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
Attention all income taxpayers: Starting October 1, several income tax changes will occur. These changes include requirements for the Aadhaar card, changes to Securities Transaction Tax (STT) and Tax Deduction at Source (TDS) rates. The Direct Tax Vivad Se Vishwas Scheme was introduced, as proposed in the Union Budget 2024 and later approved in the … Read more
In India, income above a certain threshold is subject to tax. The Income Tax Act of 1961 states that tax rates vary based on income slabs. However, there are ways to save tax. Some types of income are not taxed, some can be refunded through claims, and some may be eligible for tax exemption. Many … Read more
Marriage is significant in Indian culture, emphasizing the importance of a happy relationship between husband and wife. Financial stability is crucial for a happy married life. By following financial principles together, couples can save a considerable amount of money, potentially up to Rs. 7 lakhs in tax savings. Shared financial goals and mutual support are … Read more
Please take note of the following information regarding the rules outlined by the Income Tax Department for cash deposits and withdrawals: Cash Transaction Income Tax Rules: The Income Tax Department may scrutinize individuals who make substantial cash deposits and withdrawals in their bank accounts and question their sources of income. The Income Tax Department closely … Read more