I have taken a home loan from my parents for a house. Can I claim tax deduction under 80C and 24(b) of I-T Act?

I have taken a home loan from my parents for a house. Can I claim tax deduction under 80C and 24(b) of I-T Act?

I have taken a home loan for a residential property. To make the down payment, I have borrowed money from my parents to whom I am paying interest.  What certificate would I need to show to my company so that they consider interest payment to my parents eligible for deduction u/s 24 (b)?   Can … 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

Budget 2024: Salary components, allowances that can reduce taxpayers’ outgoing tax

Budget 2024: Salary components, allowances that can reduce taxpayers’ outgoing tax

Income Tax: Salaried employees can benefit from many financial benefits offered to them in the form of allowances to reduce their tax burden. Allowances are offered on a monthly basis and must be claimed when filing an income tax return (ITR). The Centre offers many such allowances, which are part of the salary structure. These … 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

ITR Filing: Check income tax slab rates for FY 2024-25 (AY 2025-26) under old, new tax regimes

ITR Filing: Check income tax slab rates for FY 2024-25 (AY 2025-26) under old, new tax regimes

The Income Tax filing deadline is just 46 days away from today, with the deadline being on July 31, 2024. Taxpayers should be ready to file their returns anytime now at the tax rates declared by the government. One should note that there are two types of tax regimes — Old Tax Regime and New Tax … 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

If PAN-Aadhaar are not linked by May 31, double TDS will be applicable: Check details to avoid penalty

If PAN-Aadhaar are not linked by May 31, double TDS will be applicable: Check details to avoid penalty

The Income Tax Department in a recent notification has asked the taxpayers to link their Permanent Account Number (PAN) with Aadhaar by May 31 to avoid tax deduction at a higher rate.  It is to be noted that as per the current regulations if a taxpayer’s PAN is not linked with his or her Aadhaar, … Read more

I have an HUF account. How will my assets get distributed among my children after my demise?

I have an HUF account. How will my assets get distributed among my children after my demise?

In my HUF account I have shares of market value of Rs 25 lakh, Rs 2 lakh in bank account and Rs 10 lakh as advances to a firm. I have 2 married sons and one married daughter. After my demise how the shares get transferred to my childrens’ account, and what about the other … Read more