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.
BUSINESS
Sensex, Nifty crack: Young investors should brace up for volatility, focus on long-term goals
Equities will be volatile for now, and there is a risk of young and inexperienced investors, particularly those who entered the market post COVID-19, wilting due to the meltdown. However, it is best to stay calm, focus on long-term financial plan and asset allocation, say financial planners.
BUSINESS
Mother’s Day 2024: Top five tips on buying adequate health insurance
An adequate health insurance cover is a must for mothers, irrespective of whether they are working women or home-makers. Affordability permitting, they should look at an independent cover of at least Rs 10 lakh, even if they are covered under family floater policies.
BUSINESS
One-third of ‘insurance avoiders’ feel fit individuals do not need health covers: Navi Insurance survey
Nearly one-fourth (26 percent) of the respondents who neither have health insurance nor intend to buy a policy feel that only the elderly need such covers, a survey has found.
BUSINESS
Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
Public provident fund (PPF), Sukanya Samriddhi Account (SSA), National Savings Certificate (NSC) are among the popular instruments that offer deductions under section 80C.
BUSINESS
Quantum Mutual Fund votes against ICICI Bank and ICICI Securities merger
Quantum Long Term Equity Value Fund and Quantum ELSS Tax Saver Fund own shares in ICICI Bank and ICICI Securities. The fund house estimates that the merger will result in a net loss of at least Rs 6.08 crore to its unitholders.
BUSINESS
IRDAI likely to water down higher surrender value proposal in relief for life insurers
The move, though, is not in favour of life insurance policyholders, who were set to get higher surrender payouts on early exits if the insurance regulator’s December proposals were to be finalised.
PERSONAL-FINANCE
ICICI Prudential halts fresh subscriptions via lumpsum mode wef March 14
ICICI Prudential MF said it is temporarily suspending fresh subscriptions in the schemes because midcap and smallcap stocks have relatively outperformed the large-caps resulting into high valuations.
