With financial year 2024-25 soon coming to an end, only three weeks are remaining before the taxpayers can invest in the tax-saving instruments such as PPF, NSC, KVP, SSY and SCSS. Taxpayers who wish to claim income tax deduction must invest in these instruments before March 31. Where can taxpayers invest to claim income tax … Read more
Income Tax (I-T) department has released the latest list of banks which are mapped to e-Pay tax service at e-Filing Portal as you file your income tax return. The two banks which were lately added to the list are Tamilnad Mercantile Bank (included on March 5, 2025) and IDFC First Bank (added on Nov 27, … Read more
Starting April next year, when the new income tax law comes into force, the income tax officials could have the authority to access your social media accounts and email id. The New Income Tax Bill’s clause 247 states that income tax officer will have the power to gain access by overriding the access code to … Read more
In India, taxpayers can choose between the old and new income tax regimes, each offering distinct benefits. However, this choice isn’t permanent and can be revisited annually. Whether you are a salaried employee or running a business, understanding how often you can switch between tax regimes is crucial for maximising your tax savings. In the … Read more
ITR filing 2025: Before filing your income tax return, it is vital to compare the tax computation under both the tax regimes i.e., old and new. And you can opt for the regime which gives lower tax outgo. Introduced in 2020, the new tax regime was made the default regime for taxpayers as per Finance … Read more
Those taxpayers who want to updated their income tax return of previous two years can file an updated return before March 31. Although you can file the updated return anytime but it must be done within two years of the end of the relevant assessment year. This means those who want to update their return … Read more