BUSINESS
Minimum assured return scheme in the offing, but not immediately: PFRDA chief
However, a new NPS balance lifecycle scheme will be launched by September 2024, Pension Regulatory and Development Authority (PFRDA) chairman Deepak Mohanty has said.
BUSINESS
Microsoft outage: Mutual fund industry largely unaffected, Edelweiss MF facing login issues
Major Indian asset management companies, including SBI MF, ICICI Prudential MF, Aditya Birla Sun Life MF, Axis MF, Zerodha MF, Nippon India MF and Bandhan MF were not hit by the global Microsoft outage.
BUSINESS
ITR filing 2023-24: How to optimise Section 80D deductions at the time of filing tax returns
Income tax return: Salaried employees who have been unable to claim tax deductions they are eligible for during financial year 2023-24 can still avail of these tax breaks at the time of filing income tax returns before July 31.
BUSINESS
ITR filing 2023-24: How to check income tax refund status
Income tax: Expecting refund on excess taxes paid after filing tax returns? You can monitor the status through the I-T department’s e-filing portal.
BUSINESS
ITR filing: Seven points to bear in mind before filing income tax returns
ITR filing 2024: Yet to start the annual ritual? Here's a comprehensive guide to completing the unavoidable exercise without hassles.
BUSINESS
ITR filing 2023-24: How to maximise rent tax benefits, steer clear of pitfalls to avoid I-T notices
Income tax return: Salaried individuals can claim exemption HRA even while filing their tax returns in case they have missed out on submitting their investment declarations to their employers on time. Those who do not get HRA or are self-employed can avail of tax breaks under section 80GG on rent paid.
BUSINESS
Income tax return filing: No HRA? You can still claim tax benefits on rent paid
Salaried tax-payers are allowed to claim exemption on house rent allowance (HRA) paid by their employer as part of their compensation package. While the non-salaried do not get any HRA, they can avail of tax concessions under section 80GG of the Income Tax Act on rent paid.
BUSINESS
Income tax returns: 5 popular small-saving instruments with tax benefits under Sec 80C
ITR filing 2023-24: If you haven’t claimed tax breaks on small saving investments at the time of filing your investment declarations with your employer, ensure that you do not miss the opportunity to avail of the benefits while submitting your tax returns.
BUSINESS
ITR filing 2023-24: Switching tax regimes while filing returns? Here’s what you need to know
ITR filing: Salaried individuals can switch between old and new tax regimes every year. If you had inadvertently chosen the new regime (default from financial year 2023-24 onwards) in April 2023 while submitting your proposed investment declaration to your employer, you can select the old regime the time of filing your income tax returns.
BUSINESS
Income tax filing: Check out the 6 key changes new tax regime brings in
ITR filing 2023-2024: In Budget 2023, Finance Minister Nirmala Sitharaman ushered in a host of changes in the new tax regime – higher rebate, increase in basic exemption limit, rejigging of tax slabs and so on.
BUSINESS
Income tax return-filing: Looking for tax-savers? Here's how your employer can help you through NPS
ITR filing 2023-24: Private sector employers' NPS contribution of up to 10 percent of employees' basic salary (plus dearness allowance, if any) is eligible for deduction under section 80CCD(2). At the time of filing your income tax returns, you can refer to your Form-16 which will display the deduction amount.
BUSINESS
ITR filing 2023-24: Here's how to check if your PAN is valid and linked to Aadhaar
ITR filing 2023-24: Permanent Account Number (PAN) is a must-have document for filing income tax returns. You need it to register and log in to the official e-filing portal.
BUSINESS
ITR filing 2023-24: Keep this list of crucial documents at hand while filing income tax returns
Income tax return documents: Filing ITR is often considered to be a tedious affair, but with meticulously gathering and poring over certain must-have documents will ensure that the process is less taxing.
BUSINESS
ITR filing 2023-24: Top 7 mistakes to avoid for hassle-free income-tax return filing this year
Tax filing: From less-critical errors like mentioning wrong bank account details that can lead to a delay in refund processing to grave mistakes like not disclosing foreign bank account and other asset information which lead to tax notices, tax-payers need to avoid missteps while filing ITR.
BUSINESS
ITR filing 2023-24: Documents you must keep at hand before filing income tax returns using ITR-1 (Sahaj):
Tax return filing season is here, and making adequate preparations is the key to make it less of hassle. Gathering your Form 16, Form 26AS, bank account statements and deduction proofs is a must before embarking on the annual ritual.
BUSINESS
Filing income tax returns? You are not eligible for ITR-1 if…
ITR filing 2024: Using the wrong form can render your tax return defective. Do not use ITR-1 if you are a non-resident, earn more than Rs 50 lakh, have income from business or profession and have booked capital gains during the financial year.
BUSINESS
Tax filing: Filing an income tax return? Access and review your Annual Information Statement first
ITR filing 2024: It is important to check your AIS to ensure that you do not miss out on reporting any income. Non-disclosure can lead to you receiving notices from the income tax department.
BUSINESS
Income tax filing 2024: What is Form 16? Here's what you need to know about this key ITR filing document
ITR filing 2024: Form 16 is the base for your ITR. It includes your taxable income, exemptions under section 10, deductions under chapter VIA, deduction on housing loan interest paid under section 24(b) and so on. It also serves as proof of your employer having deposited the TDS on your salary with the I-T department.
BUSINESS
ITR filing 2024: How to choose the right income tax return form
Income tax return guide: For individuals with income from salary or pension, the applicable forms are ITR-1 and ITR-2. For self-employed businesspersons or professionals, ITR-3 or ITR-4 will be the relevant form.
BUSINESS
ITR filing 2024: Should you use ITR-1 (Sahaj), or ITR-2?
ITR-1 can be used only by resident (and ordinarily resident) individuals with income of not more than Rs 50 lakh, including income from salary, pension, one house property, agriculture (up to Rs 5,000), and income from savings or fixed deposits, dividends, and family pension.
BUSINESS
Advance tax: Payment due date, penalties for missing the deadline and more
Tax-payers have to pay advance tax for the financial year in four installments – June 15, September 15, December 15 and March 15 – if their estimated tax payable exceeds Rs 10,000. If they fail to do so or delay the payment, they will have to shell out penalties.
BUSINESS
IRDAI makes journey with general insurance smoother with easier claim settlement, wider choices
General insurance companies will not be able reject claims merely due to insufficient documentation. IRDAI has directed insurers to only call for those documents that are directly related to claim.
BUSINESS
Check your Form 26AS, AIS carefully for error-free income tax return filing
You can commence your annual income tax return filing exercise by accessing your Form 26AS, or tax credit statement, and Annual Information Statement (AIS). You need to verify the information in these documents with your bank statements and Form-16.
BUSINESS
SBI MF becomes first fund house to cross Rs 10 lakh crore in assets
In the last financial year, SBI Mutual Fund’s average assets under management (AAUM) grew to Rs 9.14 lakh crore from Rs 7.17 lakh crore, recording a growth of 27 percent.
