In a move aimed at improving the efficiency of its processes, the Employees’ Provident Fund Organisation (EPFO) has introduced two significant changes to its claim settlement procedure. These changes are designed to enhance the ease of living for EPF members and facilitate smoother operations for employers. Uploading images of cheques The first measure eliminates the … Read more
The Income Tax Department has issued a reminder that the final installment of advance tax for the financial year 2024-25 must be settled by March 15, 2025. This means that only three days, including today, remain until the payment is completed. It is mandatory to settle all outstanding advance tax obligations by the specified date. … Read more
From April 1, 2025, the new income tax return filing season will start for AY2025 -26. For salaried taxpayers, their employer will provide a Form 16 containing all income tax details for the fiscal year 2024-25 (or assessment year 2025-26). Form 16 is a crucial document for salaried employees in India, particularly as the income … Read more
Advance tax refers to the income tax that is required to be paid in advance throughout the year, in instalments according to the designated due dates by the income tax department. It is commonly referred to as the ‘pay as you earn’ tax, and is expected to be settled in the same year in which … Read more
Shares of Vedanta continued their upward momentum on Friday, surging by 3% to reach Rs 515.8, following the announcement of the company’s upcoming board meeting to discuss the fourth interim dividend for the financial year 2024-25. The gains were also supported by positive sentiments in the overall metal sector after China pledged fiscal policy measures … Read more
Union Budget income taxes: In the first Budget of the Modi 3.0 government, Finance Minister Nirmala Sitharaman introduced many important changes to income taxes. The most prominent was the tweaking of tax slabs and increase in Standard Deduction limit under the New Tax Regime. However, she didn’t introduce any change in the Old Tax Regime. … Read more
Union Budget: Union Finance Minister Nirmala Sitharaman will be reading out her full Budget statement for the FY2024-25 on July 23. Every section, including corporate entities and individual taxpayers, is eagerly awaiting potential announcements that have the potential to significantly impact their financial situations. Senior citizens especially have been waiting for some tax relief. According … Read more
An income tax return is a summarised document that contains information about a taxpayer’s earnings over the course of a fiscal year. If an individual misses filing income tax return that he or she will have to pay penalty. The Income Tax department has distinct tax rates for different income brackets. Additionally, the I-T department … Read more