
2 weeks, 1 day 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 …

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?
6 months, 3 weeks 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
8 months 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 …

ITR filing: Senior citizens, claim these exemptions and deductions by July 31
1 year, 6 months ago

ITR filing: Senior citizens, claim these exemptions and deductions by July 31

Hindustan Times  

The deadline to file income tax returns for the financial year 2022-23 is July 21. Senior citizens, however, get several tax benefits under the Income Tax Act, 1961. Exemption limit for senior citizens Under the old regime, the exemption limit is ₹3 lakh for seniors, and ₹5 lakh for ‘super seniors’. In the new regime, however, both senior and ‘super …

Looking For Last-Minute Income Tax Saving Options? Here's What You Can Consider
1 year, 9 months ago

Looking For Last-Minute Income Tax Saving Options? Here's What You Can Consider

ABP News  

A lot of taxpayers around this time of the year scramble to make tax-saving investments. You also need to consider investments and expenses such as employees' provident fund, life insurance premium, tuition fees, home loan, etc which can be claimed as a deduction of up to Rs1.5 lakh under Section 80C. If a taxpayer below the age of 60 years …

How to get maximum tax benefits in FY 22-23 by investing in insurance: Tips
1 year, 11 months ago

How to get maximum tax benefits in FY 22-23 by investing in insurance: Tips

India TV News  

Every financial year, retail investors look for newer options for tax savings. BUDGET 2023: FULL COVERAGE Payment of premium towards life insurance plans provides a policyholder with life cover, as well as certain tax benefits. Any resident or non-resident individual can claim a tax benefit for life insurance premium paid under Section 80C, up to Rs 1.50 lakh every year. …

ITR: Have a Savings Account? You Can Claim up to Rs 10,000 Tax Deduction; Section 80TTA Explained
2 years, 5 months ago

ITR: Have a Savings Account? You Can Claim up to Rs 10,000 Tax Deduction; Section 80TTA Explained

News 18  

The last date of filing income tax return for the assessment year 2022-23 or the financial year 2021-22 is July 31, 2022. Let’s take a look at how it works Section 80TTA Deduction Explained Section 80TTA of the Income Tax Act, 1961, allows taxpayers to claim a deduction for the interest earned from savings account. It must be noted that …

ITR Due Date AY22-23: Deadline Remains July 31; Govt Not Considering Extending It
2 years, 5 months ago

ITR Due Date AY22-23: Deadline Remains July 31; Govt Not Considering Extending It

News 18  

Revenue Secretary Tarun Bajaj on Friday said the government is not considering extending the July 31 deadline for filing the income tax return. So, for now, individuals who do not need to get their income accounts audited must file ITR for the assessment year 2022-23 by July 31. Over 2.3 crore income tax returns were filed till July 20 for …

Income Tax Return filing | Last date, details on new forms & complete checklist
2 years, 6 months ago

Income Tax Return filing | Last date, details on new forms & complete checklist

Hindustan Times  

Income Tax return filing for Assessment Year 2022/23 is now available on the government's e-filing portal. As per Income Tax Act provisions, the last date to file ITR for AY 2022/23 is July 31, 2022. Representative image ITR filing for AY 2022/23 | What's new and how to file income tax returns: New forms: The income tax department has notified …

10 Best Income Tax saving schemes and plans in 2022
2 years, 9 months ago

10 Best Income Tax saving schemes and plans in 2022

India Today  

A taxpayer can shorten his burden by investing his amount in various tax-saving schemes that are offered by the government as well as private organisations. The scheme comes under Section 80C of the Income Tax Act, 1961 with a tax benefit of up to Rs 1.5 lakh made under the scheme. TAX SAVING FD: The tax saving FD permits investment …

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 …

ITR FY 2019-20: These People Should File Income Tax Return Before January 10, 2021
4 years 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 Return Filing Deadline Extended till Dec 31 - Check These 5 FAQs About ITR For FY2019-20
4 years, 2 months ago

Income Tax Return Filing Deadline Extended till Dec 31 - Check These 5 FAQs About ITR For FY2019-20

ABP News  

Why You Need A PPF Account? Know The Benefits And How You Can Open Account Online In a move to ease down the financial burden due to the ongoing Coronavirus pandemic, the government recently extended the deadline to file income tax return by “Individual Taxpayers” till December 31, 2020, and January 31, 2021 for those whose accounts need to be …

7 changes in income tax rules you need to know
4 years, 6 months ago

7 changes in income tax rules you need to know

Live Mint  

Giving relief to taxpayers amid the spread of Covid-19, the income tax department has relaxed various deadlines -- from income tax return filing to making tax saving investments -- for the second time. Changes in income tax rules explained in 7 points 1) The last date for filing belated or revised ITR for FY 2018-19 was March 31 but it …

Tax-saving investments for FY2019-20 allowed till July 31
4 years, 6 months ago

Tax-saving investments for FY2019-20 allowed till July 31

Live Mint  

Good news for taxpayers! The Central government today announced that the taxpayers have time till July 31 to complete their tax-saving exercise for FY2019-20. In the wake of coronavirus outbreak in the country, the Central Board of Direct Taxes today extended time limit for making various investments and claiming deductions. "The date for making various investment/ payment for claiming deduction …

Income tax department issues new ITR forms. What has changed this year?
4 years, 7 months ago

Income tax department issues new ITR forms. What has changed this year?

Live Mint  

Bringing in some key changes in the income tax return forms, the income tax department has now released ITR forms for financial year 2019-20. The income tax department had earlier withdrawn ITR form 1 and ITR form 4 to incorporate changes made in income tax rules in the wake of the Covid pandemic. Changes in ITR forms for FY 2019-20 …

Income tax return filing for FY 2018-19 begins; ITR-1, 4 forms available for download
5 years, 9 months ago

Income tax return filing for FY 2018-19 begins; ITR-1, 4 forms available for download

Live Mint  

You can now start filing your income tax returns for the last financial year 2018-19 with the Income Tax department issuing ITR forms 1 and 4 from today. ITR-1 and ITR-4 forms can be downloaded from the income tax e-filing website and also used for filing your tax returns online. HUFs and firms having total income of upto ₹50 lakh …

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