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NPS tax benefits: How you can claim tax deductions for NPS under old, new income tax regimes

Taxpayers should note that the NPS-related deduction under Section 80CCD (2) of the Income-tax Act, 1961, is the only exemption allowed under both tax regimes. ....

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Income Tax Returns 2024: How to make a switch between new and old tax regimes

Income Tax Returns: The Budget 2023 saw FM Nirmala Sitharaman announce multiple changes in the New Tax Regime. Individual taxpayers can make a switch from the Old Tax Regime to the New Tax Regime as many times as they want. But that's not the same for individual taxpayers with business income.
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Income Tax Returns: What are the tax implications for NRIs in FY24? Check details here

ITR 2024: As per the Income Tax Act 1961, NRIs are not required under the law to pay tax on overseas earnings or declare foreign assets. But if they overstay, tax and disclosure regulations are applicable. ....

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Income Tax 2024: Old Tax Regime slabs vs New Tax Regime slabs explained for senior citizens

Under the new tax regime, senior citizens can claim a maximum deduction of Rs 50,000 under section 80D for health insurance premiums. If the expenses are incurred for a dependent senior citizen, the entitlement is Rs 1 lakh in a fiscal. ....

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National Pension Scheme, PPF to Senior Citizens Savings Scheme: Best tax saving instruments for senior citizens

Income Tax Returns 2024: Senior and super senior citizens are eligible to avail of numerous tax benefits as offered by Income Tax Act, 1961. Some of the prominent ones are the Senior Citizens Savings Scheme, National Pension Scheme, senior citizen bank FDs, ELSS, among others.
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