As ITR filing for AY 2025-26 picks up pace, reports suggest the government may delay issuing tax refunds until past assessments are cleared under Section 245. Experts warn this move could hurt honest and salaried taxpayers who rely on timely refunds for financial planning and liquidity.
Read MoreFrom July 1, 2025, Aadhaar authentication is mandatory to get a new PAN card. Without Aadhaar verification, PAN won’t be issued. Here's what you must do.
Read MoreFiling your Income Tax Return (ITR) for FY 2024-25? The deadline has been extended to September 15, 2025. Here's how salaried individuals can file ITR without a Chartered Accountant and avoid 5 common mistakes that often trigger income tax notices or delay refunds.
Read MoreWe often think ancient wisdom cannot help in modern times. But what if your weekend splurges, credit card debt, and ignored savings were exactly the problems Chanakya warned against? His 2,000-year-old financial advice might just be the unexpected solution your wallet needs today.
Read MoreWith the ITR filing deadline extended to September 15, 2025, taxpayers have a greater opportunity to earn higher interest on refunds this year. Due to the RBI’s recent rate cuts, the interest on delayed tax refunds is expected to be nearly 33% higher.
Read MoreMany young investors in their 20s and 30s believe that saving Rs 1 crore is a solid retirement goal. But if inflation continues at 6% annually, the real value of Rs 1 crore after 30 years will be just Rs 17.4 lakh.
Read MoreITR filing for AY 2025-26 began late due to tech delays. Learn how to check your ITR and refund status online, and why early filing still matters.
Read MoreIn this article, we will dive deep into both tax regimes - Old Tax Regime and New Tax Regime. The write-up will explain features, benefits, recent changes, and practical implications for taxpayers of the both tax regimes.
Read MoreTypically, the ITR filing process begins on April 1 of the assessment year. Accordingly, for FY 2024–25, filing should have opened on April 1, 2025. However, this year, there has been a delay, and the process is now expected to begin in June 2025.
Read MoreIn this story, we will discuss about the various tax benefits available for senior citizens those availing retirement benefits like commuted pension, gratuity, leave encashment on retirement and provident fund, etc. First, let's understand who actually are senior citizens as per the Income Tax Department.
Read MoreForm 16 or Form 16A is the certificate of deduction of tax at source. It is issued on deduction of tax by the employer on behalf of the employees and provide details of TDS/TCS for various transactions between deductor and deductee. It is mandatory for employers to issue these certificates to taxpayers.
Read MoreWith ITR forms for FY 2024-25 already available, now is the ideal time to prepare and avoid last-minute mistakes.
Read MoreDifferent tax returns are prescribed for filing by individual taxpayers depending on their income and its source as well as factors such as residential status.
Read MoreTypically, the ITR filing process begins on April 1 of the assessment year. Accordingly, for FY 2024–25, filing should have opened on April 1, 2025. However, this year, there has been a delay, and the process is now expected to begin in June 2025.
Read MoreAs taxpayers get ready to file their returns, it is crucial to understand the key sections of the Income Tax Act, 1961, that can help in accurate tax calculation, availing deductions, and choosing the appropriate tax regime.
Read MoreThe simplified form is designed for individuals and entities who earned up to Rs 50 lakh during the recently concluded financial year.
Read MoreThe Income Tax Department is expected to notify the filing forms for the financial year 2024-25, or Assessment Year 2025-26, soon.
Read MoreIt is mandatory to choose between the old and new tax regime while filing the online form --- with specific exemptions and deductions available for individuals.
Read MoreTaxpayers will soon be able to file their returns for FY25 via the official Income Tax Department website.
Read MoreOld tax regime, however, still offers taxpayers a range of options to save taxes through various eligible deductions and exemptions post 2025 Union Budget. On the other hand, the new tax regime has a fewer deductions available for taxpayers compared to the old regime. In this write-up, we will discuss various deductions available under the new tax regime for the purpose of tax saving.
Read MoreAn individual resident who is 60 years or above in age but less than 80 years at any time during the previous year is considered a senior citizen for income tax purposes. The Income Tax department also defines people above the age of 80 as 'super senior citizens'.
Read MoreYou don't need Rs 10 crore or Rs 50 crore for financial freedom — just calculate your expenses and aim for the right amount using the 4% rule.
Read MoreSection 115BAC of the Income Tax Act lays down the tax slabs and rules applicable under the new tax regime.
Read MoreIt is not necessary to attach any documents while filing your returns. However the details given in various documents will have to be used while filling up the online form.
Read MoreUnder section 269ST of the Income Tax Act, receiving more than Rs 2 lakh in cash is prohibited, whether it is a single transaction or the sum of many transactions on the same occasion.
Read MoreThose filing their returns for the first time must also choose between two tax regimes (with different deduction amounts) and link their PAN and Aadhaar cards in order to enable electronic verification.
Read MoreThe filing of income tax return (ITR) is compulsory for those individuals whose annual income is above the basic exemption limit. According to the Old Tax Regime, the basic exemption limit is still Rs 2.5 lakh for general taxpayers under 60 years of age.
Read MoreThe Income Tax Department has launched a new Excel-based utility version of ITR-2 to make filing easier. This form is designed for individuals and Hindu Undivided Families (HUFs) who do not have any business or professional income.
Read MoreFile your updated Income Tax Return (ITR-U) before March 31, 2025, to correct omissions or errors and avoid penalties. Learn more about filing, deadlines, and additional tax liabilities.
Read MoreTerm insurance plays the vital role of a safety net and ensures one's loved ones are protected in the absence of the primary bread earner.
Read MoreWhile pre-existing medical conditions may lead to premium loading or coverage restrictions, being transparent about one’s medical history is essential to avoid claim denials later.
Read MoreUnderstanding the pros and cons of each option ensures you make a strategic decision that aligns with your financial future.
Read MoreStarting January 2025, lenders must update credit records every 15 days instead of once a month. As a result, financial activities will appear on your credit report sooner.
Read MoreIf you are availing exemptions or deductions under the old tax regime, the new tax regime may lead to a higher tax outgo.
Read MoreWe take a look at some common insurance mistakes which you must avoid to ensure your insurance truly safeguards your financial well-being.
Read MoreThe CBDT circular has been issued on 20 February 2025, and it will be applicable to the tax returns of the financial year 2024-25 (i.e. assessment year 2025-26).
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