DEDUCTIBLE
ITR filing FY23-24: Want to reduce tax outgo? Know which deductions you can claim in old and new tax regime
Income tax return: While filing ITR you can claim certain tax deductions to reduce your total income tax outgo and increase the tax refund amount. According to CA Shreya Jaisal, "You can still claim additional deductions in your ITR even if they are not appearing in your Form 16, provided you have legitimate proof for it."
Can you carry forward losses while filing ITR under the new tax regime? Read the fine print
Carry forward and set off of losses in new tax regime: The income tax laws under the old tax regime allow carrying forward and set off of losses from capital assets. However, the question arises if the same benefit is available for all capital assets under the new tax regime.
What is the difference between deductible, co-payment in a health insurance policy
If you are confused by personal finance terms, jargon and calculations, here’s a new series to simplify and deconstruct these for you. In the fifth part of this series, ET Wealth explains the difference between deductible and co-payment.
EPFO discontinues GIS deductions, to refund past deductions: These government employees to get higher salary
EPFO: Specified employees stand to gain due to EPFO's decision of discontinuing GIS deductions and refunding all deductions made thus far. According to Akhil Chandna, Partner, Grant Thornton Bharat, "The discontinuation of deductions under GIS will indeed increase the take-home salaries. Previously, the deductions were made from employees' monthly salaries as per their pay-scales to fund the GIS."
Section 80C deduction in Budget 2024: Will the government increase Section 80C limit under the old income tax regime in Budget?
Section 80C deduction in Budget 2024: The 80C limit has not increased in line with many people's income and costs. Because of this gap, many taxpayers use the entire 80C limit. This is why many want this limit to be increased.
Income tax relief: Budget 2024 may increase standard deduction under new income tax regime
Will Budget 2024 increase standard deduction: The Finance Minister in the 2023 Budget included a standard deduction of Rs 50,000 for salaried taxpayers and individuals getting pensions in the new tax regime. This standard deduction was made the automatic choice, unless taxpayers chose not to take it.
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New tax regime to old tax regime: How to choose old income tax regime when filing ITR for FY2023-24
New tax regime to old tax regime: Starting from April 1, 2023, if a taxpayer has not opted for the old tax system, their employer will deduct tax from their salary according to the new tax system. This change is because the new tax system will be the automatic choice for the fiscal year 2023-24.
ITR filing FY23-24: Up to Rs 1.5 lakh tax deductions available under Section 80C only if you do this
The deductions under Section 80C of the Income-tax Act, 1961, allow taxpayers to reduce their taxable income under the old tax regime. Investors have to make special investments or incur certain expenses to claim deductions under Section 80C. Don't forget to claim these tax deductions when you are filing an income tax return (ITR) for the financial year 2023-24 or assessment year 2024-25. Which investments qualify for deductions under Section 80C? Who can claim deductions under Section 80C? Read here to find out.
Budget should double standard deduction, raise basic exemption to Rs 3.5 lakh under new tax regime: EY
EY recommends significant tax reforms in the upcoming Budget, urging the government to double the standard deduction under the new concessional tax regime to Rs 1 lakh or increase the basic exemption limit to Rs 3.5 lakh. Key suggestions include maintaining corporate tax stability, rationalizing TDS provisions, and improving dispute resolution mechanisms.
Groww faces social media ire over allegations of false folio creation
A Groww user alleged fraud for money deducted without investment. Hanendra Pratap Singh on social media accused Groww of not investing in a mutual fund despite deduction, citing a false folio number. Singh later deleted the post but updated that Groww resolved the issue.
Groww offers user refund after allegations of fund deduction without investment emerge
A Groww user alleged that the platform deducted money without making an investment, prompting Groww to issue a refund and clarification. The company acknowledged an error in the user's dashboard and confirmed no transaction took place. They credited the claimed amount back to the user as a goodwill gesture and requested his bank statement for verification. Groww assured users of its commitment to resolving such issues promptly and transparently, emphasizing no money was deducted. An expert advised careful research before using newer investment platforms.
How NRIs can extract maximum value from voluntary deductible in their health insurance
Indian software engineer Ravi moved to the US for a career opportunity but overlooked his health insurance policy in India. After realizing the importance of coverage during visits, he reinstated his Indian policy for financial security and peace of mind.
Salaried individual filing ITR? Advisable to wait till June 15
ITR filing for salaried individuals: The last date to file income tax returns for salaried and other taxpayers (whose accounts are not required to be audited) is July 31 every year. However, it is advisable for salaried individuals to start the process of filing their tax returns after June 15 due to following reasons.
