If you have missed your Income Tax Return (ITR) filing deadline, you still have a chance to file your ITR with a penalty and interest. But, do you know that you don’t have a choice to select a tax regime between the two? Yes, the taxpayers can only select the new tax regime to file…
Does your salary come under the income tax bracket? Are you wondering how to save the entire tax on your salary? Well, there are many ways to save income tax. Salaries professionals can easily reduce their income tax liabilities by making some investments throughout the year. However, most taxpayers search for ways to save taxes…
Pay 0 Tax on Rs 19 Lakh Income: Saving tax can be quite a big challenge for everyone whose income exceeds the tax-free limit. In the new tax regime applicable for the financial year 2025-26, the tax-free limit is Rs 12,75,000. If your salary is slightly higher than that, you may save tax through Employees’…
Income Tax Calculations:Â 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…
With the due date for filing income tax return (ITR) approaching, taxpayers are in a state of confusion regarding the rebate under Section 87A of the Income Tax Act. One of the main reasons for this is the last budget 2025 announcement, which had sought to raise the rebate to Rs 60,000. But, it does…
The Income Tax Department has launched a large-scale operation against fraudulent income tax refund claims, conducting raids at multiple locations linked to chartered accountants and tax professionals across the country. This action is being seen as one of the biggest investigations into tax refund scams to date. Large-scale fraud using false deductions According to official…