Though income tax laws generally do not differentiate between a resident Individual taxpayer and a non-resident taxpayer, certain tax benefits/concessions are available to a resident individual only and not to a non-resident taxpayer. Let us discuss this in detail. Age-based differentiation A resident taxpayer below 60 years old enjoys total tax exemption for income up … Read more
Although more than seven crore income tax returns (ITR) were filed until 7 pm on July 31, 2024, there would still be hundreds of thousands of taxpayers who have yet not filed their income tax returns. Such taxpayers who missed filing their income tax returns on time, i.e., before the July 31 deadline, can file … Read more
In Budget 2024, the central government has sweetened the new tax regime with more slab relaxations and an increase in the standard deduction from ₹50,000 to ₹75,000. However, despite the changes introduced in Budget 2024 in the rates under the new tax regime, there are taxpayers who would want to opt for the old tax … Read more
In Budget 2024-25, Finance Minister Nirmala Sitharaman is likely to raise the basic exemption limit under the old tax regime after a hiatus of 10 years, says Deepashree Shetty, Partner, Global Employer Services, Tax & Regulatory Services, BDO India, in an interview with MintGenie. Other changes in Budget 2024 that come in her ‘should happen’ category include rationalisation … Read more
Although a range of tax-related changes are introduced every year for taxpayers, a few key changes are ‘radical’ and occur only once every three or five years. The introduction of the ‘new tax regime’ is undoubtedly one such key change that is substantive, and will transform the way income tax is calculated and deductions allowed. … Read more
Budget 2024: The salaried class has high expectations for the upcoming budget as there was not much relief for the taxpayers in the interim budget of 2024. Anticipating Budget 2024, substantial tax reforms are expected to provide relief and boost savings for taxpayers, especially the middle class. Personal Finance Experts suggest potential changes such as … Read more
As a taxpayer, you must be aware of the fact that the new tax regime is now the default regime. Therefore, one has to opt for the old tax regime in case they want to avail one or more tax deductions and exemptions. The last date to file income tax return for financial year 2023-24 … Read more
As the last date to file the income tax return (ITR) looms closer and you have not yet filed the return, it is imperative to first decide the tax regime you plan to opt for. One should file their ITR by July 31 of a financial year to avoid penalties. It is noteworthy to mention … Read more
With the dawn of Modi 3.0, all eyes are eagerly set on the upcoming Union Budget of 2024, slated for presentation in July. Anticipation runs high among industries, farmers, taxpayers, and the middle class alike, as they await potential boosts and tax reliefs from Finance Minister Nirmala Sitharaman. As the first budget of this new … Read more
With the deadline of July 31 to file income tax return (ITR) approaching fast, taxpayers are expected to be scurrying around to arrange the information required to for the return. Although it is advisable to file your tax return as soon as possible, it is not recommended to do it sans proper home work. For … Read more