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Source: Live Mint MUMBAI : Though the new tax regime offers a simpler framework by eliminating deductions and exemptions, some incomes are still eligible for tax benefits. One such income is the interest on post office savings accounts. Under the new regime, taxpayers can claim a tax exemption of up to ₹3,500 on a single…
Source: Live Mint The new financial year 2025-26 has already started. That is why in the given circumstances it is vital for taxpayers to clearly understand several key sections of the Income Tax Act 1961. The understanding of these sections can be immensely helpful and can significantly influence the tax planning and compliance of taxpayers….
Source: Live Mint Lately, a number of tax payers have received tax notices from the income tax department for their HRA (house rent allowance) claim. Primarily, these tax notices were sent for not deducting 3 percent TDS (tax deducted at source) while transferring rent to the property owner. It is recommended to follow a three-step…
Source: Live Mint Vivad se Vishwas Scheme, meant to reduce pending income tax litigation, among other things, will finally close on April 30. Broadly, this is a dispute resolution mechanism in respect of pending income tax litigation for taxpayers. The income tax department promises peace of mind to taxpayers, certainty and savings on account of time…
Source: Live Mint Income Tax: As a taxpayer, you can use the e-pay functionality on the e-filing portal to make a payment to the income tax department. This is a user-friendly feature to clear your dues via any of these routes: net banking, debit card, over the counter, NEFT/RTGS or payment gateway. Here, we describe…
Source: Live Mint The new financial year FY26 has kicked off, and taxpayers are meant to file their income tax returns under one of the two regimes. Mint deconstructs the key points to be considered before choosing the new or old income tax regimes. For the unversed, the new income tax regime offers concessional tax…
Source: Live Mint But, some experts warn it may not be a blanket benefit available to all businesses and professionals eligible for presumptive taxation schemes. How does presumptive taxation work? Presumptive taxation for businesses and professionals is covered under Section 44AD and Section 44ADA, respectively. Under Section 44AD, small businesses with a turnover of up to…
Source: Live Mint Old vs new tax regime: As the financial year has ended, taxpayers will now begin gathering their documents to file their income tax returns (ITR) before the deadline of July 31, 2025. Just like last year, one key question taxpayers must ask themselves is whether the new tax regime is the right…
Source: Live Mint In income-tax assessment proceedings, assessing officers (AO) get a full nine months to issue information-seeking notices to scrutinize and verify the claims of expenses, deductions, and incomes as declared by taxpayers in their income tax returns (ITRs). However, recently concluded assessments for the fiscal year 2022-23 suggest that a major part of…
Source: Live Mint Can I buy two residential house properties to claim exemption on long-term capital gains from the sale of one house? Can I buy two house properties in the joint names of self and other family members to claim an exemption for long-term capital gains from the sale of one residential house property…
