INCOME TAX DEDUCTIONS FOR SALARIED
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 s...
02 Jul, 2024, 01.24 PM ISTSalary structure in more than 40% of Indian companies is tax inefficient: Study The study, based on an email survey sent to more than 16,000 executives working across the departments of human resources, finance and administration, elicited responses from 97 companies across sectors.
02 Jul, 2024, 11.24 AM ISTBudget 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...
01 Jul, 2024, 02.56 PM IST- ADVERTISEMENT
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 ...
29 Jun, 2024, 12.09 PM ISTSection 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.
28 Jun, 2024, 01.15 PM ISTIncome 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 auto...
28 Jun, 2024, 01.14 PM ISTNew 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 th...
28 Jun, 2024, 11.18 AM ISTForm 16 due date: When will you get TDS certificate from your employer? Last date to get Form 16: Salaried individuals need Form 16 to make the ITR filing process easier for them. It is a TDS certificate showing all the taxes deducted during the financial year as well as total income paid by an employer during the finan...
12 Jun, 2024, 05.02 PM ISTLast date for filing income tax return (ITR) for FY 2023-24 (AY 2024-25) Due date of income tax return filing: Under the income tax laws, different taxpayers have different due date for filing ITR. It is important to file the tax return on or before the deadline to avoid certain penal consequences. This includes payment ...
12 Jun, 2024, 12.31 PM ISTITR 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 p...
10 Jun, 2024, 06.30 AM ISTPakistan 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.
09 Jun, 2024, 03.58 PM ISTMoonlighting and ITR filing: Why moonlighters should file income tax return, form to use, other details Moonlighting, driven by side hustles and remote work opportunities post Covid-19, requires moonlighters to carefully choose the right ITR form, consider the presumptive tax regime, and submit Form 10-IEA online for tax benefits under the old regime.
07 Jun, 2024, 10.40 AM ISTSalaried 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 proc...
01 Jun, 2024, 10.53 AM ISTTax benefits under NPS: What are the tax benefits under NPS for salaried individuals, self-employed30 May, 2024, 02.28 PM IST 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 deducte...
28 May, 2024, 02.58 PM ISTI-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 als...
28 May, 2024, 01.30 PM ISTHow NPS, other perks can save Rs.1 lakh income tax Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
27 May, 2024, 06.30 AM ISTWill 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.
20 May, 2024, 06.30 AM ISTYou 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...
17 May, 2024, 12.36 PM ISTOld 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 wil...
12 Apr, 2024, 02.05 PM IST