The last date to file your Income Tax Return for the financial year 2023-24 (which is for the assessment year 2024-25) without a late fee was July 31, 2024. If you filed by then, you didn't have to pay any extra fees.If you miss the deadline and file your return late, you may be required to pay late fee and penal interest. You will have to pay interest on the … [Read more...] about Important due dates in income tax: ITR filing, Advance tax, TDS and TCS
Income Tax
Your Ultimate Guide to Salary Taxation in India for FY 2024-25
This comprehensive guide will demystify salary taxation for the financial year 2024-25 (AY 2025-26), providing key insights into income tax slabs, available deductions, exemptions, and common filing mistakes.Whether you're a first-time taxpayer or looking to optimize your tax strategy, this guide will equip you with the knowledge needed to make informed decisions.Key … [Read more...] about Your Ultimate Guide to Salary Taxation in India for FY 2024-25
Switching Jobs Mid-Year? Here’s How to Tackle the Tax Implications
Changing jobs in the middle of the year can bring unexpected tax challenges. With some planning, however, you can avoid surprises and manage your tax liability effectively.When you switch jobs, your income for the year may shift significantly. It’s crucial to familiarize yourself with tax brackets to estimate how your new salary will impact your tax situation.Monitor … [Read more...] about Switching Jobs Mid-Year? Here’s How to Tackle the Tax Implications
How TDS on Dividend Income Works in India: A Simple Guide
A dividend is cash or stock that a company pays to its owners from its earnings. This income is taxable in India. Under Section 194 of the Income Tax Act, 1961, tax is deducted at the source (TDS) when dividends are paid to shareholders. Under the Income Tax Act, 1961, any person (resident or non-resident) receiving dividends from a company is subject to Tax Deducted … [Read more...] about How TDS on Dividend Income Works in India: A Simple Guide
Key reasons why Form 26AS is important: Understanding tax credit statement
Form 26AS provides a summary of all the tax deducted at source (TDS) from your income. This includes tax deducted on salaries, interest, rent, professional fees, commission and other sources, allowing you to see how much tax has been paid on your behalf. You can access Form 26AS online through the Income Tax Department’s e-filing portal by logging in with your … [Read more...] about Key reasons why Form 26AS is important: Understanding tax credit statement