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4 days, 13 hours ago

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

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, …

Tax Investment Regime Submit Itr Claim Deductions

5 days, 13 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 …

Savings Tax Income Lakh Regime

Missed income tax section 87A rebate? Here's your chance to claim it for FY 2023-24

India Today

The Income Tax Department has introduced significant relief for taxpayers eligible for the Section 87A rebate for FY 2023-24 who were previously unable to claim it. Announced late on December 31, 2024, via the ITR e-filing portal, the department confirmed that eligible taxpayers would soon be able to file revised or belated ITRs through the ITR filing utility or online …

Tax Itr Rebate Eligible Taxpayers Section 87A Eligible Taxpayers

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 …

Tax Saving Claim Exemption Tax Exemption

1 week, 4 days ago

Income tax rule: Ten key changes in 2024 that will impact your ITR filing in 2025

Live Mint

Income tax rule: As 2024 ends, it's clear that India's financial sector has experienced significant income tax reforms. 1)New regime income tax slabs changed under the new tax regime The new tax regime's revised slabs offer taxpayers potential annual savings of ₹17,500. New regime income tax slab rates Up to ₹3 lakh - Nil ₹3-7 lakh - 5% ₹7-10 lakh …

Tax Income 2024 Rate Lakh Regime Gains

2 weeks ago

Income tax budget on ITR filing: Will FM Nirmala Sitharaman announce tax relief for taxpayers earning up to ₹15 lakh?

Live Mint

Every year, India’s salaried class eagerly awaits relief in income tax. New income tax regime Individuals earning up to ₹3 lakh annually are exempt from income tax under the new tax regime that was implemented in 2020. Slabs Tax rate Upto ₹ 3 lakh Nil ₹ 3-7 lakh 5% ₹ 7-10 lakh 10% ₹ 10-12 lakh 15% ₹ 12-15 lakh …

India Tax Budget Income Tax Income Rate Nil

2 weeks, 1 day 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 …

Tax Changes Income Capital Gains 2024 Regime Itr

2 weeks, 3 days ago

ITR filing: How the new tax regime impacts your taxes – 6 key things to know

Live Mint

Taxpayers are required to pay their income tax as per the New Tax Regime from FY 2023-24 onwards after it became the default regime. Notably, the new tax regime enables you to compute income tax at a relatively lower slab rate, but in return, you must forgo most of the exemptions that are offered against your investments. For instance, under …

Income Tax Regime Form Opt Taxpayers New Tax Regime Old Tax

2 weeks, 4 days 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 Regime Your Employer Employer Investment Declaration

1 month ago

Karnataka women are filing more income tax returns than ever, with 26% rise: Report

Hindustan Times

Karnataka has seen a significant rise in women filing income tax returns, with numbers climbing from 11.3 lakh in 2019-20 to 14.3 lakh in the assessment year 2023-24. Women now account for about a third of all ITR filers in the state, up from 29 per cent in 2019-20, suggesting their participation is outpacing overall growth trends. Despite economic disruptions …

Growth Bengaluru Karnataka Women Economic State Report

1 month, 3 weeks ago

ITR Filing: Income tax department shortens time limit for condonation of delay – What it means for taxpayers

Live Mint

The Income Tax Department has recently made important changes in its refund claim procedures which have led to the reduction of the period when taxpayers could claim old income tax refunds. The onus has shifted now to the taxpayers to keep all the required documents amidst the transactions in future and submit them before the tax authorities at the prescribed …

Income Claims Delay Five Years Submit Filing Itr

1 month, 3 weeks ago

Tax regime shift: Is filing ITR under old regime still valid after default new regime?

Live Mint

I’m working with the Indian Army. Until last year, we received Form 16 under the old tax regime, which included all allowances such as house rent allowance, travel, uniform, etc. However, from AY 2024-25, we are receiving Form 16 under the default new tax regime, which does not mention non-taxable allowances. I have filed my ITR under the old tax …

Tax Ntr Regime Itr Return Deductions Default

5 months, 1 week ago

Last-minute ITR filers face glitches galore on income tax portal: ‘Infosys got ₹4,200 crore for this?’

