DEDUCTIONS
How to file ITR-1 with salary, income from house property and other sources for FY 2023-24 (AY 2024-25)
File ITR-1 online: Here is a step by step guide on how salaried individuals can file their income tax return using ITR-1 form easily on the income tax department's e-filing website. ITR-1 form is also known as Sahaj. Individuals having income from salary, house property, interest and dividend incomes can use ITR-1 to file income tax return.
How to claim income tax refund online when filing ITR for FY 2023-24
How to claim income tax refund online: You may be eligible for a tax refund if you have paid more taxes than you owe. You can claim the refund when filing your income tax return (ITR) by the deadline of July 31, 2024 for FY 2023-24 (AY 2024-25).
Income tax refund: How to raise refund reissue request; a step-by-step guide
Income tax refund: The tax department begins processing refunds after the taxpayer verifies the form electronically. The refund is typically credited to the taxpayer's account in four to five weeks. If your refund has failed, you have to submit a “Refund Reissue Request” as applicable.
Got Form 16 from your employer? Check these points before filing ITR
Form 16 has all the essential information to file your income tax return easily. It's crucial to double-check that the information in Form 16 is accurate. The income tax department currently provides pre-filled ITR forms on its e-filing website. These pre-filled forms make it easier to compare the information with Form 16.
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.
How to save Rs 91,000 in tax using NPS, salary perks
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
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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."
Penalty for missing ITR filing last date: Who has to pay and who doesn't
Penalty for late filing ITR: Under the Income-tax Act, 1961, a penalty or a late filing fee is levied when a taxpayer misses the last date to file income tax return. The late filing fee must be paid or else final submission of income tax return form cannot happen. However, not all taxpayers are required to pay penalty for filing belated ITR.
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.
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.
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.
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.
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.
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)
Does the new income tax regime suit you? Find out who should move from the old tax regime to the new one
With the start of the new financial year, companies are reaching out to their employees to select the tax regime for 2024-25. This is an important decision because you can do it only once in a financial year. Once you make a choice, your income will be taxed as per the tax structure of that regime
Section 80DDB tax benefits for specified illnesses: 5 things to know
Section 80DDB offers a beneficial tax deduction for medical expenses for treatment of specified diseases.
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.
8 reasons why old tax regime is still attractive for many taxpayers in this income tax bracket
Though under the new tax regime you may end up paying no tax on income up to Rs 7.5 lakh and and pay tax at a lower rate when your income goes higher, but old tax regime offers higher tax saving opportunities with various deductions and exemptions. However, these deduction can not be claimed by all taxpayers and apply on only select individuals. Hence, it makes sense for you to check which tax regime will help you save higher tax.
Income tax deduction: Salaried can claim up to Rs 75,000 tax deduction for paying health insurance premiums, how
You can claim certain tax deductions for paying premiums of health insurance plans for yourself and your family. You need to pay the health insurance premiums by March 31, 2024, to claim a tax deduction for the financial year 2023-24. To claim it, you must know the rules. Check here.
Save tax on donations made: Tax benefits under Section 80G of Income Tax Act
Section 80G allows taxpayers to claim deduction for donations to eligible fund, institution or trust, to encourage philanthropy.
How NPS investment of Rs 50,000 can help you save more income tax
NPS deduction of Rs 50000: Under the old tax regime, an individual can claim additional deduction of Rs 50,000 for NPS investment made. This deduction is available over and above Rs 1.5 lakh available under Section 80C of the Income Tax Act. With full utilisation of Section 80C and additional NPS investment, an individual can claim total deduction of Rs 2 lakh in a financial year.
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