ITR filing 2025: The NDA government 3.0 introduced a major income tax relief for the salaried class in the Union Budget 2025. Union Minister for Finance and Corporate Affairs Nirmala Sitharaman announced that individuals will not have to pay any income tax on total earnings up to Rs 12 lakh. This translates to an average monthly … Read more
Income tax returns: In the Budget 2025, middle-class taxpayers have received some relief. Under the new tax regime announced by Finance Minister Nirmala Sitharaman, individuals earning up to Rs 12 lakh annually will no longer be required to pay any income tax. The exemption limit has been raised, and tax slabs have been adjusted to provide … Read more
The Income Tax department periodically updates tax return forms to gather additional information from taxpayers. In December 2023, ITR forms 1 and 4 were revised for Assessment Year 2024-25 to align with changes introduced by the Finance Act 2023 amendments. These modifications and reporting requirements were implemented by the Central Board of Direct Taxes (CBDT). … Read more
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
ITR filing AY 2024-25: The Income Tax department time to time introduces changes in tax return forms seeking some additional details from taxpayers. Like in December 2023, the Income Tax department tweaked ITR forms 1 and 4 notified for Assessment Year 2024-25. The Central Board of Direct Taxes (CBDT) has introduced many additional reporting requirements and … Read more
Income Tax 2024-25: During the Union Budget proceedings for fiscal year 2023-24, Finance Minister Nirmala Sitharaman declared that the new tax structure will be established as the default regime. This updated approach to taxation was initially implemented in 2020. The present rules stipulate that should taxpayers neglect to declare their preference with their employer, deductions … Read more