To claim your House Rent Allowance (HRA) exemption under the Old Tax Regime for the financial year 2024-25 (Assessment Year 2025-26), salaried taxpayers will need to provide specific details on the Income Tax e-filing portal. Please note that this exemption is not available if you opt for the New Tax Regime. What the e-filing portal … Read more
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
ITR Filing 2025: Can You Switch Your Tax Regime? Here’s What You Need to Know Tax season is in full swing, and with over 12 lakh Income Tax Returns (ITRs) already filed, many salaried individuals are eagerly awaiting their Form 16s to finalize their taxes. A common question on everyone’s mind is: “Can I change … Read more
Big news for those sticking with the old tax regime this tax season! The Income Tax Department is rolling out some significant changes for Assessment Year 2025-26 (that’s for income earned in Financial Year 2024-25). Get ready for increased scrutiny and enhanced disclosure requirements if you’re claiming deductions. Why the Change? The main goal here … Read more
The Income Tax Department has released the offline Excel-based utilities for filing Income Tax Returns (ITRs) for the Financial Year 2024–25 (which is the Assessment Year 2025–26). You can now download these tools for ITR-1 (Sahaj) and ITR-4 (Sugam) from the official income tax e-filing website. While the direct online filing facility isn’t active yet, … Read more
Filing ITR for AY2025–26? 7 new details you must provide in ITR-1, ITR-4 under Old Tax Regime Currently, individuals eligible to file ITR-1 (Sahaj) and ITR-4 (Sugam) can begin preparing and submitting their returns using these utilities. However, the facility for direct online filing of ITRs has not yet been activated. The due date to … Read more