How investors can plan to do income tax planning to avoid the last minute rush

How investors can plan to do income tax planning to avoid the last minute rush

Tax season often brings a frantic rush of investments in tax-saving instruments, but a strategic approach to tax planning can significantly enhance your financial health. This detailed guide will delve into incorporating tax planning into your broader financial strategy, which can result in improved investment choices and, ultimately, wealth accumulation. Understanding the Integration of Tax … Read more

Old vs new tax regime: What investment proofs must taxpayers submit to their employer?

Old vs new tax regime: What investment proofs must taxpayers submit to their employer?

The income tax (I-T) department introduced a new tax regime in financial year 2020-21, giving taxpayers the choice between this and the old one. These two regimes differ in terms of taxation slabs, rates and allowances deduction, ultimately affecting the investment proof submission.  Every employer may have specific requirements for submitting investment proofs, so employees … 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

136 individuals earn more than Rs 100 crore, with a combined income of Rs 34,301 crore, up from 23 in FY14: SBI research report

136 individuals earn more than Rs 100 crore, with a combined income of Rs 34,301 crore, up from 23 in FY14: SBI research report

In financial year 2013-14 (FY14), 23 individuals earned more than Rs 100 crore and had a combined income of Rs 29,290 crore. Cut to FY21, and the number of those earning more than Rs 100 crore increased to 136, though their combined income rose to Rs 34,301 crore, State Bank of India researchers said in … Read more

Investment submission deadline: Here are the deductions which are allowed under New Tax Regime

Investment submission deadline: Here are the deductions which are allowed under New Tax Regime

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

Tax Calendar 2024: Crucial income tax-related target dates in January, February and March

Tax Calendar 2024: Crucial income tax-related target dates in January, February and March

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

Investment proof submission: Section 80C and other sections that can fetch you exemption under Old Tax Regime

Investment proof submission: Section 80C and other sections that can fetch you exemption under Old Tax Regime

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

I recently sold shares of different companies and made some profit and loss. How will I compute my tax liability?

I recently sold shares of different companies and made some profit and loss. How will I compute my tax liability?

I recently sold shares in three different companies and made a profit in some and a loss in some. I am sharing the details below; however, I am hiding the companies’ names for confidentiality. Please guide me on how to compute my tax liability and whether I can set off my loss against profit.   1. … Read more

IT Returns 2024: New Income Tax rules introduced in 2023 that would affect you in 2024

IT Returns 2024: New Income Tax  rules introduced in 2023 that would affect you in 2024

New Tax rules 2023: The Government of India announced several new rules for the Income Tax in the Union Budget 2023. One of the significant announcements regarding personal taxation was the declaration of the New Income Tax Regime as the default tax regime. In her Budget speech for 2023-24, Union Finance Minister Nirmala Sitharaman said budget … Read more

ITR Filing: Over 8 crore income tax returns submitted for AY 2023-24, says IT department

ITR Filing: Over 8 crore income tax returns submitted for AY 2023-24, says IT department

The Income Tax Department on Friday said over 8 crore income tax returns were filed for assessment year 2023-24 till date. In a post on X, I-T deparment said: “Unique landmark for the Income-tax Department! Over 8 crore ITRs filed for the AY 2023-24 till date,” the income tax department said in a post on … Read more