Hindustan Times

As the deadline for filing income tax returns ends on Wednesday, July 31, many last-minute filers encountered technical glitches on the income tax portal. Many taxpayers tagged software giant Infosys that has developed the income tax portal. I respectfully request that you initiate portal improvements starting tomorrow and ensure a seamless and efficient experience for taxpayers in the next year,” …

Tax Income Itr Infosys Income Tax Portal Portal Glitches

5 months, 2 weeks ago

Income Tax dept warns ITR filers of stern action in case of bogus TDS claim | Check last date

India TV News

The Income Tax Department on Sunday asked income tax return filers to refrain from making bogus claims for expenses, under-reporting their earnings or exaggerating deductions calling it a punishable offence that causes a delay in issuance of refunds. For individuals with net taxable income of more than Rs 5 lakh for the financial year 2023-24, filing a belated return may …

Tax Income Filed Filing Itr Claim

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 …

Income Tax Lakh Regime Itr

6 months, 3 weeks ago

ITR Filing: Income tax slab rates and deductions for old and new tax regimes

Hindustan Times

With the Income Tax filing deadline coming up on July 31, 2024, one should be aware that there are two types of tax regimes: The old tax regime and new tax regime with different slab rates. Representational The Government implemented the new tax regime as an optional alternative to the old tax system from the financial year 2020-21. New tax …

Tax Income Old Regime Itr 15 Lakh

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 …

Tax Income Itr Claim Paid Rent Deductions

9 months, 1 week ago

I-T Rules For Salaried Individuals: Here's How You Can Manage Your Finances In FY25

ABP News

As the new financial year 2024-25 sets in on April 1, 2024, salaried individuals are needed to stay informed of key income tax regulations to manage their finances effectively. Selection of Tax Regime Salaried employees must make a pivotal decision between the old and new tax regimes for TDS on salary. Currently, under the new regime, income up to Rs …

Income Old Filing Itr Salaried Individuals Tax Regime

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 …

Benefits Tax Senior Citizens Citizens Senior Itr Section 80D

1 year, 8 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

2 years, 5 months ago

ITR: Which form should individuals use to file their returns? Details here

Hindustan Times

Only four days are left for citizens to file their income tax returns as the Union government has already hinted it will not extend the due date beyond the existing deadline, i.e. ITR 2: This is only for individuals or Hindu Undivided Family who fulfil the following conditions: income more than ₹50 lakh; income generated from one among pension/salary, house …

Income Tax Form Individuals Individual Returns This Form Read Itr

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 …

India Savings Tax Income Interest Account Itr

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 …

Pti Old Lakh Regime Bajaj Tax Returns File Itr

2 years, 5 months ago

Income Tax Slab AY 22-23: Old or New, Which Tax Regime Should you Choose for ITR FY22?

News 18

Individuals who do not need to audit their income accounts, must file income tax return or ITR for the assessment year 2022-23 by July 31, 2022. At present, there are two income tax regimes available for taxpayers — old income tax regime, new or concessional income tax regime. Income tax slabs under old income tax regime vs new income tax …

Income Tax Cent Lakh Regime Deductions Rs 10 Lakh Hra

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Articles for Itr, search results for old

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

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

Missed income tax section 87A rebate? Here's your chance to claim it for FY 2023-24

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

Income tax rule: Ten key changes in 2024 that will impact your ITR filing in 2025

Income tax budget on ITR filing: Will FM Nirmala Sitharaman announce tax relief for taxpayers earning up to ₹15 lakh?

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

ITR filing: How the new tax regime impacts your taxes – 6 key things to know

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

Karnataka women are filing more income tax returns than ever, with 26% rise: Report

ITR Filing: Income tax department shortens time limit for condonation of delay – What it means for taxpayers

Tax regime shift: Is filing ITR under old regime still valid after default new regime?

Last-minute ITR filers face glitches galore on income tax portal: ‘Infosys got ₹4,200 crore for this?’

Income Tax dept warns ITR filers of stern action in case of bogus TDS claim | Check last date

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

ITR Filing: Income tax slab rates and deductions for old and new tax regimes

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

I-T Rules For Salaried Individuals: Here's How You Can Manage Your Finances In FY25

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

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

ITR: Which form should individuals use to file their returns? Details here

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

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

Income Tax Slab AY 22-23: Old or New, Which Tax Regime Should you Choose for ITR FY22?