Navigating your taxes can feel like a maze, but for salaried employees, Form 16 is your trusty map. This crucial document lays out your total salary, any TDS (Tax Deducted at Source), and how your tax was calculated. Key Updates for Your FY 2024-25 ITR Filing (AY 2025-26) The Income Tax Return (ITR) filing season … Read more
The Income Tax Department in India is cracking down on big spenders who might be underreporting their income. They’re doing this by keeping a close eye on high-value financial transactions, and they’ve roped in banks, post offices, and even fintech companies to help. These institutions now have to report certain activities to ensure everyone pays … Read more
Unlocking substantial tax savings, even under India’s New Tax Regime, is more achievable than many salaried professionals realize. A real-world example demonstrates how a strategic approach can lead to significant tax relief without impacting your take-home pay. Rs 3.75 Lakh Tax Savings for a Rs 50 Lakh CTC Earner A tax professional, Sujit Bangar, shared … Read more
The GST Council is set to shake up India’s tax structure by potentially eliminating the 12% tax slab, reducing the total number of major slabs from four to three. This significant move, aimed at simplifying the Goods and Services Tax (GST) framework, is expected to be discussed at the Council’s meeting in late June or … Read more
ITR filing for the financial year 2024-25 (Assessment Year 2025-26) has officially begun, with the Income Tax Department permitting Excel Utility-based returns since May 30th. While online filing is still on the horizon, nearly 55,000 returns have already been filed as of June 2nd, 2025. Who Needs to File an Income Tax Return (ITR)? Whether … Read more