Financial Express

Union Budget 2024: Why Standard Deduction limit needs to be increased to Rs 100,000!

The existing standard deduction of Rs 50,000 is considered inadequate to address the rising expenses linked to the increased cost of living and, therefore, it is imperative to raise the limit of this deduction.

Attention Taxpayers! Income Tax Department warns against false claims in income tax returns

The Income Tax Department has issued a strong advisory to taxpayers, advising them against submitting income tax returns with inaccurate claims for exemptions and deductions.

Best practices to keep your money safe from fraudsters

Regularly monitoring your financial records and staying alert for any suspicious activities is crucial for early fraud detection.

How to file ITR online – Steps for e-filing income tax return

In order to file a tax return online, you can access the new income tax portal logging in with PAN-based credentials and following certain steps that simplify tax filing process.

Income Tax Return: How to choose correct ITR form for tax filing

There are 7 ITR forms the Income Tax Department has notified, and often, taxpayers get confused which ITR form is applicable to them.

ITR Filing: Minute details of furnishing an error free Income Tax Return

Taxpayers required to file their income tax return should take into consideration the following.

Modi 3.0: 80C Deduction benefits to be extended to new tax regime in Budget 2024?

Currently, the benefit of section 80C is not available under the default (new) tax regime and it would be expected that this benefit be extended to even the default tax regime.

Budget 2024: Big tax relief for middle-class in the offing? Section 80C, 80D deduction limits may be hiked to …

After the new government formation, the focus is now shifted to the Union Budget 2024-25. Taxpayers are hopeful that the Modi government will give them a tax relief in the upcoming budget. Experts too are of the view that FM Sitharaman would at least make some revision in deduction limits under Section 80C and 80D.

Income Tax Return: How to get maximum tax refunds on filing ITR | Check out these 5 ways!

Every taxpayer should make an effort to mitigate their tax liability by claiming all the available deductions and exemptions at the time of furnishing their tax returns. However, such deduction/ exemption amount should be correctly computed after considering the tax regime, residential status etc.