Income-tax News

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Income-Tax Department clarifies amended India-Mauritius Tax Treaty not yet ratified, notified

In March 2024, India and Mauritius signed an amendment to the double taxation avoidance agreement. The clarification comes after there were concerns that foreign portfolio funds routing through the island nation to India would face increased scrutiny by tax authorities.

2 min read06:49 AM IST
Money

I-T department sets April 30 deadline for approving refunds: Report

Last month, the income tax department said refunds amount to over ₹3.36-lakh crore issued in the FY24 till March 17 against the refunds amounting to ₹2.98-lakh crore during the same period in fiscal 2023

2 min read12 Apr 2024
Web Stories

Income tax return: 4 surprising tax saving tips hidden in Section 80

Discover these lesser-known tax-saving tips beyond Section 80C investments, including Section 80GG for rent, Section 80D for medical insurance, and Section 80CCD(1B) for NPS contributions.

1 min read10 Apr 2024
Money

Income Tax Return: 5 lesser-known tax-saving tips from Section 80

Explore lesser known tax saving tips beyond Section 80C investments like PPF and ELSS, such as Section 80GG for rent expenses, Section 80D for medical insurance premiums, and Section 80CCD(1B) for NPS contributions.

4 min read9 Apr 2024
Money

Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing

Income Tax department releases e-filing versions of ITR-1, ITR-2, and ITR-4 for FY 2023-24. Deadline for filing ITRs is July 31, 2024. Online and offline tools available for filing returns. Various ITR forms cater to different taxpayers' needs and situations.

5 min read4 Apr 2024
Money

Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes

Income tax slabs FY 2024-25: With the new financial year starting, salaried individuals must decide between old and new tax regimes. The default option is now the new regime, with different rates and deductions

2 min read7 Apr 2024
Money

Has your income tax slab changed from today? Finance Ministry says this...

Finance Ministry clarifies no new tax changes from April 1, 2024. Taxpayers can opt for old or new regime based on preferences

2 min read3 Apr 2024
Money

Tax evasion vs tax avoidance: How are the two different?

Tax avoidance is entirely legal and entails leveraging loopholes, deductions, exemptions, and credits permitted by the tax code to reduce your tax obligation. Conversely, tax evasion is unlawful, involving intentional deception of tax authorities to evade paying owed taxes.

3 min read31 Mar 2024
Money

Income Tax Deadline: Today is the last day to file updated return for fiscal 2021. Check details here

Taxpayers can file an updated income tax return for any of the assessment years 2021-22, 2022-23 and 2023-24. However, for 2021-22, the last date to file an updated return is today i.e., March 31, 2024

2 min read31 Mar 2024
Money

Income Tax exemption: Financial instruments you can still invest into before Mar 31 deadline

There are only a few investment instruments wherein you can invest this weekend i.e., before March 31 deadline. These include PPF, tax-saving fixed deposit schemes, among others

1 min read30 Mar 2024
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Budget

The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared

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