FINANCE

Taxpayers before filing ITR check your AIS & TIS. If there is any discrepancies or entries not known, reply first before filing your ITR If you ignore this you may receive notice from income tax later Even if you don’t have any TDS or High Value Transactions you should compulsory check for false entries and any misuse of your PAN by someone from AIS/TIS Here’s how the process works: Login to Income Tax Site and go to AIS and TIS Submit Feedback: Taxpayers can review their transactions and provide feedback if they notice any discrepancies. Source Verification: Upon receiving feedback, the IT Department will reach out to the source of the information for verification and additional details. Correction of Errors: If the IT Department confirms that there was a mistake in the AIS, they will correct the information accordingly. Track Status: Taxpayers can monitor the status of their feedback throughout the confirmation process. The status updates will indicate whether the fee...

Introduction Tax season is a crucial time for financial planning, and understanding the intricacies of Income Tax Return (ITR) filing is essential for every taxpayer in India. With changes introduced in the recent Union Budget, the process and strategies for FY 2023-24 (AY 2024-25) have seen significant updates. This blog aims to demystify the process, explaining why ITR filing is mandatory, outlining the new and old tax regimes, and providing a clear guide on how to file your ITR effectively. Why Is ITR Filing Mandatory? ITR filing is not just a legal obligation; it is a vital part of your financial documentation. It proves your financial credibility, which is crucial for loan applications, visa procedures, and more. For FY 2023-24, understanding the importance of timely and accurate ITR filing can save you from potential penalties and also help you claim refunds where applicable. New vs. Old Tax Regime: Which One Should You Choose? The introduction of the new tax regime in the Union ...

Dhoni and Virat are Good Friends  Virat Wanted to Buy an iPhone for ₹1.5 Lakh  He Asked For Dhoni’s HDFC Credit Card To Get ₹9,000 Instant Discount on Amazon In this case,  Dhoni is using his Credit Card to help his friend get some discounts and cashback  There’s nothing wrong in helping But there are certain things that one should keep in mind while using a credit card. Let’s understand 👇 Banks and Financial Institutions are mandated to report any high-value transaction above ₹10 lakh through Form 61A So what are the rules for Credit Cards? Simply put, If you pay your credit card bills in cash by visiting the branch for more than ₹1 Lakh Or use your credit card for more than ₹10 Lakh in a financial year Are there any upper limits? Well, There’s no limit on how much you can spend on your credit card in a year But high-value transactions are likely to be flagged when spend is disproportionately high for the individual’s income or return Important - This is how Report...

Yes, #ITRfiling for FY 2023-24 has already started, and companies have begun providing Form 16 to their employees.  Stay ahead of the curve and file your returns on time to unlock a multitude of benefits for your financial well-being. Maximize your #refunds, avoid penalties, and simplify your #taxcompliance process by filing your income tax return promptly. Accurately report your income, deductions, and investments to ensure you receive any excess tax paid during the year as a refund. Don't miss out on potential refunds and benefits – File your ITR for FY 2023-24 now and take charge of your financial journey! 💪

Comprehensive Guide to Tax Deduction Limits for FY 2024-25: Old Regime Sections 80C, 80CCC, & 80CCD(1): Combined limit of ₹150,000 Section 80CCD(1B): Additional ₹50,000 Section 80CCD(2): 10% to 14% of Basic Pay + Dearness Allowance (B+DA) Section 80D: ₹50,000 to ₹100,000, depending on age and family status Section 80DD: ₹75,000 to ₹125,000 for disability-related expenses Section 80E: No upper limit for interest on educational loans Section 80G: Deductions of 50% or 100% of the amount donated, with or without qualifying limits Section 80GG: Up to ₹60,000 for rent paid, when HRA is not received Sections 80GGB/GGC: No limit on contributions to political parties by companies/individuals Section 80RRB: Up to ₹300,000 for royalties on patents Section 80TTA: Up to ₹10,000 interest income on savings accounts Section 80TTB: Up to ₹50,000 for senior citizens on interest income Section 80U: ₹75,000 to ₹125,000 for persons with disabilities

April 1 marks the beginning of a new financial year, after which Union Budget proposals on income tax take effect. These changes were announced by Finance Minister Nirmala Sitharaman in her Budget speech this year in February. There will be a default adoption of the new tax regime, which aims to streamline the tax filing procedure and promote greater participation in the new regime. However, taxpayers will still have the liberty to stick to the old tax regime if it is more beneficial to them. The tax slabs will be as follows: Income from ₹3 lakh to ₹6 lakh will be taxed at 5%, ₹6 lakh to ₹9 lakh will be taxed at 10%, ₹9 lakh to ₹12 lakh will be taxed at 15%, ₹12 lakh to ₹15 lakh will be taxed at 20%, and ₹15 lakh and above will be taxed at 30%. The standard deduction of ₹50,000, which was previously applicable to the old tax regime, has now been incorporated into the new tax regime. This will further decrease the taxable income under the new regime. The highest rate of surc...

ITR Deductions Under New Tax Regime.  The new tax regime offers lower tax rates but fewer deductions as compared to the old regime. This has to be noted that, the new regime has now become the default option for all the taxpayers, meaning taxpayers who do not actively choose either regime will automatically be placed under the new one. Key Deductions & Allowance Under New Tax Regime 👇 1.  Standard deduction of Rs 50,000 can be claimed. 2.  Deductions on long-term capital gains from equity shares or mutual funds are capped at Rs 1 lakh. 3. Various exemptions apply to allowances such as transport, conveyance, travel, and employer contributions to employees' NPS accounts, among others. 👇 ▶️ Contributions your employer makes towards your National Pension System (NPS) account are exempt from tax. ▶️ If you are differently-abled, any transport allowance received from your employer is exempt from tax. ▶️ Retirement Benefits: Gratuity and leave encashment upon retirement ar...