NEW DELHI : For a long time, people have been getting away with making inflated or false claims in their income tax returns (ITRs). Unless returns are picked up for post-filing scrutiny by officials, the income tax (I-T) department can do little to stop individuals from beating the system. Â Â But this income tax…
However, the new regime still allows employers to reimburse the cost of mobile phones, laptops, or car leases if they are used for official purposes. Some companies allow you to buy these devices after 12 months of use. This is one hidden benefit that you can unlock as an employee in the new regime. How…
Mint gives you a handy guide on how to report capital gains from shares and equity mutual funds. Choose the right ITR form ITR-2 is the most common form for individuals and Hindu Undivided Families (HUFs) who have income from capital gains but no business income. For individuals or HUFs with income from profits and gains…
As income tax return (ITR) filing season is here, taxpayers will start filing their returns as soon as the excel utility is released. The tax department has already notified various tax forms including ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7. Meanwhile, the tax department is also running an awareness campaign to apprise taxpayers about various…
Income Tax: As a taxpayer, you can use the e-pay functionality on the e-filing portal to make a payment to the income tax department. This is a user-friendly feature to clear your dues via any of these routes: net banking, debit card, over the counter, NEFT/RTGS or payment gateway. Here, we describe the step-by-step process…
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 â‚ą2 crore, whose…
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…
In Budget 2025, Finance Minister Nirmala Sitharaman announced that taxpayers with income upto â‚ą12 lakh do not need to pay any income tax. Aside from this, salaried taxpayers will be entitled to take an additional benefit of no tax by virtue of â‚ą75,000 standard deduction. Notably, these changes will come into effect from April 1 2025, which means…
The introduction of the Income Tax Bill 2025 in the Lok Sabha sparked concerns among taxpayers about their eligibility for refunds if they file their Income Tax Return (ITR) after the due date. Initial reports suggested that the new bill would prevent late filers from claiming refunds, marking a shift from the current Income Tax…
I own a house which is self-occupied. My wife is a homemaker and stays with me with no income except interest on bank deposits. She also owns a small house in a town about 50 km away from where we stay. It has been lying vacant for the full previous year. Can she claim her…
