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G20 finance ministers will next month discuss a proposal to impose a wealth tax on the super-rich globally. The matter…
The new tax regime was made the ‘default tax regime’ with effect from the Financial Year 2023-24.
Under Section 139(1) of the Income-tax Act, 1961, those with income below the basic exemption limit are exempt from filing…
The finance ministry is considering raising the standard deduction limit under the new tax regime to attract taxpayers, according to…
There are 7 ITR forms the Income Tax Department has notified, and often, taxpayers get confused which ITR form is…
There are several provisions in the Income Tax Act, 1961, that allow individuals to save tax on expenses incurred by…
The Modi government is likely to consider reclassifying futures and options transactions from ‘business income’ to ‘speculative income’ and this…
While the introduction of GST has generally resulted in reduced effective tax rates on most of the daily use products,…
Tax loss harvesting is one of the most popular ways deployed by investors and traders in the stock markets to…
As a taxpayer, you must ensure that all guidelines and rules to ensure compliance with tax laws are followed while…
The last date to file Income Tax Return is July 31, and but taxpayers should not wait until the last…
One must file an ITR if he or she has paid electricity bills of more than Rs 1 lakh in…
Taxpayers required to file their income tax return should take into consideration the following.
It is expected that hiking the tax exemption limit will leave more disposable income in the hands of people, especially…
Ideally, your Form 16 details should match with that of ITR form because the Income Tax Department uses only the…
A cut in income tax would see consumption going up due to extra cash in consumer hands. Lowering of taxes…
For a taxpayer, it is important to rectify any discrepancies between Form 16 and 26AS to ensure correct reporting of…
Currently, the benefit of section 80C is not available under the default (new) tax regime and it would be expected…