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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…
Source: Live Mint In the Union Budget for 2022-23, India’s finance ministry introduced the concept of updated tax returns to promote voluntary tax compliance. At the time, finance minister Nirmala Sitharaman said that its purpose was to motivate taxpayers to voluntarily disclose any income omitted in their original tax filings. Three years on, this initiative…
Source: Live Mint In case you forgot to report some income while filing tax returns anytime in the past four fiscal years, Budget 2025 has good news. The timeline to file an updated income tax return has been increased to four years from two years starting April 2025. Of course, an updated ITR can only…
Source: Live Mint “This appears to be a soft nudge from the tax department, likely targeting taxpayers who may have claimed deductions for fake donations or made errors in their filings,” said Nitesh Buddhadev, a chartered accountant and founder of Nimit Consultancy. “The message provides an opportunity to rectify any mistakes before stricter action is…
Source: Live Mint The protagonist, a farmer from a small town near Bengaluru, is now facing a staggering ₹69 crore tax demand. The man did not wish to be identified, so we will refer to him as AN for ease of narration. What began as a brief stint in futures and options (F&O) trading a…
Source: Live Mint ITR deadline today, January 15, 2025: Taxpayers must noted that today is the deadline for filing your income tax returns (ITR) if you missed the original date or are submitting a revised return for the assessment year 2024-25 (AY2024-25). Originally, the deadline was set for December 31, 2024. However, the Central Board…
Source: Live Mint With only two days to go before the deadline to file revised income tax return (ITR) for FY 2023-24 expires, taxpayers can claim tax rebate under section 87A. Notably, the income tax department recently released excel utilities for ITR forms ITR-2 and ITR3 to exercise the option to claim rebate u/s 87A. However, you have…
Source: Live Mint If you somehow failed to file your income tax return (ITR) for any of the past two years, you can still file an updated income tax return. These two years are 2021-22 (AY 2022-23) and 2022-23 (AY 2023-24) for which taxpayers can still file their updated return before March 31, 2025, reveals the…
