INCOME TAX CHANGES
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."
Income tax return processing status: How much time it takes for tax department to process ITR
Processing of ITR: The income tax return (ITR) filing deadline for for the financial year 2023-24 (assessment year 2023-24) is July 31, 2024. It's crucial to file the ITR by the specified deadline to avoid penalties and late fees. Additionally, it's important to ensure that the Income Tax Department promptly processes the filed ITR.
Budget 2024 should hike basic income tax exemption limit to Rs 5 lakh in both old and new tax regimes: Deloitte
Finance Minister Nirmala Sitharaman is likely to present Union Budget 2024 this month. Salaried taxpayers are eagerly waiting for some much-needed tax benefits from the upcoming Budget. According to Deloitte, salaried people want Finance Minister to revamp tax slab benefits, adjust HRA rates, incentivise EV sales, and promote affordable housing in Budget.
Capital gain taxation in Budget 2024: Income tax rate parity, uniform holding period for long-term gain; what taxpayers want
Budget 2024 expectations: The present provisions of determining capital gains tax are complex and varied. The government has hinted at simplifying it, and the upcoming budget could be the perfect opportunity to make those changes. Here's how Budget 2024 can simplify capital gains tax for investors.
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.
Latest PPF (Public Provident Fund) interest rate for July- September 2024 quarter
Latest PPF interest rate: The Public Provident Fund (PPF) is widely favored as a savings option. The government has recently revealed the interest rates for small savings schemes for the period of July to September 2024. PPF investments are considered risk-free as it is government backed.
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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.
Budget 2024 Section 80D Exemption: Why govt should increase Section 80D tax exemption limit for health insurance under old tax regime
Budget 2024 Section 80D Exemption: Taxpayers who have opted for the old tax regime are hoping for an increase in the limit under section 80D in the upcoming July 2024 budget, considering the significant rise in healthcare costs.
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.
ITR filing: Comparison of ITR filing charges across different websites: Cleartax, TaxBuddy, Tax2Win, KoinX, TaxNodes, TaxSpanner
ITR filing charges: This article compares the price of filing ITR across different third party websites like Clear, TaxBuddy, Tax2Win, KoinX, TaxNodes, Quicko and others. Filing of ITR is always free on the income tax department's e-filing ITR portal, however if you need any specialised assitance then you either need to hire a CA or use any of the third party websites.
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.
Income tax saving: Sold land, house or jewellery? Know how indexation benefit can help you lower your long-term capital gains
Capital gains taxation: You can save your net capital gains tax outgo by using indexation benefits allowed by income tax laws. File ITR now and pay a lower amount of capital gains tax. However do note only long term capital gains are eligible for indexation. Short term capital gains are not eligible for indexation.
Budget 2024: What will happen to Income Tax in this Budget, will it be cut?
Finance Minister Nirmala Sitharaman is gearing up to present the Union Budget 2024 in late July, her seventh budgetary address. Following the interim budget in February, expectations are high regarding potential income tax rate cuts to stimulate consumption and address economic priorities. Industry bodies like FICCI and CII have advocated for tax relief, while the Ministry of Finance explores measures targeting higher-spending individuals, potentially introducing a new tax bracket.
Budget may impose higher tax on F&O income by treating derivatives like lottery: Report
The government is reportedly planning to impose a higher income tax on F&O, treating it similarly to income from lotteries or cryptocurrencies in the upcoming Budget. This move aims to address concerns about retail traders losing substantial amounts in the derivatives market. Proposed changes include reclassifying F&O transactions from 'business income' to 'speculative income' and potentially introducing a TDS.
Union Budget: India mulls income tax cuts in Budget as part of $6 billion consumer boost
India Budget Tax Expectations: India's government under Prime Minister Narendra Modi is considering measures worth over 500 billion rupees to boost consumption in the upcoming budget. This includes tax cuts for lower income individuals for the first time in seven years. The plan aims to target consumers with high propensity to spend amidst economic challenges.
