IT Returns: Filing annual income tax returns is mandatory for all Indian citizens, with the deadline for filing returns set on July 31. Upon retirement, employees are required to pay taxes on various benefits such as pension, gratuity, and the Employee Provident Fund (EPF). In India, employers typically offer retirement benefits to their employees, with … Read more
The Union Budget’s income tax proposals come into effect from today. The finance ministry on Monday in a post in X cleared the confusion over the new tax regime, which has low rates but fewer exemptions and deductions. Here’s what it wrote: It has come to notice that misleading information related to new tax regime … Read more
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