Mumbai : Though the new tax regime offers a simpler framework by eliminating deductions and exemptions, some incomes are still eligible for tax benefits. One such income is the interest on post office savings accounts. Under the new regime, taxpayers can claim a tax exemption of up to ₹3,500 on a single account and up … Read more
Income Tax: The financial year 2024–25 has come to an end and the tax filing season has kicked off. As the last date to file Income Tax Returns (ITR) is July 31, taxpayers now have nearly three months to file their returns. Meanwhile, taxpayers are required to choose between the two available tax regimes. Some … Read more
Income Tax: Among several benefits, one of the main advantages of choosing the old tax regime is that it enables you to claim exemption for house rent allowance (HRA). Under the old tax regime, HRA is exempted under section 10(13A) of Income Tax Act for salaried individuals, states information on the Income Tax India website. … Read more
Lately, a number of tax payers have received tax notices from the income tax department for their HRA (house rent allowance) claim. Primarily, these tax notices were sent for not deducting 3 percent TDS (tax deducted at source) while transferring rent to the property owner. It is recommended to follow a three-step checklist to ensure … Read more
The new financial year FY26 has kicked off, and taxpayers are meant to file their income tax returns under one of the two regimes. Mint deconstructs the key points to be considered before choosing the new or old income tax regimes. For the unversed, the new income tax regime offers concessional tax rates in exchange … Read more
But, some experts warn it may not be a blanket benefit available to all businesses and professionals eligible for presumptive taxation schemes. How does presumptive taxation work? Presumptive taxation for businesses and professionals is covered under Section 44AD and Section 44ADA, respectively. Under Section 44AD, small businesses with a turnover of up to ₹2 crore, whose … Read more
Old vs new tax regime: As the financial year has ended, taxpayers will now begin gathering their documents to file their income tax returns (ITR) before the deadline of July 31, 2025. Just like last year, one key question taxpayers must ask themselves is whether the new tax regime is the right choice for them. … Read more
As the new finance year (2025-26) has kicked off and majority of salaried individuals are likely to go with new tax regime. They tend to believe that they have a lower incentive of investing in tax-saving instruments such as Public Provident Fund (PPF). It is important to note that investment in PPF may not give … Read more
Money rule changes from April 1 2025: March 2025 is coming to an end, ushering the beginning of a new financial year from April 1. The financial year 2025-26 will start from April 1, affecting citizens and taxpayers across India. New income tax rule changes, credit card rule change, UPI rule change and a host … Read more
I am currently working in Mumbai. I am currently residing in a rented apartment and looking forward to purchasing a flat for investment purposes in Bhubaneshwar, for which I will take a home loan. This will be the first house purchased by me. I will put it on rent. I would like to know whether … Read more