Taxes

Choosing the wrong form can render your return “defective” under Section 139(9) of the Income Tax Act, leading to an income tax notice.

The choice of income tax regime for most savings depends on an individual’s financial goals and liabilities.

Under the Income Tax Department's reporting framework, banks, cooperative banks and post offices must report cash withdrawals exceeding Rs 10 lakh in a financial year from savings accounts.

The benefit under Form 40 is mainly available to resident taxpayers with specified retirement accounts in notified countries such as the US, UK, Canada and Australia.

The old and new tax regimes offer markedly different treatment of housing loan deductions, and the right choice could have a significant impact on take-home savings.

The last date to file your ITR for the financial year 2025-26 is July 31, 2026, for individuals and most taxpayers whose accounts are not required to be audited.

HRA, LTA and Section 80C provisions can help taxpayers reduce their tax burden substantially under the old tax regime. However, rushing through claims without understanding key conditions can lead to costly mistakes.

Form 16 is a certificate your employer issues that summarises your salary and the tax deducted at source (TDS) on your behalf.

The revised tax slabs under the new regime are helping salaried taxpayers save more.

Officials have reiterated that accurate SFT reporting is critical for maintaining a transparent and taxpayer-friendly compliance ecosystem.

Pai warned that the rupee is getting "hammered" due to a massive dollar drain driven by aggressive FPI selling, which in turn escalates domestic costs.

While the new tax regime offers lower tax rates, those selecting it may not be eligible for many traditional tax breaks linked to investments, rent allowances, insurance contributions and home loan benefits.

Amazon founder Jeff Bezos said he would "advocate" for reducing the federal income tax burden on lower-income households from roughly 3% of total tax collections to zero.

For salaried taxpayers and non-audit cases, the ITR filing deadline for FY 2025-26 is July 31, 2026. Before that, it is advised to check the records of AIS And Form 26AS to avoid mismatches and delays.

Under the revised tax rules, salaried taxpayers are entitled to a standard Rs 75,000 deduction. With new rebate limits, this makes income up to Rs 12.75 lakh effectively tax free.

The Income Tax Department has enabled online filing and Excel utilities for ITR-1 and ITR-4 forms for assessment year 2026-27 on the e-filing portal.

Before replying to any income tax notice, taxpayers must confirm whether the communication is genuine.

Both regimes are designed differently to suit varying income levels, investment patterns and financial planning needs and should be opted after understanding your deductions and expenses.

Eligible senior citizens in India may get income tax return filing exemptions based on age and income, but rules need to be followed. Here's an explanation of what the law states and how they can avoid the paperwork to file ITR.

TDS on rent applies when payments exceed Rs 50,000 a month or Rs 6 lakh annually, with rates and rules varying based on asset type and taxpayer category.