With Income Tax Act 2025 in force, your tax choice can quietly cost you big money if you're not paying attention. Ramalingam Kalirajan explains how
Recent changes to tax exemptions and allowances, including increased education, hostel, and HRA limits, have made the old tax regime more competitive against the new regime, prompting salaried employees to re-evaluate their choice for the current financial year.
In the rush to complete tax-saving investments at the end of the financial year, many taxpayers choose instruments that do not match their long-term financial goals.
A key mistake would be continuing to rely on provisions of the Income-Tax Act, 1961, where the new law now applies, and vice versa.
The most common mistake is investing without assessing suitability and long-term implications.
Master the online ITR filing process and then learn the differences between the old and new tax regimes to pick your best option.
Young investors with a higher risk appetite are better off with a combination of term insurance and equity funds.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
Ask rediffGURU Reetika Sharma your insurance mutual fund and personal finance-related questions.
Cross-check key documents, maximise your deductions, avoid errors, and ensure you get your refund smoothly.
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
Learn to track your ITR's progress and correct any errors.
Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the ambit of insurance. The insurers also want reduction in the goods and services tax (GST) rate of 18 per cent currently applied on health insurance products to 5 per cent to make such products more affordable to common people. Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1.
AI isn't a magic wand. It works best when combined with good systems, informed investors, and skilled advisors, says Amit Suri.
Deductions missed in Form 16 can still be claimed while filing ITR.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
rediffGURU T S Khurana answers readers' personal income tax queries.
Here's how best you can use the Rs 1 lakh exemption under Section 80C to to plan and save tax.
The fear of losing purchasing power due to inflation and low-interest rates has led many to explore safe alternatives to fixed deposits with high returns
Some individuals opt for the new regime without a comparative analysis of the tax liability under the two regimes.
Review your family emergency fund and replenish it if needed. Revisit financial goals to see if there is any change in timeline or the corpus required.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Besides wrong selection of ITR form, many professionals claim deductions they are ineligible for.
Section 80C investments can be a smart way not only to save taxes but help you generate good returns in today's uncertain times.
rediffGURU T S Khurana answers readers' personal income tax queries.
rediffGURU T S Khurana answers readers' personal income tax queries.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Buying makes sense for those planning to stay in a city for at least 7 to 10 years. Financial preparedness is crucial.
The Income tax Act, 1961 contains several provisions which can serve as tools for saving your tax outgo. While everyone is more focused on meeting the 80C limits, here are a few more options.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The answer depends on your financial goals and risk appetite, says Certified Financial Planner Ramalingam Kalirajan, and explains why.
Get Ahead tax expert Mahesh Padmanabhan, in a chat with readers, told them how they can save taxes apart from availing of limit set under Section 80C.
ELSS investments require a long-term commitment of at least seven years.
rediffGURU T S Khurana answers readers' personal income tax queries.
The old tax regime remains unchanged. 'Taxpayers opting for it will continue to follow the existing slab rates and deductions.'
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