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How to pick the right tax-saving investments before March 31 deadline? A 7-point guide

Provisions for deductions under section 80C of the Income Tax Act are only applicable for the old tax regime

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ITR 2024: Income Tax vs TDS. How the two are different?

The main difference between Income Tax and TDS is that the Income Tax is deducted from the payer’s overall profit or annual return, on the other hand, TDS refers to the tax deducted from the payer’s sources of income based on the expected tax liability

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ITR Filing 2023: What Are The Benefits of Filing ITR Before Deadline? 4 Things to Know

ITR Filing 2023: If you don’t file an ITR by the due date, you may have to pay Rs 10,000 penalty and other consequences as per the Income Tax Rules. -- aaa

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Delhi High Court quashes all reassessment notices issued after March 31 under old regime of Income Tax Act

The court held that Government cannot rely on Covid-19 pandemic to say that new provisions should not operate during the April to June 2021 period as Parliament aware of the pandemic when it passed the Finance Act

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Money Matters: Smart tax-saving tips you should know


Money Matters: Smart tax-saving tips you should know
There are several options that can help you safeguard your income and save taxes legally so that you can make your money work for you
When you start earning enough to pay taxes, the first thought that comes to your mind is how to reduce your tax burden to the minimum. If you are a first-time taxpayer, taxes can overburden you and leave you at a loss for planning monthly expenditure. Here’s a list of some tax-saving options but remember that these are applicable if you pay taxes under the old regime only. Many of the benefits will not be available if you have opted to pay taxes under the new regime.

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Cash loan above Rs 20,000 can put Covid-hit families in legal tangle


Cash loan above Rs 20,000 can put Covid-hit families in legal tangle
Section 269SS of the Income Tax Act, 1961 bars receipt of Rs 20,000 or more in cash as loan or deposit by an individual from another individual
Ashutosh Kumar | May 14, 2021 | Updated 13:08 IST
Mumbai-based Vishal Gupta, who lost his father to Covid-19 in May last year, faces a new challenge. Gupta's family paid over Rs 9 lakh for the treatment of his father, out of which a majority amount was raised from friends and relatives. A part of the financial help they received was in the form of cash.  
A social worker who helped the family hospitalise the patient last year recently apprised them of tax provisions that prohibit cash transactions among individuals as loan over a certain limit. Now the family of three brothers, employed in unorganised sector, fears being harassed by tax authorities.  

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