Interim Budget 2024: Will FM Sitharaman extend NPS benefits to new tax regime? Here's what we know

Interim Budget 2024: Will FM Sitharaman extend NPS benefits to new tax regime? Here's what we know

National Pension System 2024: The Centre may extend the benefits of the National Pension System (NPS) to the new tax regime, a report said on Wednesday. It is to be noted that the New Tax Regime doesn’t have most tax exemptions valid under the Old Tax Regime.  CNBC Awaaz reported that the government may make … Read more

Interim Budget 2024: Will FM Sitharaman tweak income tax slabs yet again? Here's what experts expect

Interim Budget 2024: Will FM Sitharaman tweak income tax slabs yet again? Here's what experts expect

Finance Minister Nirmala Sitharaman is scheduled to present the Interim Budget 2024-25 on February 1, 2024, instead of the full Budget like other years.  Last Budget, the Centre brought in multiple new regulations for Income Tax. One notable announcement about personal taxation was the establishment of the New Income Tax Regime as the default tax … 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

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

Income Tax 2024: Old Tax Regime slabs vs New Tax Regime slabs explained for senior citizens

Income Tax 2024: Old Tax Regime slabs vs New Tax Regime slabs explained for senior citizens

Old Tax Regime slabs vs New Tax Regime slabs for senior citizens: Income Tax return filing is a mandatory exercise for all Indian citizens, salaried, non-salaried, senior citizens. According to the Income Tax department, an individual resident who is 60 years or above in age but is less than 80 years at any time during … Read more

Income tax returns 2024: Top 5 points to note while selecting New Tax Regime for FY2024-25

Income tax returns 2024: Top 5 points to note while selecting New Tax Regime for FY2024-25

New Tax regime in ITR 2024: In the Union Budget 2023, Finance Minister Nirmala Sitharaman declared that the new income tax regime will be the default one starting from April 1, 2023. However, the minister said that taxpayers can still avail of the old regime. The new tax regime, which was introduced in the Union … Read more

Salary to dividends to investment interest: What are the different types of taxable income in India?

Salary to dividends to investment interest: What are the different types of taxable income in India?

Income Tax Returns: Taxable income can be defined as any income you earn during the tax year. Under this, all components of income are included starting from monthly salary, dividends from stocks, other investment income, pensions, capital gains, rental income, business income, hobby income and others. Based on the total income earned by a person … Read more

Budget 2023: Consistency in tax provision and not too many nasty surprises

Budget 2023: Consistency in tax provision and not too many nasty surprises

The budget has ticked most of the boxes and dealt with the pre-budget expectations adequately. For the first time, the tax to GDP ratio has moved to double digits, an achievement we should not fail to consider. A lot of tax buoyancy witnessed recently can also be attributed to digitisation and the emphasis on compliance. … Read more