It is advisable to file your ITR right away and not rely on potential extensions.
Form 16 contains details of salary income, deductions, and exemptions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Gifts are not allowed as an expenditure and hence you can not claim any benefit out of gift given, says direct tax expert Vikas Gandhi.
Employees who benefit from rent-free accommodation should pay heed to these new regulations, especially if they are in the higher salary brackets.
Your financial goals are of utmost importance and the tax saving is an added incentive, advises Dwaipayan Bose.
Long-term tax on capital gains arising from selling a house can be invested in another property under Section 54.
rediffGURU Mihir Tanna answers your income tax queries.
Finance Minister Nirmala Sitharaman in her fifth Union Budget made five major announcements for the income tax assesse. She announced no changes in the old tax regime and confined her relief measures to the new tax regime. There have been no changes under the old tax regime.
You can reduce your tax burden by wisely using partially taxable allowances, suggests Bindisha Sarang.
Employees should review the accuracy and completeness of the information provided in Form 16. They should confirm that all the tax deducted has been credited correctly.
As the MPC is mandated to target CPI inflation rate at 4 plus minus 2 per cent, any measurement error in CPI is likely to have grave consequences for monetary policy.
If your house owner does not have a PAN, you need not worry, as long as he/she is ready to sign a self declaration stating he does not have a PAN. You can submit a copy of this declaration to your employer and avail of the HRA deduction.
Here we can highlight two-way benefits on HRA (house rent allowance) along with home loans.
Most taxpayers will benefit from being in the old tax regime, assuming they optimise their salary for tax benefits and claim the deductions available to them.
'I believe the modified scheme is much more beneficial and simpler.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The 6-member Monetary Policy Committee, headed by Reserve Bank of India Governor Urjit Patel, in its fifth bi-monthly review, kept the repo rate unchanged at 6 per cent and reverse repo at 5.75 per cent.
In an online chat with Rediff.com readers, G Srikanth, partner, GSV Associates, chartered accountants, Chennai and member of the Institute of Cost and Management Accountants, answered queries about the new income tax proposals mooted in the Union Budget 2020-2021.
The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT chairman Nitin Gupta said. Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under the new tax regime is to gradually "do away with deductions and exemptions" so that the "long-standing demand of reduction of taxes for individual taxpayers and entities can be met." Finance Minister Nirmala Sitharaman, while presenting the Budget 2023-24 in the Parliament on Wednesday, said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class.
Use deductions introduced in the Budget to save additional Rs 24,000 in tax
While diligent paperwork helps claim tax benefits, with employers under pressure from the government, any lapse in documentation by an employee will lead to sharp cuts in salary.
Archana Ramanan, a homemaker from Tamil Nadu, tells Rediff.com's A Ganesh Nadar what she would like to see in Finance Minister Nirmala Sitharaman's Budget.
Ensure the employer has all relevant documents. Else, your pay will take a serious hit in the next two months.
We take the opportunity to bust a few myths
According to a study, there are several misconceptions regarding income tax.
The reimbursement components of your salary require you to furnish bills before they become tax-exempt. Producing them may be difficult this year.
Archit Gupta on how can you maximise your savings and reduce your taxable income.
High frequency indicators suggest that a growth recovery is underway, but very tentatively and with weak legs, says Saugata Bhattacharya.
Which is the best investment option when inflation is inching up? Should you put your money in gold, mutual funds or buy a house? How can buying a house help you in saving tax? Can you save tax by renting a property?
Employees and workers will meet on November 27 to protest against the recommendations
Electricity tariffs to go up as coal cess is doubled.
The 7th Pay Commission has recommended more than doubling the 'Military Service Pay' to defence personnel, and suggested that Short Service Commissioned Officers should be allowed to exit the Armed Forces at any point in time between 7 and 10 years of service.
Would you like to save some tax money? Have you made use of all the tax deductions that the law provides? There may be eligible deductions in many of the expenses that you incur.
If your case is picked up for random scrutiny, any of the tricks that you or your financial advisor may have used to avoid tax will be easily detected.
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