ITR filing: The Income Tax Department has provided a significant update by allowing taxpayers who qualify for the section 87A tax rebate for the financial year 2023-24 to claim it now. In a notification issued on December 31, 2024, the tax department stated that eligible taxpayers will soon be able to submit a revised or … Read more
ITR filing: As the deadline to file Income Tax returns (ITR) approaches, those who are still waiting to collect details about how to file their returns should note that missing the deadline can have serious consequences. The deadline for submitting income tax returns for the financial year 2023-2024 (Assessment Year 2024-2025) is July 31, 2024. This … Read more
Starting from FY2023-24, the new tax regime in India is set to become the default option for taxpayers. But taxpayers who want to avail deductions such as home loan, House Rent Allowance, Public Provident Fund, etc still have the flexibility to opt for the old tax regime if it benefits them financially. For taxpayers who … Read more
ITR filing 2024: As the deadline for income tax filing approaches, it is crucial for taxpayers categorised as senior and super senior citizens to understand the specific provisions tailored for them. For the financial year 2023-24, tax-saving investments made by March 31, 2024, will be considered for income tax returns. Many seniors mistakenly believe they need … Read more
Income Tax for senior citizens: As the deadline for income tax filing nears, it is imperative for senior and super senior citizens to comprehend the distinct provisions. The Income Tax Department has designated exemptions, deductions, and advantages designed for senior citizens and super senior citizens in accordance with the Income Tax Act, 1961. The income … Read more
ITR Filing AY 2024-25: The Income Tax Department issues different tax return forms for different section of taxpayers. Income Tax Return (ITR) is a crucial document where taxpayers provide details regarding their income and applicable taxes to the income tax department. As of now, the I-T department has introduced a total of 7 forms, namely … Read more
It is important to understand that you are eligible for deduction on interest paid on your home loan under section 24(b) of the Income Tax Act . However, there are specific regulations when and how this deduction can be availed. For instance during the construction phase, the interest paid on a home loan is termed … Read more