Budget 2024: Fin Min considering income tax rate cuts to boost consumption
BUDGET expectations: The Indian government is exploring personal tax cuts for individuals earning over ₹1.5 million annually to boost consumption and savings. This move, considered for the July budget after the BJP’s electoral setback, aims to address inflation and unemployment concerns. These adjustments may modify the existing 2020 tax scheme, potentially lowering the 30% top tax rate.
ITR filing forms for FY 2023-24 (AY 2024-25): Which income tax return form applies to you?
ITR forms: The important part of ITR filing process is to identify the correct the income tax return form applicable to their incomes. Filing income tax return using wrong ITR form will make the filed ITR as defective ITR. Read on to know the correct tax return form applicable to your incomes.
ITR filing: Compare your tax outgo in old and new tax regime before finalising one for FY24
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. TaxSpanner estimates that Vivek Jaiswal can have a surplus of almost Rs.60,000 if his salary is rejigged to include tax-free perks and if he opts for the new tax regime. Here's how
Pakistan and IMF disagree over new income tax rates that will burden salaried class
Pakistan's talks with the IMF ended inconclusively over disagreements on new income tax rates for salaried and non-salaried individuals and the income tax threshold, as reported by the media.
Income tax slab rates for FY 2024-25 (AY 2025-26)
Current Income tax slabs: Here are the income tax slabs for current financial year 2024-25 (assessment year 2025-26). An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. An individual must choose the tax regime which lowers their income tax outgo.
ITR filing: This is essential to get income tax refund credited to your bank account
Income tax refund: The income tax department will scrutinise your filed returns and handle the refund once received. Note that having a validated bank account is essential for receiving of refunds.
View: Gotta get ready for the AI-ternative
The integration of AI, nano robotics, space tech, and battery tech is transforming industries and reshaping economic models. As digital workers replace human roles in areas like call centers and logistics, governments must address potential job losses. Suggested measures include reskilling programs, focusing on labor-intensive industries, and implementing universal basic income (UBI) to support displaced workers. This proactive approach will help manage the transition and harness the benefits of these groundbreaking technologies.
Inoperative PAN holders can now invest in mutual funds due to latest KYC rule changes
Inoperative PAN invest in mutual fund schemes: The market regulator, Securities and Exchange Board of India (Sebi), has provided relief to mutual fund investors to get KYC Registered status from KYC on-hold status. The KYC Registration Agency (KRA) is required to comply with the latest relief by May 31, 2024.
Dividend income fuels surge in personal income tax: Motilal Oswal report
The transition from corporation-based dividend taxes to personal income taxes has been a major driver of the increased PIT in recent years. This shift has not only changed the tax dynamics but also underscored the substantial contribution of high-income earners to the tax pool through their dividend receipts.
No vote-bank threat, less capital-flight risk from wealth tax: Nitin Kumar Bharti
Nitin Kumar Bharti, lead author of a recent World Inequality Lab report, suggests imposing a wealth tax in India to address inequalities, stating it would not affect 99.96% of the population.
INDIA bloc will form next govt; Congress to get more seats than BJP in Rajasthan, Chhattisgarh: Sachin Pilot
Congress leader Sachin Pilot expressed confidence in the INDIA bloc forming the government at the Centre, predicting more Congress seats than BJP in Rajasthan and Chhattisgarh. He criticized BJP for seeking votes on religious grounds and stated that people want a change in government. Pilot expects Congress to perform well in upcoming elections.
Congress to win Lok Sabha seats in double digits in Rajasthan: Ashok Gehlot
Former Rajasthan Chief Minister Ashok Gehlot expresses confidence in Congress winning double-digit parliamentary seats in Rajasthan, citing a shift in political winds favoring the INDIA bloc. Gehlot criticizes PM Modi's rhetoric, alleging BJP's reliance on falsehoods. He underscores public discontent with BJP's governance and Modi's attempts to deflect scrutiny.
Income tax filing: 3 updated utilities available for filing this ITR form for AY 2024-25; find out which one works best for you
Income tax filing: Are you an individual or Hindu Unidivided Family who have income from business or profession and do not want to opt for presumptive taxation scheme? Then you may need to file ITR-3. To help you file ITR-3 easily, the income tax department has launched online, offline using Java and Excel based utilities. But which one is better?
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