Tax benefits under NPS: What are the tax benefits under NPS for salaried individuals, self-employed
Employees who contribute to the NPS are entitled for the following tax benefits on their own contributions: 1. Section 80 CCD(1) allows for a tax deduction of up to 10% of pay (Basic + DA), with a maximum of Rs. 1.50 lakh under Sec 80 CCE. 2. Section 80 CCD(1B) allows a tax deduction of up to ?50,000, in addition to the aggregate maximum of Rs. 1.50 lakh under Sec 80 CCE.
Aadhaar-PAN linking update: Pay penalty for not deducting higher TDS amount if PAN and Aadhaar not linked by this date
The Income Tax Department has urged taxpayers to link PAN with Aadhaar by May 31, 2024, to avoid higher tax deducted at source (TDS) or tax collected at source (TCS). The TDS is deducted at a higher rate when a deductee’s (whose tax has been deducted) PAN has not been linked with Aadhaar. A PAN that is not linked Aadhaar becomes an inoperative PAN.
I-T dept asks taxpayers to link PAN with Aadhaar by May 31 to avoid higher TDS deduction
The income tax department urged taxpayers to link PAN with Aadhaar by May 31 to avoid higher tax deductions, as unlinked PANs incur double TDS rates. A circular allows no penalties for short TDS if linked by the deadline. Reporting entities must also file SFT by May 31 to avoid penalties.
Will you save more tax by opting for the old income tax regime?
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
You could lose section 80C tax benefit on EPF contribution; here's why
Section 80C tax benefit on EPF: Many salaried individuals claim Section 80C tax benefit on their own Employees Provident Fund (EPF) contribution. However, not many are aware that if the EPF trust does not meet certain specified conditions, then both the employer and employee contribution will be taxable in the hands of an individual.
New functionality in AIS rolled out for taxpayers
CBDT introduces AIS feature for real-time taxpayer feedback on transactions, enhancing data accuracy, compliance, and taxpayer services, covering tax deductions and financial data sources.
Donald Trump may owe $100 million from double-dip tax breaks, audit shows
The New York Times and ProPublica revealed that Donald Trump employed a questionable accounting tactic to claim improper tax breaks on his Chicago tower, facing a potential $100 million+ tax bill. In recent months, Trump has also been ordered to pay $83.3 million in a defamation case and an additional $454 million in a civil fraud case brought by New York Attorney General Letitia James.
Individuals get relief from income tax demand for short deduction of TDS due to inoperative PAN of deductee
TDS Notice: Individuals won't get income tax notice for failing to deduct a correct amount of TDS in cases where the deductee's PAN was in-operative. "There shall be no liability on the deductor/collector to deduct/collect the tax under section 206AA/206CC, as the case maybe, and the deduction/collection as mandated in other provisions of Chapter XVII-B or Chapter XVII-BB of the Act."
New vs old tax regime - which is beneficial for you? Amount of deductions you can claim decides
New vs old tax regime: Many taxpayers find it difficult to ascertain which tax regime makes them pay lower tax in a financial year. The simple answer to that is the amount of deductions claimed by you in the old tax regime. However, the amount of deductions that must be claimed by you varies for every different income level.
Property buyer may end up paying 19% TDS out of his own pocket for this PAN related issue
Tax deducted at source (TDS): If you are buying any property above Rs 50 lakh value then make sure to deduct 1% TDS before making the payment to the seller. However it is important to check the status of the seller's PAN. An individual forgot to do this and got served with an income tax notice.
Work From Home Tax benefits: Who can avail home office deductions?
Work From Home doesn't always guarantee tax benefits. There are certain conditions to avail home office deductions.
Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning
Salary TDS, income tax regime: For the financial year 2024-25, two budgets are presented due to Lok Sabha elections 2024 happening in the months of April to June 2024. Post the election results are announced and government is formed, full budget will be announced after that. Hence, it is important for salaried individuals to keep options open when choosing between old and new tax regime for the purpose of TDS on salary this financial year.
Tax benefits: Section 80DDB allows tax benefits for specified illnesses; know details here
Section 80DDB offers a beneficial tax deduction for medical expenses for treatment of specified diseases. Text: Centre for Investment Education and Learning (CIEL)
Up to 8.1% FD interest rate: Top banks offering highest interest rates on 1-3 year fixed deposit tenures
One of the most popular investment options in India is a fixed deposit, especially among middle-class, risk-averse investors. There are several choices accessible to you if you wish to invest in fixed deposits when you have some extra income.
TDS deduction: Why you must check status of PAN Aadhaar linking status of deductee on deduction date to avoid income tax notice
Tax deducted at source (TDS): While it is important to deduct a correct amount of TDS in certain transactions, it is also important to check the status of the deductee's PAN. If the TDS deductor does not check the status of PAN of the deductee on the date of TDS deduction then all the penalty and other legal repercussions would be applied to him and nobody else.
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