It is mandatory to choose between the old and new tax regime while filing the online form --- with specific exemptions and deductions available for individuals.
Taxpayers will soon be able to file their returns for FY25 via the official Income Tax Department website.
Old tax regime, however, still offers taxpayers a range of options to save taxes through various eligible deductions and exemptions post 2025 Union Budget. On the other hand, the new tax regime has a fewer deductions available for taxpayers compared to the old regime. In this write-up, we will discuss various deductions available under the new tax regime for the purpose of tax saving.
An individual resident who is 60 years or above in age but less than 80 years at any time during the previous year is considered a senior citizen for income tax purposes. The Income Tax department also defines people above the age of 80 as 'super senior citizens'.
You don't need Rs 10 crore or Rs 50 crore for financial freedom — just calculate your expenses and aim for the right amount using the 4% rule.
Section 115BAC of the Income Tax Act lays down the tax slabs and rules applicable under the new tax regime.
It is not necessary to attach any documents while filing your returns. However the details given in various documents will have to be used while filling up the online form.
Under section 269ST of the Income Tax Act, receiving more than Rs 2 lakh in cash is prohibited, whether it is a single transaction or the sum of many transactions on the same occasion.
Those filing their returns for the first time must also choose between two tax regimes (with different deduction amounts) and link their PAN and Aadhaar cards in order to enable electronic verification.
The filing of income tax return (ITR) is compulsory for those individuals whose annual income is above the basic exemption limit. According to the Old Tax Regime, the basic exemption limit is still Rs 2.5 lakh for general taxpayers under 60 years of age.
The Income Tax Department has launched a new Excel-based utility version of ITR-2 to make filing easier. This form is designed for individuals and Hindu Undivided Families (HUFs) who do not have any business or professional income.
File your updated Income Tax Return (ITR-U) before March 31, 2025, to correct omissions or errors and avoid penalties. Learn more about filing, deadlines, and additional tax liabilities.
Term insurance plays the vital role of a safety net and ensures one's loved ones are protected in the absence of the primary bread earner.
While pre-existing medical conditions may lead to premium loading or coverage restrictions, being transparent about one’s medical history is essential to avoid claim denials later.
Understanding the pros and cons of each option ensures you make a strategic decision that aligns with your financial future.
Starting January 2025, lenders must update credit records every 15 days instead of once a month. As a result, financial activities will appear on your credit report sooner.
If you are availing exemptions or deductions under the old tax regime, the new tax regime may lead to a higher tax outgo.
We take a look at some common insurance mistakes which you must avoid to ensure your insurance truly safeguards your financial well-being.
