Currently, two tax regimes are available for income taxpayers who choose to select one. According to tax experts, the new tax system offers eight types of benefits. Under this system, taxpayers are not required to pay any tax if their income is up to Rs.7 lakh. Let me now explain these eight benefits in detail.
Form 16 is the most important document for all employees to file income tax returns. So, what is this Form 16? What details does it include? Only file tax returns with this Form 16. What are financial experts’ suggestions, and what is the importance of Form 16 in Submitting ITR? Let us know the complete information now.
Employees must inform their company which tax regime they want to continue in the new financial year. Choosing the tax system that suits you best for TDS is better. Otherwise, there is a risk of loss. Which is better, the new tax system or the old tax system? Let’s know some things to know. As … Read more
Many salaried employees across the country are receiving messages from the Income Tax Department regarding the tax deducted at source (TDS) on their wages. These messages contain details of the total TDS for the financial year 2023-24, including details of TDS deducted by employers for the quarter that ended on December 31. If you have … Read more
As taxpayers, we have recently entered the new financial year 2024-25, which started on April 1, 2024. This means that we need to be aware of some new changes and important financial deadlines. It’s a good time to review our financial situation and plan for the coming year. We need to make important decisions regarding … Read more
The Central Board of Direct Taxes has released a notification regarding the new ITR Acknowledgement form, which includes the ITR-5 form. However, the ITR-5 form has undergone significant changes this year, and taxpayers need to read and follow the instructions carefully. According to the e-Gazette portal, the CBDT has issued this notification by amendments to … Read more
Income Tax Department Section 80C, 80G and 80GGA Offered various tax benefits on donations to charitable organizations; everyone must be aware of the Section 80C, 80G and 80GGA Acts before clime tax benefits. Many people may not be aware that donors can avail themselves of tax saving benefits on donations. The Indian Income Tax Act’s … Read more
A PAN card is considered one of the most crucial documents for Indian citizens. It is mandatory for various transactions like opening a bank account, buying a vehicle, or purchasing any property. However, it is important to take necessary precautions while using the PAN card; otherwise, you may be fined up to Rs. 10,000. One … Read more
The PAN card is a crucial document that serves as proof of identity for income tax purposes. It is mandatory for filing income tax returns and needs to be verified. The verification process can be completed online. The PAN card has a unique 10 digit alphanumeric number issued by the IT department and is valid … Read more
Must Pay Advance Tax without Failure to Avoid unwanted Penalties. Eligible employees, traders, and self-employed individuals must pay advance tax before the deadline. Here is the calculator to estimate your advance tax. Attention taxpayers! If your income tax payable is more than Rs. 10,000, you must pay advance tax. March 15th is the last day … Read more