ITR FY2024: What tax regime suits senior citizens who get pension benefits under NPS

ITR FY2024: What tax regime suits senior citizens who get pension benefits under NPS

ITR for senior citizens: The time to file Income Tax Returns (ITR) started for many in April 2024 who do not depend on their employers for their Form 16. Filing income tax returns is quite challenging for many, particularly senior citizens, who may encounter difficulties due to prevalent misconceptions. One prevalent misunderstanding is the belief … Read more

ITR 2024: What can you do if your Form 16 and Form 26AS details don’t match? Note 5 quick steps

ITR 2024: What can you do if your Form 16 and Form 26AS details don’t match? Note 5 quick steps

ITR Filing FY2024: The Income Tax filing is just a month away and most salaried taxpayers have got into action after getting their Form 16 last week. Employers deducting tax under Sections 192-195 must provide employees with a certificate detailing tax deduction, applicable rate, deducted amount, and other relevant information. This certificate, commonly referred to as … Read more

Income tax returns for FY 2023-24: Keep these 8 tax law changes in mind while filing ITR this year

Income tax returns for FY 2023-24: Keep these 8 tax law changes in mind while filing ITR this year

Each year, the government introduces changes to improve compliance, simplify processes, or address economic shifts. Staying informed of these modifications is crucial to ensure accurate tax filings and leverage any potential benefits. Vikas Dahiya, Director of ALL India ITR, says, “While the core filing process might seem familiar, even minor adjustments in regulations can significantly … Read more

ITR Filing 2024: Know who can and cannot file income tax returns using ITR-1 this year

ITR Filing 2024: Know who can and cannot file income tax returns using ITR-1 this year

The tax filing season is upon us. Before you file your return, make sure to pick the right form. Using the wrong form means your return will be marked as defective. For most salaried people, the basic form is ITR-1. This form is for individuals with a total income up to Rs 50 lakh from … Read more

The Form 16 conundrum: How do I file my income tax returns if I have switched jobs?

The Form 16 conundrum: How do I file my income tax returns if I have switched jobs?

As tax season approaches, Form 16 becomes an indispensable tool for the salaried, ensuring they have all the necessary details for tax filing. A certificate issued under Section 203 of the Income tax Act for tax deducted at source (TDS) from salary income, employers and firms issue Form 16 after deducting tax from an employee’s salary … Read more

Income tax returns: 3 important things to keep in mind for maximizing your tax savings

Income tax returns: 3 important things to keep in mind for maximizing your tax savings

Fiscal year 2024-25 has just commenced and most employees would now be required to submit their tax declarations on employer payroll portals that will determine which regime would be applied for tax withholding and how much tax would be withheld from their salary on a monthly basis. While this is an annual exercise, if done … Read more

Income tax return: How tax exemptions are different from tax deductions. Explained

Income tax return: How tax exemptions are different from tax deductions. Explained

ITR: Filing tax returns is an annual affair. One should know every detail about the components in Form 16 and how one can get the maximum deductions and exemptions before filing the returns. Tax deductions refer to expenses that you can subtract from your total income, thus lowering the amount of income that is subject … Read more

Income Tax returns: 5 crucial steps to follow as soon as salaried employees get their Form 16 this month

Income Tax returns: 5 crucial steps to follow as soon as salaried employees get their Form 16 this month

Income Tax Return: This month, employers are scheduled to issue the Form 16 every year on or before June 15. Following this, salaried individuals can expedite the income tax return filing process. Form 16 is one of the several  Form 16 is a crucial document that plays an instrumental role in filing income-tax returns (ITR), especially … Read more