Based on the provided article and my research on the latest tax rules for the financial year 2024-25 (Assessment Year 2025-26), here is a rewritten post about claiming HRA by paying rent to your parents. Claiming HRA by Paying Rent to Your Parents? Do It Right to Avoid an Income Tax Notice Claiming House Rent … Read more
Disclaimer: This information is for general guidance only. Consult a financial advisor for personalized advice and refer to the specific policy documents and the Income Tax Act, 1961, for complete details on tax benefits. The Old Tax Regime may not be the optimal choice for everyone. Secure Your Family’s Future and Reduce Your Taxes: A … Read more
The 2024 Union Budget has completely changed the tax landscape for share buybacks in India, a move that directly impacts investors’ financial strategies. Effective October 1, 2024, the tax liability for buybacks has shifted from the company to the individual shareholder. This fundamental change requires investors to reassess their portfolios and tax planning. What Has … Read more
Baroda BNP Paribas Launches New Gold ETF Fund of Fund Looking to invest in gold without the hassle of physical ownership? Baroda BNP Paribas Mutual Fund has launched the Baroda BNP Paribas Gold ETF Fund of Fund (FoF), offering a simple way to gain exposure to the precious metal. The New Fund Offer (NFO) is … Read more
Income Tax Filing 2025: A Guide for Students and the Unemployed Are you a student or unemployed individual wondering about income tax filing? While it might not seem relevant, understanding the rules and benefits can be crucial for your financial future. Here’s a breakdown of what you need to know for the 2025 tax season. … Read more
“Simplicity could cost you ₹2-3 lakh a year”: CA warns of hidden costs in new tax regime While the new tax regime looks cleaner on paper, Kaushik urges individuals to resist switching blindly. “The old regime rewards those who plan their money wisely,” he asserts. The new tax regime, widely promoted as a “simpler” alternative … Read more
Tax Benefits for Indian Defence Personnel Serving and retired members of India’s defence forces, including the CAPF and other security agencies, are eligible for several specific tax exemptions and deductions under the Income Tax Act, 1961. While many general tax benefits apply to them, the following are exclusively tailored for defence personnel. Key Tax Exemptions … Read more
Based on the information provided, here is a comprehensive guide for salaried professionals on how to save tax and increase their take-home pay. 1. Optimize Your Salary Structure A smart salary structure is the foundation of effective tax saving. By working with your HR department, you can incorporate various tax-saving allowances and benefits into your … Read more
Don’t get a tax notice this year! Before you file your ITR, a quick check of your Annual Information Statement (AIS) is essential. The Income Tax Department is using AI and analytics to cross-verify your declared income with the data in your AIS, so any mismatch could lead to a penalty. What is AIS? AIS … Read more
Atal Pension Yojana: 80 Million Enrolments and Counting! The Atal Pension Yojana (APY), a vital government-backed pension scheme for workers in India’s unorganised sector, has reached a significant milestone, surpassing 80 million enrolments. This financial year alone has seen over 3.9 million new subscribers join the scheme, highlighting its growing reach and importance. Launched on … Read more