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If you are looking to reduce your tax liabilities, you must be aware of what is the standard deduction in salary. Remember, the deductions are proposed based on the way how taxpayers utilise their income. Here’s what you need to know: Section 16 of the Income Tax Act of 1961 provides certain tax-saving measures for …
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Wondering how to pay income tax online? The process is now fully digital through the Income Tax Department’s e-Pay Tax portal. Enter your PAN details and verify using OTP. Select the assessment year and choose the type of payment. Fill in your tax amount and complete the payment using net banking or other available modes. …
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When opting out of the old tax regime, you may have many doubts, like ‘Is standard deduction applicable in the new tax regime?’ While the Interim Budget of 2024 did not propose any changes to taxation, the 2023 Union Budget eliminated multiple exemptions under the new tax regime. However, there are certain deductions and exemptions …
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To understand taxation in India, you need to know what is a direct tax and an indirect tax. Here are a few essential points: You need to pay direct tax to the government based on the income or profits you earn Contrary to this, you’ll pay indirect tax only if you purchase any good or …
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India’s Finance Minister Nirmala Sitharaman plans to unveil the Union Budget on February 1, 2025. Taxpayers expect the government to raise standards in tax rules through increased exemption levels and potential rate reductions for people whose annual pay ranges from ₹10 to ₹20 lakh. Many experts predict that because this year is election time for …
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The Central Government in India collects CESS on income tax to raise funds for specific public programs such as education, health or infrastructure. If we simply put, this is an additional tax charged on your income tax and used for a particular purpose unlike regular taxes that go into the general fund. So, if you’ve …
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The Government of India brought in the Goods and Services Tax to simplify indirect taxation. Before its implementation, there were numerous taxes on the supply of goods and services, including: The multitude of taxes made the process increasingly challenging to comply with. However, the new multi-stage and destination-based tax has resolved this issue. Read on …
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Knowing about the documents required for filing ITR well in advance helps you file your returns hassle-free. The IT Department has already streamlined the process by providing pre-filled ITR forms. You can file your ITR online or download the required form and upload it on the portal after completing it. Although you have pre-filled information, …
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You can claim an income tax refund online when you pay tax in excess. This can happen in two scenarios: Generally, refund claims for the former are more common. This is why knowing how to claim an income tax refund for excess TDS is essential. Read on to know when and how you can get …
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To declare earned income and pay the applicable tax to the Income Tax Department, every taxpayer has to file one of the seven types of Income Tax Return forms within the prescribed due date. These ITR forms contain the taxpayer’s income, expenses and other essential tax details, helping the Department and the taxpayer calculate and …
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