Wed, Aug 21, 2024
The finance minister advised that the I-T Department needs to simplify the language as due to it, clarifications have to be given to taxpayers time and again.
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Wed, Jul 31, 2024
Income Tax Filing Deadline: The last date to file income tax return (ITR deadline) is today (July 31, 2024) and just a few hours are left in it. If taxpayers miss it, not only the Income Tax Department (I-T Department) will impose a penalty on them, but they will have to file a belated ITR for the financial year 2023-24.
ITR Filing last date: Apart from paying the penalty, a taxpayer will not be able to choose the old tax regime after crossing the last date i.e. July 31, 2024. According to the income tax department, you won't be able to file your ITR under the old tax regime from August 1, and you may have to face financial loss as there are various exemptions under this regime.
Mon, Jul 15, 2024
ITR filing season: The Income Tax Department's helpdesk is working 24x7 to assist the taxpayers. This helps in providing services ranging from filing of ITR to tax payment. The help desk provides assistance through calls, live chat, Webex sessions, and social media.
Thu, Jul 11, 2024
The old tax regime provides tax benefits of Rs 1.50 lakh under Section 80C of the Income Tax Act, 1961. It also provides tax benefits on HRA, health policies, and NPS Tier-I account deposits. The new tax regime, on the other hand, also provides tax benefits such as standard deduction, conveyance allowance, and transport allowance.
Tue, Jul 09, 2024
ITR filing: The new tax regime was introduced in Budget 2020 as a means to simplify tax calculations and offer concessional tax rates. So, unless you do not categorically opt for the old tax regime, the new tax regime is assumed as default, and hence, your income tax liability is calculated according to it.
Sun, Jun 16, 2024
Legal heirs of a deceased person are also required to repay any tax liabilities. They may be subject to interest or penalties if they fail to pay the taxes owing or fail to file the income tax return (ITR) on behalf of the deceased. It means that ITR is also required to file of a deceased person.
Tue, May 28, 2024
According to income tax laws, if a Permanent Account Number (PAN) is not linked to a biometric Aadhaar, TDS must be deducted at double the appropriate rate.
Wed, Apr 17, 2024
Income tax: As per CA Ruchika Bhagat, MD, Neeraj Bhagat & Co., choosing the right tax regime from the old tax regime and the new tax regime can help taxpayers save more tax.
Mon, Apr 01, 2024
The finance ministry said on Monday that there is no new in the new tax regime from 01.04.2024. "The new tax regime under section 115BAC(1A) was introduced in the Finance Act 2023, as compared to the existing old regime (without exemptions)," the ministry said in a tweet on X.
Thu, Mar 28, 2024
Tax Saving Tips: There are two tax regimes under which to file your income tax return since the new tax regime was launched in the 2020 budget. When it was launched, you could choose between the old and new tax regimes, but after Budget 2023, the new tax regime has become a default option. This means, as a new taxpayer, your income tax will be filed under the new tax regime automatically.
Thu, Feb 01, 2024
Budget 2024: As expected, in the run up to the General Elections, Union Finance Minister Nirmala Sitharaman neither tweaked nor put any additional tax burden on citizens, in the interim Budget for 2024-25 tabled on Thursday, February 1.
Wed, Jan 31, 2024
Budget 2024: Taxpayers took some time to warm up to the New Tax Regime when it was first announced in 2020. The Finance Minister announced some more changes to in it the last Budget to make it all the more appealing for taxpayers, especially the young salaried class. So, find out where the New Tax Regime now scores over the Old one.
Mon, Dec 11, 2023
The report indicates a shift in investment mindset, with 62 per cent of respondents in the age bracket of 18 to 30 years choosing the Old Tax Regime, citing long-term investments as the reason.
Mon, Apr 17, 2023
Old vs New Tax Regime: The month of April is considered crucial as employees have to make sure that they choose the right income tax regime for maximum saving
Tue, Apr 11, 2023
If you have not yet chosen the tax regime for yourself, then do so because now the new tax regime will be considered as the default regime. In such a situation, today on Money Guru, know which tax regime can help you save more tax? Old Vs New Tax Regime - Which is better?
Mon, Apr 10, 2023
Income Tax: If the taxpayer comes under the limit of a tax rebate, he/she will get the whole tax amount back at the end of the fiscal year by claiming the benefit of the rebate under section 87A.
Fri, Apr 07, 2023
Income Tax, Default Tax Regime: Employers will have to take ascent from their employees regarding their choice to opt for new tax regime or the old tax regime.
Thu, Mar 30, 2023
The tax rates which a taxpayer needs to pay on their income and income from other sources will be changing from April 1st, 2023. In Budget 2023, Finance Minister Nirmala Sitharaman announced key major changes for hard-working middle-class citizens who pay taxes.
Fri, Feb 03, 2023
There is no timeline to remove the old tax regime Revenue Secretary Sanjay Malhotra has said. He said that 50-60 per cent of the tax payers may switch to the new tax regime
Thu, Feb 02, 2023
Nitin Gupta, Chairperson, CBDT and Vivek Johri Chairman, CBIC talks about the changes in the tax slabs, how the restructuring of tax regimes can benefit the masses, and the impact of inflation on GST collection.
Wed, Nov 30, 2022
Budget 2023: In 2020, the government proposed a new tax regime for taxpayers.
Mon, Feb 17, 2020
Finance minister Nirmala sitaraman said that there is no timeline for phasing out exemptions on personal income tax in old regime.
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