The Income Tax Department announced TDS Rate 2024 or TDS Deduction Rate 2024 for the current financial year based on certain transactions such as salary, house rent, interest income, cash withdrawal, fixed deposits, and other sources. Section-wise, complete details are listed here. Tax Deducted at Source (TDS) is a tax collection method in India wherein … Read more
Everyone can save tax through the top 5 savings options without Section 80C for this current financial year. Have a look and utilize those income tax sections to save additional tax along with Section 80C before March 31st, 2024. Are you interested in investing in tax savings to reduce your income tax? Section 80C of … Read more
Union Finance Minister Nirmala Sitharaman is set to present the comprehensive annual budget for the financial year 2024-25 in Parliament later this month. Taxpayers are hoping for incentives, especially for senior citizens over 60 who are required to pay taxes on their income. Given the current rising cost of living and other expenses, there is … Read more
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