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 […]
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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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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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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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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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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A PAN (Permanent Account Number) card is a unique 10-digit alphanumeric identification number issued by the Income Tax Department of India. It serves as a crucial document for various financial transactions and is mandatory for certain activities. Features of PAN Card: 1. Unique Identification: Each PAN card has a unique number assigned to an individual
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BACKGROUND Finance minister Nirmala Sitharaman introduced Section 80EEA in the 2019 Union Budget to give a boost to the Centre’s Pradhan Mantri Awas Yojana (PMAY) and further boost real estate sector. The Section 80EEA deduction is over and above the Rs 2 lakh deduction limit allowed under existing provisions of Section 24 (b). WHO IS
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Education is the cornerstone of personal and societal development. Recognizing the importance of higher education, the Indian government has introduced various measures to facilitate access to quality education. One such initiative is the provision of tax benefits under Section 80E of the Income Tax Act, 1961, which allows individuals to claim deductions on the interest
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As FY 2023-24 is closing soon employee need to know and sumbit their tax liability to their employees. To help employees calculate their Tax Liability fo FY 2023-24 Palgou has made this Free of Cost Tax Calculator available for you. You Can check your Tax Liabilty for FY 2023-24 using this Calculator Online. If You
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