Financial Literacy News: Section 80DDB of the Income Tax Act provides individuals with a valuable tax deduction for expenses incurred in treating certain specified illnesses. This provision allows for a deduction on medical treatment expenses incurred for dependents suffering from specified diseases. Eligible dependents for coverage include spouses, children, parents, and siblings.
Financial Literacy News: As the financial year 2024-25 has begun on April 1, it is important to be aware of income tax rules. Even if changes are announced in the Union Budget or during the year, they usually take effect from the start of the new financial year. This year, there were no changes announced for FY 2024-25 in the interim budget, so the income tax rules from the previous year remain unchanged.
India Business News: The Reserve Bank of India (RBI) annually issues Sovereign Gold Bond (SGB) tranches, outlining their issuance and redemption dates. These bonds have an eight-year tenor but allow premature redemption after five years from the date of issue. According to ET, several SGBs from the 2016 series are up for final redemption in 2024. Here are the tentative dates and details:
Financial Literacy News: As the deadline for updating Income Tax Returns (ITRs) for the fiscal year 2020-21 draws near, many individuals have recently received emails from the Income Tax Department regarding significant transactions flagged in their Annual Information Statement (AIS). Here's what you need to know about these communications and how to address them:
Financial Literacy News: The National Savings Certificate (NSC) is a government-backed scheme ideal for low-risk investors. It offers guaranteed returns and tax benefits. NSC certificates are available in electronic or passbook formats.
The assesses were grappling with this issue of long outstanding demands, especially in cases where the demands pertain to very old cases and there are neither records nor resources available, to resolve the same.
India Business News: The Central Board of Direct Taxes (CBDT) has released the Income Tax Return (ITR) forms, ITR-2 and ITR-3, for the financial year 2023-24. Taxpayers need to be aware of the filing requirements and changes in ITR-2. ITR-3 is for entities with income from business or profession. The deadline for submission is July 31, 2024, or October 31, 2024, for taxpayers with income tax audits.