The old income tax regime allows taxpayers to claim a range of exemptions and deductions under various sections, such as Section 80C for investments, Section 80D for health insurance premiums, and interest on housing loans under Section 24. This regime is typically more beneficial for those who have significant deductible expenses or investments. It provides …
In a landmark ruling that could reshape tax liabilities in real estate redevelopment, the Bombay High Court has delivered a major relief to landowners/homeowners engaging in joint development agreements (JDAs) with builders. The court ruled that no Goods and Services Tax (GST) is applicable when homeowners do not transfer development rights (TDR/FSI) to the …
Paying rent to your parents or other relatives and claiming House Rent Allowance (HRA) sounds simple but it’s become a hot topic for the income tax department. With several taxpayers receiving notices recently, it’s clear the I-T department is tightening scrutiny on rent claims, especially when close relatives are involved. So how can you protect …
As the income tax filing season for the Assessment Year 2025–26 approaches, taxpayers across India are preparing to meet their obligations. Among them, senior citizens have a unique set of exemptions and filing requirements under the Income Tax Act. According to a news report, selecting the correct ITR form is critical for accurate and compliant …
As the tax filing season nears, senior citizens and super senior citizens must ensure they choose the correct Income Tax Return (ITR) form. Doing so ensures not just regulatory compliance but also helps in claiming eligible benefits and deductions under the Income-Tax Act, 1961. Who is a Senior or Super Senior Citizen? According to Indian …
With the commencement of the new financial year, the tax season is now officially underway. Taxpayers across the country can begin filing their Income Tax Returns (ITR) for the Assessment Year 2025–26 (Financial Year 2024–25). As in previous years, the return filing can be done through both online and offline modes. However, this year brings …
From April 1, 2025, new Tax Deducted at Source (TDS) rules will come into effect, bringing changes to tax deduction thresholds for interest income, mutual fund dividends, and commissions. These adjustments will impact senior citizens, investors, and insurance agents. Higher TDS Exemption for Senior Citizens The TDS threshold on interest income from Fixed Deposits (FDs) …
The new Income-Tax Bill 2025 has kept the current due dates for filing Income Tax Returns (ITR) unchanged, ensuring continuity for taxpayers. This move provides clarity and helps taxpayers follow familiar timelines without confusion. ITR Filing Deadlines Remain the Same The bill maintains the existing due dates for different taxpayer categories: Individuals and salaried taxpayers …
The Income Tax Department has introduced an online self-help tool to assist taxpayers in understanding the proposed changes in the Income Tax Bill 2025. Available on the official income tax website, this tool allows users to compare provisions of the new bill with the existing Income Tax Act, of 1961, offering a structured and simplified …
The government announced its decision on February 1, 2025, to discontinue the Sovereign Gold Bond (SGB) scheme due to high borrowing costs. Since its launch in 2015, the scheme aimed to reduce physical gold imports while offering investors gold-linked returns along with semi-annual interest payments. With no new issuances planned, many investors turned to the …
