Thu, Feb 01, 2024
In the old tax regime, there is nil tax up to the limit of Rs 2.50 lakh. From Rs 2.50 lakh to Rs 5 lakh income, there is five per cent income tax on income above Rs 2.50 lakh. Taxpayers under the new tax regime have to pay nil income tax up to the earnings of Rs 2.50 lakh. The tax slab for Rs 2.50-Rs 5 lakh income is five per cent tax on income above Rs 2.50 lakh.
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Sun, Jan 21, 2024
You can potentially save on income tax by contributing to the Ram temple. This involves making donations, and here's a comprehensive guide on how to do it while enjoying tax exemptions. Know
Thu, Jan 18, 2024
Equity Linked Saving Scheme (ELSS) is a category of mutual fund which allows you to have tax exemption up to Rs 1.50 lakh under Section 80C of the Income Tax Act. It comes with a lock-in period of three years. While it gives one tax benefits, many of the ELSS funds have given impressive returns in the last three years. One can invest in ELSS in a lump sum manner or through the systematic investment plan (SIP). Know more details-
Wed, Jan 17, 2024
Every salaried individual is subject to tax as per the slab rate depending on their total taxable income, including other income, i.e., interest, dividend, rent. etc. When you file your income tax return (ITR), you have to pick between the old and new tax regimes. If you have invested in tax-saving schemes, the old tax regime will provide you with tax deductions.
Tue, Jan 16, 2024
To save tax for the Financial Year 2023-24, there are some tax deductions that you can claim for tax exemption on investments, earnings and other types of payments. With investment in these schemes, or if you are already availing some of these options, your income tax can be reduced to zero.
Investment in National Pension System, or National Pension Scheme (NPS), is an effective tool which helps you create a huge retirement corpus. But at the same time, it can help you save significant income tax under Section 80C of the Income Tax Act. And not just in one, but in three different ways. Know how you can get the benefit.
Mon, Jan 15, 2024
While giving investment proof to the Income Tax Department, some people submit fake rent agreement and rent receipts to save more tax. If you are also thinking of doing something like this. Beware! The Income Tax Department can catch you through this way-
In a taxpayer-friendly move, the Modi government may make minor changes in the new tax regime in Budget 2024. The government is considering increasing the existing tax exemption. The current tax exemption in the new tax regime is Rs 7 lakh. This can be increased to Rs 7.5 lakh.
Fri, Jan 12, 2024
Fixed Deposit (FD) is a popular investment option among investors since it provides guaranteed returns and keeps them away from market risks. But not only an FD can be an option for fixed income, it can provide you the benefit of tax exemption. But all FDs are not tax exempted. Know how you can save tax through FDs.
Wed, Jan 10, 2024
Investment schemes such as Public Provident Fund (PPF), Fixed Deposit (FD), Sukanya Samriddhi Yojana (SSY), Senior Citizen Savings Scheme (SCSS), and National Savings Certificate (NSC) not only provide fixed income and guaranteed returns but also give tax benefits up to Rs 1.50 lakh under Section 80C of the Income Tax Act. Know more about such tax saving schemes.
Tue, Jan 09, 2024
The thought of getting a Section 143 (1) income tax notice for wrong information provided in the income tax return (ITR) may make you worried. While it is a document that shows that the Income Tax (I-T) Department might have caught you on the wrong foot, you don't need to panic about it. You just need to know the right procedure to deal with it. Know what you need to tell the taxman if you have received an income tax notice.
Mon, Jan 01, 2024
If you had mistakenly filed ITR in the new tax regime in 2023 and were not able to avail tax exemption, etc., can you switch to the old tax regime this year. Or, the new tax regime will become your default tax setting. Know what rules say and what options you have.
Thu, Jun 01, 2023
If you have received any notice from the Income Tax Office, then do not be negligent at all, and if you make this mistake, you may have to bear the brunt.
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