deductions

I-T department warns against false claims during ITR filing. Know penalties of late filing, underreporting

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I-T department warns against false claims during ITR filing. Know penalties of late filing, underreporting

Ahead of the tax return filing deadline later this month, the Income Tax Department has recently issued a strong advisory to taxpayers, warning against the submission of income tax returns (ITRs) with inaccurate claims for exemptions and deductions. CAclubindia reported that authorities highlighted the severe consequences associated with such actions, including hefty fines and potential … Read more

Income Tax: Comprehensive guide to claiming deduction for individuals – Section 80C and beyond

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Income Tax: Comprehensive guide to claiming deduction for individuals – Section 80C and beyond

As tax costs are eating into the earnings of every household, there is always a search to reduce the tax incidence within the four corners of the law.  The Income-tax Act (‘the Act’) provides certain deductions from taxable income, the policies for which are based upon larger socio-economic parameters.  With the new tax regime seeking … Read more

Save 100% tax: Here is how you can pay zero tax on annual salary up to Rs 15 lakh

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Save 100% tax: Here is how you can pay zero tax on annual salary up to Rs 15 lakh

The common perception is that individuals earning up to Rs 15 lakh annually cannot completely save on taxes. However, if planned wisely, one can pay zero tax even with a yearly income of Rs 15 lakh. In this article, we look at how to achieve that. Firstly, by utilising the basic exemption limit offered by … Read more

‘No new change coming in’: Finance ministry clears confusion over new tax regime in 6-point note

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‘No new change coming in’: Finance ministry clears confusion over new tax regime in 6-point note

The Union Budget’s income tax proposals come into effect from today. The finance ministry on Monday in a post in X cleared the confusion over the new tax regime, which has low rates but fewer exemptions and deductions.  Here’s what it wrote: It has come to notice that misleading information related to new tax regime … Read more

Interim Budget 2024: Will FM Sitharaman extend NPS benefits to new tax regime? Here's what we know

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Interim Budget 2024: Will FM Sitharaman extend NPS benefits to new tax regime? Here's what we know

National Pension System 2024: The Centre may extend the benefits of the National Pension System (NPS) to the new tax regime, a report said on Wednesday. It is to be noted that the New Tax Regime doesn’t have most tax exemptions valid under the Old Tax Regime.  CNBC Awaaz reported that the government may make … Read more

Tax Calendar 2024: Crucial income tax-related target dates in January, February and March

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Tax Calendar 2024: Crucial income tax-related target dates in January, February and March

Income Tax Calendar 2024: The new year has started and the Income Tax department has already shared the tax calendar for this year. It is crucial to note the income tax-related deadlines to avoid paying fines and penalties. Usually, the last date to file the Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) without … Read more