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Source: Live Mint If you want to invest in tax saving instruments such as PPF, NSC, SSY and NPS, it is important to do it within the right timeframe. Those taxpayers who want to claim tax benefits for financial year 2024-25 must do it before March 31, 2025., failing which they will not be able to claim…
Source: Live Mint Those taxpayers who want to updated their income tax return of previous two years can file an updated return before March 31. Although you can file the updated return anytime but it must be done within two years of the end of the relevant assessment year. This means those who want to…
Source: Live Mint As the financial year 2024-25 is about to end in five weeks, taxpayers must be looking for investment avenues which they can explore before March 31 which can be availed for claiming tax deduction. Since deductions under 80C, 80D, 80DD and 80G are not permitted in the new tax regime, taxpayers can still claim a…
Source: Live Mint So, after you file an ITR, you get four years from the end of the assessment year to include any additional income in the updated ITR that you have missed reporting in the original tax return. Sounds like a good deal for voluntary compliance? It is, only until you realise it is…
Source: Live Mint After receiving the cabinet nod last week, new income tax law is set to be tabled in the Parliament this week in the ongoing budget session. This is seen as a historic bill which will replace the current legislation which was enacted way back in 1961. Why is there a need for the new…
Source: Live Mint In the past several years, a number of big and small changes have been made in the Income Tax Act, 1961. Its fallout is that an array of complexities, albeit unwittingly, have crept into it. The new income tax law, conversely, is likely to have them removed simply because it is a fresh…
Source: Live Mint In Budget 2025, Finance Minister Nirmala Sitharaman revised the income slabs under the new tax regime, thus offering relief to the middle-class taxpayers. Now, there is no income tax payable for those earning up to ₹12 lakh. However, if you have seen the tax slabs, you must have noticed that there is…
Source: Live Mint In 2020, the Government of India introduced a new tax regime that offered concessional tax rates while scrapping most of the deductions and exemptions offered under the old tax regime. Most small taxpayers were – until then – accustomed to claiming exemptions and deductions against the investments they made during the financial…
Source: Live Mint Budget 2025 introduced a number of changes including the new tax slab rates under the new tax regime wherein taxpayers are not supposed to pay any income tax up to ₹12 lakh a year. This has undoubtedly made the new tax regime quite tempting for the middle-class taxpayers. In FY 2023-24, around 74 percent…
Source: Live Mint An important piece of law – encapsulating 298 sections – which determines the major sources of income for the fifth largest economy in the world was passed in 1961. In the next 64 years, the Income Tax Act has undergone a flurry of changes almost every year. From tweaks in the tax rates…
