Post by: Renu Suresh in Income Tax
New Tax Regime: Recent Income Tax Changes in India Understanding the latest updates is essential for every taxpayer in the dynamic world of income taxation. The fiscal year 2023-24 marks a pivotal era with substantial changes to India's income tax regime,…
Post by: Renu Suresh in Income Tax
What are the common mistakes while Filing ITR? The deadline for submitting Income Tax Returns for the fiscal year 2023-24 (Assessment Year 2024-25) is quickly approaching, with the due date set for July 31, 2023. Last-minute rush in filing can…
Post by: Dinesh Pandiyan in Income Tax
Form 10IE Or Form 10IEA: Which Form should you File? Taxpayers filing for the upcoming financial year (2024-2025) might be confused between Form 10IE and Form 10IEA. The main difference between these forms is that Form 10IE was used to…
Post by: Dinesh Pandiyan in Income Tax
Section 80GGA: Tax Deductions for Donations of Scientific Research Section 80GGA of the Income Tax Act allows taxpayers to claim tax deductions for donations given to scientific research or rural development. By claiming deductions under this section, taxpayers can reduce their…
Post by: Renu Suresh in Income Tax
Tax Saving Options Other Than Section 80C Exploring tax-saving avenues goes well beyond Section 80C. For the fiscal year 2023-24, key strategies include leveraging deductions from National Pension System (NPS) contributions, health insurance premiums, medical expenditures, interest on home…
Post by: Renu Suresh in GST Income Tax
Essential GST & Income Tax Compliances to Fulfil By 31st March 2024 As we near the end of the financial year, the urgency to fulfil tax responsibilities by March 31 is evident among individuals and business owners. This period is…
Post by: Dinesh Pandiyan in Income Tax
Pay Later Option for the Income Tax Return Filing Indian Income Tax Department is introducing new features to improve the taxpayer’s experience. One of the features is “Pay later,” which enables an individual to file an Income tax return (ITR)…
Post by: Renu Suresh in Income Tax
10 Benefits of Filing Income Tax Return (ITR) Tax payment becomes obligatory when income surpasses a certain threshold, facilitated by submitting an Income Tax Return (ITR). The ITR is a form detailing income from the previous financial year, from April…
Post by: Dinesh Pandiyan in Income Tax
Difference Between TDS and Income Tax Return Many taxpayers are confused between the terms, Tax Deducted at Source (TDS) and Income tax return. As a salaried individual, it is necessary to understand the differences between TDS and ITR to know…
Post by: Renu Suresh in Income Tax
Best Ways to Save Income Tax for FY 2024-25 Effective tax planning is essential for reducing tax liabilities and enhancing income. The Income Tax Act outlines various deductions for investments, savings, and expenses incurred during a financial year. In this…
