Tax query: Is your pocket money given by your parents or older siblings taxable?

Tax query: Is your pocket money given by your parents or older siblings taxable?

Tax query: I am 28 years old and still unemployed. My mom gives me Rs 30,000 as pocket money every month. Will I have to pay taxes? I am going to file my ITR nevertheless but not sure if I have to pay any taxes on the money that is credited into my account. My … Read more

Income Tax changes: Rs 17,500 savings, tax exemption till Rs 7.75 lakh. Here’s what taxpayers would get under New Tax Regime

Income Tax changes: Rs 17,500 savings, tax exemption till Rs 7.75 lakh. Here’s what taxpayers would get under New Tax Regime

Union Budget 2024: Finance Minister Nirmala Sitharaman on Tuesday brought in some relief for the taxpayers under the New Tax Regime. After increasing the Standard Deduction limit from Rs 50,000 to Rs 75,000, FM Sitharaman revised the tax slabs for the New Tax regime. She said salaried employee will now stand up to save Rs … Read more

ITR filing: Which ITR form should senior citizens, super senior citizens choose to file their tax return

ITR filing: Which ITR form should senior citizens, super senior citizens choose to file their tax return

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: Comprehensive guide to claiming deduction for individuals – Section 80C and beyond

Income Tax: Comprehensive guide to claiming deduction for individuals – Section 80C and beyond

As tax costs are eating into the earnings of every household, there is always a search to reduce the tax incidence within the four corners of the law.  The Income-tax Act (‘the Act’) provides certain deductions from taxable income, the policies for which are based upon larger socio-economic parameters.  With the new tax regime seeking … Read more

Finance Ministry notifies final Cost Inflation Index for FY25 at 363: Key Updates for AY 2025-26

Finance Ministry notifies final Cost Inflation Index for FY25 at 363: Key Updates for AY 2025-26

The Ministry of Finance has notified the final Cost Inflation Index (CII) for FY25 (Assessment Year 2025-26) at 363.   The ministry through the Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2024, detailing the Cost Inflation Index (CII) for the financial year 2024-25 i.e. Assessment Year 2025-26.   The notification … Read more

Opting for Old Tax Regime? Section 80C, other sections that can fetch you exemption

Opting for Old Tax Regime? Section 80C, other sections that can fetch you exemption

It is the start of the new financial year from April 1. Since last year, it is mandatory to choose the appropriate tax regime that suits a particular investor. Most taxpayers, especially those with high income or those having several tax-saving investments, prefer the Old Tax Regime.  Should you have chosen to adhere to the … Read more

Income Tax FY2025: Here’s how to make a switch between new and old tax regimes

Income Tax FY2025: Here’s how to make a switch between new and old tax regimes

Income Tax 2024-25: During the Union Budget proceedings for fiscal year 2023-24, Finance Minister Nirmala Sitharaman declared that the new tax structure will be established as the default regime. This updated approach to taxation was initially implemented in 2020. The present rules stipulate that should taxpayers neglect to declare their preference with their employer, deductions … 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

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