Unused LTA utilisation: Take a holiday and travel in India before March 31, 2025, to save income tax; know how to make this plan work

Leave Travel Allowance (LTA): Eligible employees who have an holiday on March 31, 2025 on account of Eid al-Fitr can make use of their unused LTA to plan a family short vacation and while at it save income tax under the old tax regime. For the present Block the last date to take LTA is Dec 31, 2025. Read below to know how to make this plan work.

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Equity tax-loss harvesting is a double-edged sword, make sure it works for you

Equity tax-loss harvesting: Many stock market investors use equity tax-loss harvesting as a tool to save income tax on the long-term capital gains from their equity investments. However, not many individuals know the risks associated with equity tax loss harvesting and what they could lose if the strategy is not used correctly.

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New income tax slabs from April 1, 2025: Know tax slabs, rates under new, old tax regime for FY 2025-26 (AY 2026-27)

With the start of the new financial year, many income tax changes will take effect; understanding the latest income tax slabs will help you select the tax regime that works best for you. Here are the income tax slabs under the new tax regime and old tax regime for FY 2025-26 (AY 2026-27), i.e., between April 1, 2025 and March 31, 2026.

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Despite no investment you can still get Section 80C income tax deduction if you invested in NSC

Save income tax: National Savings Certificate is a fixed-income investment scheme that's backed by the Government of India. But did you know that you can claim the interest component of NSC investment as Section 80C tax deduction under the old tax regime even if the NSC was invested in the past years. Read below to know more.

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Waiting till March 31, 2025, will be too late to save capital gains (LTCG) tax on equities this financial year

Save LTCG: Long term capital gains (LTCG) tax on equities is presently levied only if the gains is over Rs 1.25 lakh. However when we calculate, it shows taxpayers will save more LTCG tax on equities in FY 2024-25 than in FY 2023-24, but only upto a certain limit. Also March 31, 2025 is stock market holiday, so you need to use tax harvesting method by March 28, 2025.

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Income Tax: Can you claim HRA tax exemption for society maintenance charges also?

Usually, an employee's salary structure has HRA as one of its components. A salaried employee can claim tax exemption on HRA if he/she lives in a rented accommodation and has received HRA as part of his/her salary. However, if an employee is living in a society, then along with rent to the landlord, he/she has to pay maintenance charges also.

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GST Amnesty Scheme: Last few days left for payment of tax to apply for the scheme using SPL-02 form

GST Amnesty Scheme: You need to make the tax payment by March 31, 2025 to become eligible to apply for GST Amnesty Scheme by June 30, 2025. Sivakumar Ramjee says: ​"If a taxpayer fails to pay the outstanding tax by March 31, 2025, they will not be eligible to apply for the amnesty benefits, even if they attempt to submit the application before June 30, 2025."

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Income tax department to compare your last year ITR with current year’s ITR for any irregularities: How taxpayers will be impacted?

Compare last year's ITR with the current ITR: The income tax department will check and match your current income tax return filed with the previous year's ITR from next year onward. This is done to check for any inconsistencies and irregularities in the current year's ITR. The question arises: Is it good news or bad news for the taxpayers?

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Updated ITR deadline approaching: Avoid 50% additional tax by filing before March 31, 2025

Taxpayers are advised to file updated Income Tax Returns (ITR-U) promptly to avoid higher penalties. Filing by March 31, 2025, incurs a 25% additional tax plus interest, while filing later attracts a 50% additional tax.

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Tax saving on donation: You can get up to 50% deduction on your donation to Ayodhya Ram Mandir

Save income tax: If you want to save some income tax by reducing your total taxable income then Section 80G is one of the available options. CBDT notified Ayodhya Ram Mandir (Ram Janmabhoomi Teerth Kshetra) long back and experts say its very simple process. All you need to do is donate money for renovation purposes and then claim Section 80G tax deduction up to 50% of the amount.

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Salary rejig can save IT professional Gupta more tax in old tax regime versus new tax regime

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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5-year Post Office Time Deposit or Tax-saving bank FDs: Which offers higher interest now?

Both Tax-Saving Fixed Deposits (FDs) from banks and the Post Office 5-Year Time Deposit provide secure investment options while offering tax benefits under Section 80C. Check if they differ in interest rates, taxation, and other specifics. Post Office TD offers a fixed 7.5% rate, while banks' rates range widely depending on the institution.

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Non residents getting income tax notices for claiming lower tax rate benefit under DTAA; Know how to resolve this situation

NRI taxation: Many non-resident Indians (NRIs) are receiving Income Tax notice under Section 143 (1) (a) of the Income Tax Act, 1961 because they have claimed a beneficial tax rate (lower or nil rate of tax) under Double Taxation Avoidance Agreement (DTAA) without filing Form 10F. Read below to know how can NRIs save themselves from this notice and what to do to close this tax notice.

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