Income Tax Calculations: Taxpayers while filing their income tax return (ITR) get the benefit of marginal tax relief, where if their income is slightly above the tax-free income limit, they are taxed not more than the incremental income. It will apply to taxpayers who will file their income tax return for the financial year 2025-26. The…
When a taxpayer files their income tax return (ITR), they face different issues. One of the common issues is the Annual Information Statement (AIS). And this is not new; every year, taxpayers face some errors while filing their ITR. But, don’t worry, if you are getting an AIS error, the Income Tax (I-T) Department has issued…
ITR Filing 2025: Many taxpayers have recently got emails where scammers are claiming to be the Income Tax (I-T) Department, asking income tax filers to furnish their personal and financial details to get a Rs 60,000 tax refund. The PIB Fact Check Unit has warned against such emails. Know what’s the matter? Source link
Marginal Tax Relief Explained: The concept of marginal tax relief is old. It applies when your income is slightly higher than the tax-free income limit. It allows you to pay tax only equal to the incremental income. But how does it apply? Who benefits from it? What will be its significance for the financial year…
Finance Minister Nirmala Sitharaman is holding three high-level meetings with revenue officials starting next week. Sitharaman is taking good and services tax (GST) and income tax reviews on June 19 and June 23, respectively. In these metings, the Finance Minister will discuss ease of doing business for taxpayers, enhanced complaince and faster dispute resolution. The first…