ITR filing: The zero-tax income threshold has been increased from Rs 7 lakh to Rs 12 lakh. Income Tax Slabs FY 2025-26 after Budget 2025: Finance Minister Nirmala Sitharaman’s big announcement that taxpayers will no longer have to pay tax for income up to Rs 12 lakh from FY 2025-26 onwards has been met with…
If one fails to submit a belated return by December 31, 2024, specific consequences apply. ITR filing deadline: December 31, 2024, marks the final deadline for submitting belated and revised income tax returns for FY 2023-24 (AY 2024-25). Whilst various taxpayer categories have distinct ITR filing deadlines, the final date for belated and revised returns…
The new form will enable employees to provide information about TCS and TDS from other sources. (AI image) TDS for salaried employees: The Central Board of Direct Taxes (CBDT) has introduced a new form, Form 12BAA, to facilitate the implementation of the Budget 2024 announcement regarding the adjustment of TDS and TCS from other sources…
Beware of Income Tax Refund scams! The Income Tax Department has issued a warning to taxpayers, urging them to exercise caution against fraudulent refund schemes. The department has advised individuals to remain alert and vigilant against deceptive calls and pop-up notifications claiming they are eligible for a tax refund.To avoid falling victim to such scams,…
ITR Filing FY 2023-24 deadline extension: The Income Tax Department has advised taxpayers to file their income tax returns for the financial year 2023-24 before the July 31, 2024 deadline.According to an ET report, the Income Tax Department has issued an alert to the public regarding erroneous information published in media about the extension of…
ITR Filing FY 2023-24: As a salaried taxpayer, Form 16 is crucial when filing your income tax return. So, what is Form 16 and why is it important? Form 16 is a certificate issued by employers to employees under section 203 of the Income-tax Act, 1961. It outlines the amount of tax deducted at source…
New versus old income tax regime – understanding TDS on salary: The new financial year, 2024-25 has begun starting from April 1. However, the income tax laws from the previous year, FY 2023-24, remain in effect for FY 2024-25 because the government has not made any changes. Potential changes may be announced in the upcoming…
