This blog post delves into crucial tax-saving sections beyond the popular 80C, specifically detailing Sections 80E (education loan interest), 80G (donations), 80TTA (savings interest for non-seniors), and 80TTB (interest on deposits for senior citizens). It explains who can claim these, their limits, and, most importantly, their non-applicability under the New Tax Regime for FY 2024-25. The post encourages taxpayers to compare regimes carefully and highlights myitronline's services for expert assistance.

This blog provides a concise overview of the significant updates to Form 16 for salaried employees in the Financial Year 2024-25. It highlights the increased standard deduction and improved NPS benefits under the new tax regime, along with the inclusion of other TDS/TCS information, guiding taxpayers on what to expect for their upcoming ITR filing.

This blog post serves as a comprehensive yet easy-to-understand guide for individuals in India facing unemployment and considering Provident Fund (PF) withdrawal. It clearly outlines the two main withdrawal options based on the duration of unemployment (75% after 1 month, 100% after 2 months) and provides a step-by-step walkthrough of the online application process via the EPFO portal. The article meticulously details essential prerequisites like active UAN and updated KYC (Aadhaar, PAN, Bank) and critically explains the tax implications of PF withdrawals, especially for those with less than five years of continuous service. It also covers common reasons for claim rejections and explores alternative financial strategies to consider before tapping into PF. The tone is empathetic and supportive, aiming to empower readers with the knowledge needed to manage their finances during a challenging period.

Big news for individual taxpayers and small businesses! The Income Tax Department has released the Excel Utilities for ITR-1 (Sahaj) and ITR-4 (Sugam) for Assessment Year 2025-26. This means you can now begin filing your income tax returns offline. This blog covers who can use these forms, the benefits of early filing, and how MYITRONLINE can provide seamless assistance.

This blog post provides a comprehensive guide for taxpayers who have missed claiming eligible deductions under Section 80C of the Income Tax Act, 1961, in their original Income Tax Return (ITR). It explains the importance of Section 80C, the concept of a Revised ITR, and offers a detailed step-by-step process for filing a revised return online. The article also emphasizes the significance of adhering to deadlines to avoid penalties and provides essential tips for a smooth filing experience, ensuring taxpayers can reclaim their rightful tax benefits

This comprehensive guide delves into Section 44ADA of the Income Tax Act, 1961, offering a simplified "presumptive taxation" scheme for eligible self-employed professionals. Discover who qualifies, how to calculate your taxable income at a minimum of 50% of gross receipts, and the significant benefits like exemption from detailed bookkeeping and tax audits. Learn about crucial compliance aspects, including advance tax and the increased ₹75 Lakhs gross receipts limit, to make informed decisions for smarter tax planning and effortless compliance.

Maximize your savings and simplify your ITR filing for FY 2024-25! Discover how to effectively utilize the Section 87A rebate and navigate the complexities of deductions under both the old and new tax regimes. This essential guide empowers you to make informed choices, accurately claim every eligible deduction, and confidently file your ITR to prevent any unwelcome tax notices.

Recent updates clarify that NSS withdrawals associated with Section 80CCA deductions are exempt from TDS under Section 194EE. Investors can receive the complete principal amount without tax, with only the interest being subject to taxation.

This document outlines the GST Amnesty Scheme as per Section 128A, which provides waivers for penalties related to late GST submissions. Understand the criteria for eligibility, the advantages, and the detailed steps for applying prior to the deadline of March 31, 2025.

This important reminder highlights the crucial deadline of March 31, 2025, for submitting your ITR for AY 2023-24. Discover the penalties associated with late submissions, typical errors to steer clear of, and a detailed guide to help you file your tax return promptly.

Section 80E and HRA are two major tax deductions in India. Section 80E permits deductions for school loan interest, while HRA gives relief for rent payments. This article discusses how these deductions operate, their important characteristics, and how to optimize your tax savings by utilizing both.

This blog discusses the tax benefits of the House Rent Allowance (HRA) and Leave Travel Allowance (LTA) under the Income Tax Act. Learn how to calculate HRA exemptions, claim LTA benefits, and compare the old and new tax systems to optimize your tax savings in 2024.