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
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
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
Know about India’s savings account limits, interest rates, and tax rules. Understand how much money you can keep, earn interest, and pay taxes on your savings account. Saving money in a bank account is a great way to keep your cash safe and earn a little extra. Do you know how much money you can … Read more
Taxpayers can control their tax affairs by submitting accurate documents and not underreporting their income or evading tax payments. The unfortunate practice of some individuals submitting fake rent receipts to claim tax exemptions has caught the attention of the Income Tax Department, leading to an investigation. The department has identified some individuals and issued notices … Read more
Many move from villages to towns and cities for higher education and employment. Since commuting from their hometowns to college and work is challenging, they rent houses in the town. Due to this influx of people, the city’s population is rapidly increasing, leading to a rise in house rents. Landlords are now making a significant … Read more
Understand the implications of having more than one PAN number. Know about the penalty, cancellation process, and consequences. A Permanent Account Number (PAN) is a unique tax-identifier. Having more than one PAN number can lead to complications. The PAN Number is the backbone of your financial identity in India. It’s used for everything from filing … Read more
It is natural for parents to want their children to excel. For this reason, they invest in their education and take good care of their health. However, many may not know they can claim tax deductions on expenses for their children’s education and medical needs. This article will explore the costs and savings parents can … Read more