This comprehensive blog post outlines the significant changes introduced by the Income Tax Department for Assessment Year 2025-26 (FY 2024-25) concerning ITR-1 (Sahaj) and ITR-4 (Sugam) under the Old Tax Regime. It details the newly mandated annexures for claiming various deductions, including HRA, Section 80C, 80D, 80DD, 80DDB, 80E, 80EE, and 80EEB. Readers will find crucial information on the new required fields for each section, key points to remember for seamless e-filing, common validation errors to avoid, and important deadlines. The post emphasizes the importance of accurate data submission and retaining supporting documents to ensure tax compliance.

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

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.

This guide explains how taxpayers can claim deductions under both Section 80C and Section 80CCD (NPS) of the Income Tax Act for AY 2025-26. It details the limits and interaction of 80C, 80CCD(1), 80CCD(1B - additional ₹50k), and 80CCD(2 - employer contribution). The post clarifies that combining these benefits (up to ₹2 Lakh + employer contribution) is possible under the Old Tax Regime, while only 80CCD(2) is available under the New Tax Regime. An example illustrates maximizing deductions under the Old Regime.

Recent TDS regulations for LLPs and Partnership Firms will be implemented starting April 1, 2025, which will impose taxation on payments made to partners, including profit distributions, interest, and salaries. This blog outlines the main modifications, the implications for compliance, and strategies for businesses to prepare.

The 7th Amendment Rules 2025 established by the CBDT introduces Section 194T, which requires a 10% TDS on salaries, bonuses, commissions, and other earnings. Understand its implications, necessary compliance measures, and how both businesses and individuals should adjust.

This article discusses the impending modifications to TDS regulations that will take effect in April 2025, particularly highlighting the raised thresholds for FD interest, dividends, and rental income. Discover how these changes can advantage taxpayers and what steps to take in anticipation of the new rule.

The tax-saving investment deadline of March 31 draws near. To maximize your savings and lower your tax burden for FY 2023–2024, you should put these five tax-saving methods into practice before the deadline. Discover how to maximize your tax-saving options, from collecting health insurance and home loan advantages to optimizing Section 80C investments.

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.

Form 24G is critical for government deductors and collectors to make correct and timely TDS/TCS filings. This blog gives a full guide to Form 24G, including its relevance, due dates, penalties for non-compliance, and a step-by-step filing method. Stay compliant and avoid penalties with our thorough insights.

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.

For FY 2024–2025, this blog offers a comprehensive guidance on TDS on salaries under Section 192. Discover how to compute TDS under the previous and current tax systems, as well as the most recent regulations and employer obligations.