Income Tax Returns News


Income Tax: Number of crorepati ITR filers rose 2 times over the last 5 years

Minister of State (finance) Pankaj Chaudhry presented data in Rajya Sabha that showed that the number of individuals who submitted an e-return with income of more than ₹1 crore surged to over 2.16 lakh during AY24, showing a growth of 97 per cent.

2 min read7 Feb 2024

Govt’s earnings surge: ₹25,000 cr from STT as stock market hits highs

The Income Tax Department collected ₹25,000 crore in securities transaction tax (STT) till end of January, compared to ₹20,000 crore collected in the same time a year ago

3 min read6 Feb 2024

Income Tax: Old tax regime vs new tax regime and how to switch between the two? MintGenie explains

The traditional tax system provides an extensive array of deductions and exemptions, appealing to individuals who can leverage them effectively. The decision between the old and new tax regimes hinges on various factors, such as your income level, investment strategies, and more.

5 min read1 Feb 2024

Income Tax: How to claim a deduction under Section 80G for donations made to Ayodhya Ram Mandir Trust?

Individuals who have contributed to the Ayodhya Ram Mandir Trust or are considering donating can qualify for a deduction under Section 80G of the Income Tax Act, 1961, but this applies exclusively to those who choose the old tax regime.

5 min read1 Feb 2024

Income Tax: Rent paid to spouse can be claimed as HRA exemption; here are 6 key provisions

Several court verdicts — including the recent one in June 2023 by the Income Tax Appellate Tribunal (ITAT) in Aman Kumar Jain’s case — have decided that the rent paid by a man to his wife is allowed as HRA and tax exemption is permitted for the same

1 min read1 Feb 2024

Budget 2024: No major tax announcements are expected, says Akhil Chandna of Grant Thornton Bharat

It is unlikely that the government would propose any increase in exemption limit under section 80C would be considered under the old tax regime.

6 min read29 Jan 2024

Financial planning: How family offices are becoming essential for first-generation entrepreneurs and CXOs

Family offices are increasingly crucial for first-generation entrepreneurs and CXOs, offering personalised wealth management, succession planning, risk management, and financial guidance tailored to their unique needs.

8 min read26 Jan 2024

New Tax Regime: Should one continue to invest in tax saving instruments such as PF, PPF, Insurance?

As the tax benefit is now foregone for an individual opting for new tax regime, he/she needs to evaluate afresh investment decision based on three fundamental principles of safety, liquidity and return.

4 min read30 Jan 2024

Budget 2024: Will there be changes in tax slabs? Income tax reforms expected from FM Nirmala Sitharaman

As we approach the 2024 budget, speculation is rife about possible changes to the tax slabs to provide relief to the common taxpayer.

4 min read1 Feb 2024

Income Tax: Missed Dec 31 deadline? You can request for condonation of delay in filing ITR; here's how

If a taxpayer happened to miss the December 31 deadline of filing income tax return (ITR), they can request for the condonation of delay on the e-filing portal to avoid the imposition of penalty.

1 min read22 Jan 2024
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