Wed, Aug 21, 2024
The finance minister advised that the I-T Department needs to simplify the language as due to it, clarifications have to be given to taxpayers time and again.
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Thu, Jul 25, 2024
ITR filing season: People whose salary is under Rs five lakh annually will have to pay a late fee of Rs 1,000 while Rs 5,000 will be charged as late fee whose income is more than Rs five lakh per annum.
Tue, Jul 23, 2024
Budget speech of Finance Minister Nirmala Sitharaman. Standard deduction limit increased from ₹50,000 to ₹75,000. Announcement of new tax slab in the new tax regime. No tax up to ₹3 Lk in the new tax regime. 5% tax on income of ₹3-7 Lk in the new tax regime. In the new tax regime, 10% tax on income up to ₹7-10 Lk.
Standard Deduction Limit and New Tax Slabs: In her Budget 2024 speech on Tuesday (July 23, 2024), finance minister Nirmala Sitharaman increased the standard deduction limit from Rs 50,000 to Rs 75,000 in the new tax regime. She also introduced three new tax slabs in the new regime. The government hasn't made any changes in the old tax regime.
There may be changes in the new tax regime? Which sectors and shares should investors focus on? Where to invest and where to book profit? What is the possibility of sabotage in defence? Know from Anil Singhvi.
Mon, Jul 15, 2024
ITR filing season: The Income Tax Department's helpdesk is working 24x7 to assist the taxpayers. This helps in providing services ranging from filing of ITR to tax payment. The help desk provides assistance through calls, live chat, Webex sessions, and social media.
Thu, Jul 11, 2024
The old tax regime provides tax benefits of Rs 1.50 lakh under Section 80C of the Income Tax Act, 1961. It also provides tax benefits on HRA, health policies, and NPS Tier-I account deposits. The new tax regime, on the other hand, also provides tax benefits such as standard deduction, conveyance allowance, and transport allowance.
Tue, Jul 09, 2024
ITR filing: The new tax regime was introduced in Budget 2020 as a means to simplify tax calculations and offer concessional tax rates. So, unless you do not categorically opt for the old tax regime, the new tax regime is assumed as default, and hence, your income tax liability is calculated according to it.
Sun, Jun 16, 2024
Legal heirs of a deceased person are also required to repay any tax liabilities. They may be subject to interest or penalties if they fail to pay the taxes owing or fail to file the income tax return (ITR) on behalf of the deceased. It means that ITR is also required to file of a deceased person.
Tue, May 28, 2024
According to income tax laws, if a Permanent Account Number (PAN) is not linked to a biometric Aadhaar, TDS must be deducted at double the appropriate rate.
Wed, Apr 17, 2024
Income tax: As per CA Ruchika Bhagat, MD, Neeraj Bhagat & Co., choosing the right tax regime from the old tax regime and the new tax regime can help taxpayers save more tax.
Mon, Apr 01, 2024
The finance ministry said on Monday that there is no new in the new tax regime from 01.04.2024. "The new tax regime under section 115BAC(1A) was introduced in the Finance Act 2023, as compared to the existing old regime (without exemptions)," the ministry said in a tweet on X.
Thu, Mar 28, 2024
Tax Saving Tips: There are two tax regimes under which to file your income tax return since the new tax regime was launched in the 2020 budget. When it was launched, you could choose between the old and new tax regimes, but after Budget 2023, the new tax regime has become a default option. This means, as a new taxpayer, your income tax will be filed under the new tax regime automatically.
Thu, Feb 01, 2024
Budget 2024: As expected, in the run up to the General Elections, Union Finance Minister Nirmala Sitharaman neither tweaked nor put any additional tax burden on citizens, in the interim Budget for 2024-25 tabled on Thursday, February 1.
Budget 2024: Finance Minister Nirmala Sitharaman unveils initiatives to enhance railway infrastructure, including energy, mineral, and cement corridors, port connectivity, and high traffic density corridors. The move aims to boost multi-modal connectivity, logistics efficiency, GDP growth, and passenger safety.
Finance Minister Nirmala Sitharaman announced no changes to individual and corporate tax rates or import duties in her budget speech. This means your current tax brackets remain the same.
Wed, Jan 31, 2024
Budget 2024: Taxpayers took some time to warm up to the New Tax Regime when it was first announced in 2020. The Finance Minister announced some more changes to in it the last Budget to make it all the more appealing for taxpayers, especially the young salaried class. So, find out where the New Tax Regime now scores over the Old one.
Mon, Dec 11, 2023
The report indicates a shift in investment mindset, with 62 per cent of respondents in the age bracket of 18 to 30 years choosing the Old Tax Regime, citing long-term investments as the reason.
Mon, May 29, 2023
Tax-free income limit under new tax regime: The new tax regime introduced in India provides individuals with increased flexibility in optimizing their tax savings.
Mon, Apr 17, 2023
Old vs New Tax Regime: The month of April is considered crucial as employees have to make sure that they choose the right income tax regime for maximum saving
Wed, Apr 12, 2023
Taxpayers can also claim the interest paid on the housing loan is deductible from the rental income received from the property, which reduces the taxable income from the property.
Tue, Apr 11, 2023
If you have not yet chosen the tax regime for yourself, then do so because now the new tax regime will be considered as the default regime. In such a situation, today on Money Guru, know which tax regime can help you save more tax? Old Vs New Tax Regime - Which is better?
Mon, Apr 10, 2023
Income Tax: If the taxpayer comes under the limit of a tax rebate, he/she will get the whole tax amount back at the end of the fiscal year by claiming the benefit of the rebate under section 87A.
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