Good News from the Center for Those Earning Less Than Rs.15 Lakh Per Year. No Tax Up to Rs.15 Lakh to Boost Consumption. National media reported Thursday that the center plans to eliminate the income tax burden for individuals earning less than Rs.15 lakh in a financial year. This initiative is expected to increase Consumption … Read more
Tax cuts on employees’ salaries are influenced by their income, tax slabs, and the tax regime they choose to follow (either old or new). The old tax regime, a familiar and trusted system, allows for deductions and exemptions, such as House Rent Allowance (HRA) under Section 80C, alongside various investment options. This regime empowers taxpayers … Read more
Filing income tax can be a complex task, especially for employees unfamiliar with the intricacies of tax regulations. However, this process becomes manageable and efficient with the right income tax software. Several expert-developed programs, such as those by Bakka Srinivasa Chary, Putta Srinivas, Kota Vijay Kumar, and KSS Prasad, are now available for the Financial … Read more
A message circulating on social media claims that as India commemorates 75 years of its Independence, senior citizens above 75 years of age will no longer have to pay taxes. The Income Tax Department has clarified that the above news circulating on social media is entirely false. Therefore, it has advised everyone not to believe … Read more
Regardless of the form in which you hold gold, you are required to pay income tax. People commonly hold gold in various forms, such as gold ETFs, digital gold, jewelry, and bonds. Many assume that only gold held as an asset is taxable. However, even when you sell gold, you must pay taxes on any … Read more
PAN Card for Children: Find out when your child needs a PAN card, the benefits, and the simple application process. The PAN card and Aadhaar card are important identification documents in India. You need a PAN card for most financial transactions, like opening a bank account or filing income tax returns. You might think PAN … Read more
The Income Tax Department has warned individuals who have filed their Income Tax Returns (ITR) for the Assessment Year 2024-25. It stated that a penalty of Rs 10 lakh would be imposed on taxpayers who fail to disclose their foreign assets and income earned abroad in their ITR. This penalty can be enforced under the … Read more
Do you urgently need to sell the gold your in-laws gave you as a wedding gift? Here’s what you need to know. In India, gifts are generally not considered personal income. However, if the total value of gifts you receive in a financial year exceeds ₹50,000, you must pay tax on the amount over that … Read more
First-time income taxpayers: When you start making money, one of the new things you’ll have to do is file taxes. This can seem scary and confusing if it’s your first time. But learning the basics can make tax season much easier. This guide will explain everything you need to know as a first-time income taxpayer. … Read more
Income tax is a crucial aspect of personal finance in India. As the financial year 2024 approaches, it’s essential to understand the latest income tax rules and regulations to ensure compliance and maximize your tax savings. Understanding Income Tax Slabs: The Indian government has introduced new income tax slabs for 2024. The tax slabs are … Read more