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
When filing income tax, employees paying house rent must take several precautions. Making house rent payments partially in cash and partially online can lead to issues. In such cases, the house owner might not provide a rent receipt or may not declare the rent payment in their income tax returns to avoid taxes. This could … Read more
Are you a pensioner looking for a hassle-free way to calculate your income tax? Look no further! Our Pensioners Income Tax Software 2025 is here to help. This user-friendly tool makes it easy to calculate your tax liability and file your returns accurately. Tax season can be challenging, especially for pensioners with unique tax considerations … Read more
The Government of India’s Income Tax Department has launched the latest Income Tax Calculator 2024 version. This innovative tool is designed to help taxpayers accurately calculate their taxable income and determine the amount of tax payable. Whether you’re an individual or a business, this user-friendly tool simplifies the tax filing process and ensures compliance with … Read more
Are you depositing more money into your account? Understanding the maximum deposit limit and the potential consequences of exceeding it is crucial. This knowledge will empower you to manage your finances effectively. Did you know that the income tax department may send you notices if you deposit an amount beyond the prescribed limit? Let’s take … Read more
Why do ‘defective return’ notices appear? Most individuals filing their Income Tax Return (ITR) have already received their refunds. However, some are receiving ‘defective return’ notices. But why do these notices come? And what should you do if this happens? Let’s find out now. The tax department issues these notices when discrepancies are noticed between … Read more