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Source: Live Mint When considering the sale of significant investments like shares and securities, vacant plots, and house properties, the timing of the transaction can have substantial financial implications. From the point of view of tax planning, the end of the fiscal year is the most important time to plan the sale of assets. Many…
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 Starting April next year, when the new income tax law comes into force, income tax officials could get the authority to access your social media accounts and emails. The new income tax bill’s clause 247 states that an authorised income tax officer will have the power to gain access by overriding the…
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 In Budget 2025, Finance Minister Nirmala Sitharaman announced that taxpayers with income upto ₹12 lakh do not need to pay any income tax. Aside from this, salaried taxpayers will be entitled to take an additional benefit of no tax by virtue of ₹75,000 standard deduction. Notably, these changes will come into effect from April 1…
Source: Live Mint About 83.9 million Indians have filed income tax returns (ITRs) for financial year 2023-24 (FY24) as of December 2024. Of these, only 28.2 million (or 34%) paid tax, while the remaining 55.7 million (66%) had zero tax liability. This data was released by the finance ministry in a response to queries during…
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…
