The rapid shift to a digital economy in India means that heavy cash transactions can now come with a heavy cost. If you still rely on large cash payments, you could face significant tax penalties and lose out on valuable deductions. Here’s a breakdown of the key rules, limits, and penalties you need to know. … Read more
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
A ₹1.87 Lakh Mistake: Are You Losing Money on Your Property Sale? Selling a property? You could be making a costly mistake that’s quietly draining lakhs from your pocket. Sujit Bangar, the founder of taxbuddy.com, shared a real-life example of a taxpayer who nearly overpaid their capital gains tax by ₹1.87 lakh, simply by failing … 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
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
It’s easy to overlook, but a simple TDS (Tax Deducted at Source) mistake cost one tenant a hefty Rs 1 lakh fine, even though he was regularly paying Rs 55,000 in monthly rent. This serves as a crucial reminder for anyone renting property in India. The Costly Oversight Abhishek, a tenant, found himself in hot … Read more
Navigating the complexities of income tax can be daunting, especially with the choice between the Old and New Tax Regimes. While the New Tax Regime touts simplicity and lower tax slabs, a closer look reveals that the Old Tax Regime, with its array of deductions and exemptions, might offer you more significant savings—potentially over ₹1 … Read more
Taxpayers Beware: AI Flags Fake Deductions, Hefty Penalties Loom The Income Tax Department is cracking down on bogus tax deduction claims like never before, and they’re using advanced AI and data analytics to do it. This isn’t just a warning; it’s already in motion. So far, over 40,000 taxpayers have had to retract fabricated entries … Read more
Senior Citizens: Unlock a ₹50,000 Tax Break on Medical Expenses – No Health Insurance Needed Are skyrocketing healthcare costs a concern for you or your elderly parents? Even without health insurance, senior citizens can claim a significant tax deduction! Many seniors struggle with the high cost of health insurance, but Indian tax laws offer a … Read more
Don’t Get Caught Out: India’s New Tax Rules Demand Detail for Deductions This Year Heads up, taxpayers! If you’re planning to claim deductions under the old tax regime for the current financial year (FY 2024-25, Assessment Year 2025-26), particularly House Rent Allowance (HRA), the government is cracking down on inflated or false claims. This year, … Read more