How to Surrender or Correct Your PAN Card
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Income Tax
Your PAN Card Will Be Inoperative from Jan 1, 2026 if Not Linked to Aadhaar!
The clock is ticking! The deadline to link your Permanent Account Number (PAN) with your Aadhaar card is fast approaching. Failure to link these two essential documents by December 31, 2025, will result in your PAN becoming “inoperative” starting from January 1, 2026. This deadline applies specifically to the remaining group of PAN holders who obtained their
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Top Income Tax Benefits for Senior Citizens in India: Maximize Your Savings in FY 2024-25
Senior citizens in India can avail themselves of several income tax benefits to reduce their tax liability for the financial year 2024-25. Here are some key provisions: 1. Higher Tax Exemption Limits: 2. Deductions Under Section 80TTB: Senior citizens can claim a deduction of up to ₹50,000 annually on interest income from savings accounts, fixed
Jammu and Kashmir Startup Policy 2024: A Comprehensive Overview
The Jammu and Kashmir Startup Policy 2024 marks a significant step towards fostering innovation and entrepreneurship in the region. This policy aims to create a vibrant startup ecosystem by providing necessary support and incentives to budding entrepreneurs. The policy is designed to nurture startups through various stages of their development, from ideation to scaling up.
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Understanding Tax Exemption vs. Tax Deduction in India
Tax planning is a crucial aspect of personal finance management, helping individuals and businesses reduce their tax liabilities within the framework of the law. Two important concepts in this realm are tax exemptions and tax deductions. While both mechanisms serve to lower your taxable income, they function differently. This article elucidates the differences between tax
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Understanding Dividend Tax in India for AY 2024-25
Dividend tax refers to the tax imposed on the income earned from dividends in India. For the Assessment Year (AY) 2024-25, there are certain key aspects to consider regarding dividend taxation in the country. 1. Dividend Distribution Tax (DDT) Prior to the financial year 2020-21, companies were required to pay Dividend Distribution Tax (DDT) on
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Home Loan Deductions Available Under Income Tax Act for AY 2024-25
Home Loan Deductions Available Under Income Tax Act for AY 2024-25 When it comes to purchasing a home, many individuals opt for a home loan to fulfill their dream of becoming a homeowner. The Indian government provides certain tax benefits on home loans, which can help reduce the financial burden. Here are the home loan
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ITR Forms Applicable in India for AY 2024-25
Income Tax Return (ITR) forms are documents that individuals and entities in India use to file their income tax returns. The forms vary depending on the type of taxpayer and the nature of their income. Here are the different types of ITR forms applicable in India for Assessment Year (AY) 2024-25: ITR-1 (Sahaj) ITR-1 is
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Income Tax Slabs: New Tax Regime vs. Old Tax Regime in India
When it comes to income tax in India, taxpayers have the option to choose between the new tax regime and the old tax regime. Let’s take a closer look at the income tax slabs applicable for the assessment year 2024-25 under both regimes. New Tax Regime The new tax regime, introduced in 2020, offers lower
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The Importance of Income Tax Return Filing in India
Income Tax Return Filing in India Filing income tax returns is a legal obligation for individuals and entities in India who meet certain income thresholds. It is a process of reporting your income and paying taxes to the government. The income tax return filing process in India is governed by the Income Tax Act, 1961,
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