Section 115BAC of the Income Tax Act lays down the tax slabs and rules applicable under the new tax regime.

It is not necessary to attach any documents while filing your returns. However the details given in various documents will have to be used while filling up the online form.

Under section 269ST of the Income Tax Act, receiving more than Rs 2 lakh in cash is prohibited, whether it is a single transaction or the sum of many transactions on the same occasion.

Those filing their returns for the first time must also choose between two tax regimes (with different deduction amounts) and link their PAN and Aadhaar cards in order to enable electronic verification.

The filing of income tax return (ITR) is compulsory for those individuals whose annual income is above the basic exemption limit. According to the Old Tax Regime, the basic exemption limit is still Rs 2.5 lakh for general taxpayers under 60 years of age.

The Income Tax Department has launched a new Excel-based utility version of ITR-2 to make filing easier. This form is designed for individuals and Hindu Undivided Families (HUFs) who do not have any business or professional income.

File your updated Income Tax Return (ITR-U) before March 31, 2025, to correct omissions or errors and avoid penalties. Learn more about filing, deadlines, and additional tax liabilities.

Term insurance plays the vital role of a safety net and ensures one's loved ones are protected in the absence of the primary bread earner.

While pre-existing medical conditions may lead to premium loading or coverage restrictions, being transparent about one’s medical history is essential to avoid claim denials later.

Understanding the pros and cons of each option ensures you make a strategic decision that aligns with your financial future.

Starting January 2025, lenders must update credit records every 15 days instead of once a month. As a result, financial activities will appear on your credit report sooner.

If you are availing exemptions or deductions under the old tax regime, the new tax regime may lead to a higher tax outgo.

We take a look at some common insurance mistakes which you must avoid to ensure your insurance truly safeguards your financial well-being.

The CBDT circular has been issued on 20 February 2025, and it will be applicable to the tax returns of the financial year 2024-25 (i.e. assessment year 2025-26).

The concept of Previous Year and Assessment Year, thus, were creating confusion in the minds of taxpayers as they represented two different years.

The Income Tax Bill 2025 has several aspects to be considered by the Non-Resident Indians as Clauses replace Sections.

The essence of the Bill remains the same and the existing tax base, tax rates, computation mechanism etc. have been largely unchanged.

The new income tax law will replace the existing Income Tax Act of 1961. The tax Bill is being brought to make the tax process simple and clear.