FY 2025-26: Will your April 2025 salary be taxed under the I-T 1961 Act or new Tax Bill?

FY 2025-26: Will your April 2025 salary be taxed under the I-T 1961 Act or new Tax Bill?

At the start of each fiscal year, salaried employees are confronted with significant decisions from their employers. In addition to selecting between the new and old tax regimes, this year, salaried taxpayers must know whether their salaries would be taxed as per the Income-tax Act, 1961, or the newly proposed Income Tax Bill 2025, which … Read more

Filing Belated ITR? Note your Old Tax Regime deductions, exemptions won’t apply this time. Check details

Filing Belated ITR? Note your Old Tax Regime deductions, exemptions won’t apply this time. Check details

ITR 2024: Those who missed filing their income tax returns by July 31, 2024, still have an option to file it by December 31, 2024, for the financial year 2023-2024 / Assessment Year 2024-2025. The belated return is filed under Section 139(4) of the Income Tax Act, 1961. The belated return will attract interest under sections … Read more