Financial Literacy News: Salaried individuals are advised to wait until June 15 before filing their income tax returns online for FY 2023-24 to ensure all information is updat
India Business News: New income tax regime vs old tax regime: One must remember that the new income tax regime is now the default tax regime and in case you don’t tell you
India Business News: New versus old tax regime: When determining the tax regime for TDS on salary, taxpayers typically use estimated figures for gross total income and pro
India Business News: New versus old tax regime: Resident individuals with total income up to Rs 5,00,000 are eligible for tax rebate under the regular tax regime. For resi
India Business News: HRA claims: The CBDT has clarified that there is no special drive to review mismatched HRA cases, refuting concerns of retrospective taxation. Instanc
Financial Literacy News: The new financial year, 2024-25 has begun starting from April 1. However, the income tax laws from the previous year, FY 2023-24, remain in effect for FY 2024-25 because the government has not made any changes. Potential changes may be announced in the upcoming budget after elections, but until then, the old laws remain.
Financial Literacy News: There's one often-overlooked avenue that inadvertently aids in tax-saving - the Employees' Provident Fund (EPF). If you are looking to opt for the old
TDS on salary tax regime: In the month of April, many salaried individuals are required to inform their employer about their preferred tax regime on the basis of which tax will be deducted from their salary income. If wrong tax regime is chosen for tax to be deducted on the salary, then higher tax will be deducted throughout the financial year.
Income tax slabs FY 2024-25: With the new financial year starting, salaried individuals must decide between old and new tax regimes. The default option is now the new regime, with different rates and deductions