As the tax filing season approaches, it is essential for senior citizens and super senior citizens to select the correct Income Tax Return (ITR) form, ensuring compliance and maximising benefits. Senior citizens, defined as those over 60, can enjoy a basic exemption limit of Rs 3 lakh under the Income-Tax Act, 1961, while super senior … Read more
Finance Bill 2024: Union Finance Minister Nirmala Sitharaman on Wednesday said that the government has successfully brought in a simplified tax structure. While replying to the discussion on the Finance Bill in Lok Sabha, FM Sitharaman said that the claim that corporate taxes are lower than the individual taxes claim is not well founded. While replying … Read more
The Income Tax department periodically updates tax return forms to gather additional information from taxpayers. In December 2023, ITR forms 1 and 4 were revised for Assessment Year 2024-25 to align with changes introduced by the Finance Act 2023 amendments. These modifications and reporting requirements were implemented by the Central Board of Direct Taxes (CBDT). … 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 time to time introduces changes in tax return forms seeking some additional details from taxpayers. Like in December 2023, the Income Tax department tweaked ITR forms 1 and 4 notified for Assessment Year 2024-25. The Central Board of Direct Taxes (CBDT) has introduced many additional reporting requirements and … 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
Income Tax filing is one of the most important financial exercises in a fiscal year. From April 1, 2024, the Income Tax Department enabled the online income tax return forms, ITR-1, ITR-2 and ITR-4, for FY 2023-24 (AY 2024-25) on the e-filing portal. The tax department had earlier released the offline Excel utilities of ITR-1, … Read more