Unlike the rest of India, where income tax increases with income, Sikkim offers complete income tax exemption, regardless of earnings. This tax-free status stems from a special provision under Article 371F of the Indian Constitution, a safeguard enshrined during the state’s merger in 1975. While the state might be small in size, its tax policy … Read more
By now, most taxpayers should have received their Form 16. Employers deduct House Rent Allowance (HRA) from salaries, and this deduction can be seen in part B of Form 16 when filing an Income Tax Return (ITR). It is crucial to understand that HRA exemption under Section 10(13A) can only be claimed if one lives … Read more
New Tax Regime: The Centre introduced the New Tax Regime under Section 115BAC as a new optional alternative to the Old Tax Regime from April 1, 2020 (FY 2020-21) for individuals and the Hindu undivided family (HUF). But after three years, Union Finance Minister Nirmala Sitharaman during the Union Budget 2023 announced that the New … Read more
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
It is that time of the year when you will be asked to submit investment proof so that your workplace can deduct tax before the end of the fiscal on March 31, 2024. On one hand, the Income Tax department deducts tax, but at the same time, it promotes savings and investments among taxpayers. It … Read more