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Source: Live Mint There are more than 9.19 crore income tax filers during financial year 2024-25 upto March 31, 2025, shows data on Income Tax e-portal. Number of e-verified returns upto March 31 during 2024-25 were 8.64 crore. Amount of refund issued upto March 31, 2025 during FY 2024-25 was ₹4,35,008 crore. When you look…
Source: Live Mint Central Board of Direct Taxes (CBDT) has notified April 30 as the last date, on or before which a declaration in respect of tax arrears can be filed by taxpayers under the Direct Tax Vivad se Vishwas Scheme, 2024. This declaration is meant to be made to the designated authority, the CBDT circular…
Source: Live Mint If you are an income taxpayer and want to compute your total tax payable for the financial year 2024-25, you can use an income tax calculator to find it. The income tax calculator helps you calculate tax under both the old and new tax regime for all categories of taxpayers —individuals, firms,…
Source: Live Mint The latest data on income tax website shows that a total of 3.24 lakh individuals filed their income tax return for over ₹1 crore before March 31, 2025. Out of these, a total of 2.97 lakh individuals filed their tax return for income between ₹one to five crore. Taxpayers who filed their…
Source: Live Mint Do you love to eat out often? Remember that the latest rates of Goods and Services Tax (GST) took effect on April 1. As per the new rates, customers may have to pay either 5 per cent or 18 per cent based on where the restaurant is located and whether it is…
Source: Live Mint This applies to payments or credits exceeding ₹20,000 on or after 1 April 2025, attracting TDS at 10%. This ₹20,000 is a combined limit for both interest and remuneration (including bonus, commission and salary). No TDS is required from the share of profits credited or paid to a partner. Under general law,…
Source: Live Mint Income Tax: If you are planning to opt for old tax regime at the time of filing your income tax return (ITR) in July this year for FY 2024-25, it is important to remember that the last date to invest in tax-saving instruments is March 31 i.e., Monday. If you also intend…
Source: Live Mint If we sell our residential house for, say, ₹50 lakh, do we have to invest the full 50 lakh to buy another residential house property, or do we only need to invest the long-term capital gains? I was under the impression that only the capital gains amount needed to be invested in…
Source: Live Mint I have invested in an ELSS scheme under the Dividend Reinvestment Plan. Does the reinvestment of dividends qualify for a rebate under Sec 80C? Yes. The dividend reinvested is treated as a fresh investment in the ELSS. Therefore, it is eligible for deduction u/s 80C within the overall limit of ₹1.50 lakh…
Source: Live Mint I have incorporated an IT company abroad. I want to transfer money to my own account abroad and give a loan to my company outside India. Can I avoid TCS by doing this? -Name withheld on request. Tax collected at source (TCS) is applicable on all remittances made under the Liberalised Remittance…
