ITR: What are the penalties for late filing of returns? Understand tax extensions and their financial impact

ITR: What are the penalties for late filing of returns? Understand tax extensions and their financial impact

As the Financial Year (“FY”) draws to a close, it is time for taxpayers across the country to initiate their annual ritual of filing their income tax returns (“ITR”). As per reports, the total number of income tax returns filed during the Assessment Year (“AY”) 2022-23 reached 7.51 crores, which is a significant increase from … Read more

NPS tax benefits: How you can claim tax deductions for NPS under old, new income tax regimes

NPS tax benefits: How you can claim tax deductions for NPS under old, new income tax regimes

Tax under New Tax Regime: The Centre in its last full Budget, presented on February 1, 2023, introduced a few crucial changes in the taxation system. The primary one was making the New Tax Regime the new default tax system for taxpayers in place of the Old Tax Regime. The Finance Ministry introduced additional tax … Read more

Income Tax Returns: What are the tax implications for NRIs in FY24? Check details here

Income Tax Returns:  What are the tax implications for NRIs in FY24? Check details here

Income Tax Returns FY24: The Income Tax department has asked non-resident Indians (NRIs) to give sworn statements on the exact number of days spent in India, a report said on Tuesday.  This comes after the department recently sent numerous advisories to NRIs asking them to verify high-value transactions made in 2022-23 and to address any … Read more

Public provident fund, Senior Citizens Savings Scheme to National Pension Scheme: Best tax saving instruments for senior citizens

Public provident fund, Senior Citizens Savings Scheme to National Pension Scheme: Best tax saving instruments for senior citizens

Income Tax 2024 for senior citizens: When talking about investment options for senior citizens, the first thing that comes to your mind is safe investment schemes with zero risks. There are many government-backed schemes that offer decent returns to senior and super-senior citizens. Some of the prominent ones are Senior Citizens Savings Scheme, National Pension … Read more

Income Tax 2024: Old Tax Regime slabs vs New Tax Regime slabs explained for senior citizens

Income Tax 2024: Old Tax Regime slabs vs New Tax Regime slabs explained for senior citizens

Old Tax Regime slabs vs New Tax Regime slabs for senior citizens: Income Tax return filing is a mandatory exercise for all Indian citizens, salaried, non-salaried, senior citizens. According to the Income Tax department, an individual resident who is 60 years or above in age but is less than 80 years at any time during … Read more

Income tax returns 2024: Top 5 points to note while selecting New Tax Regime for FY2024-25

Income tax returns 2024: Top 5 points to note while selecting New Tax Regime for FY2024-25

New Tax regime in ITR 2024: In the Union Budget 2023, Finance Minister Nirmala Sitharaman declared that the new income tax regime will be the default one starting from April 1, 2023. However, the minister said that taxpayers can still avail of the old regime. The new tax regime, which was introduced in the Union … Read more

Income tax returns 2024: How retirement, employee provident fund benefits are taxed

Income tax returns 2024: How retirement, employee provident fund benefits are taxed

Income tax returns 2024: Filing annual income tax returns are must for all Indian citizens. Employees while retiring have to pay taxes on pension, gratuity and employee provident fund.  In India, employers provide various retirement benefits to employees. The most common retirement benefits offered by employers in India include pension, the Employee Provident Fund (EPF) … Read more