What are the new income tax slabs, rates after interim Budget 2024?

Income tax slabs, Budget 2024: The finance minister Nirmala Sitharaman has not announced any change in the income tax slabs and income tax rates in her interim budget speech today. An individual having no business income will require to select between old and new tax regime in upcoming financial year 2024-25.

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Renting a furnished house; Will a separate rent agreement for fixtures help in saving taxes?

House rent: A landlord might be inclined to charge an higher rental for his/her furnished flat as tenants prefer to stay hassle free and in an homely environment with all the amenities. Experts suggest that a landlord create two separate rent agreement-one for the house rent and another for the rent for furnishings- bed, geyser, mattress, etc.

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Senior Citizens’ Savings Scheme (SCSS): Can I deduct penal interest while filing ITR?

Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.

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What is the right salary structure to save income tax? Five flexi benefits can help in big income tax savings

One thing which most of the salaried employees often ignore is having a salary structure that rewards you with maximum tax saving based on your spending preferences. A new salary hike or revision is an opportunity for you to ensure that it is structured in a way that helps you in minimising your income tax outgo. We tell you how you can ensure that your salary is tax efficient.

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How to use NPS, perks to cut tax outgo by Rs 1.2 lakh

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

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Income tax saving for FY 23-24: How salaried taxpayers can claim deduction of up to Rs 3.85 lakh without HRA, loan

You can claim certain income tax deductions under different heads and therefore reduce your overall income tax liability. Section 80C of the Income-tax Act, 1961 is one of the most widely used deductions that offers a deduction of up to Rs 1.5 lakh in each financial year. But, there are others deductions as well that you can claim and lower your income tax outgo. Check what are the deductions that you can claim in FY2023-24.

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Income tax deductions available under section 80C in India

In Union Budget 2023, Finance Minister Nirmala Sitharaman did not make any changes to Section 80C. Therefore, if you have opted for the old tax regimen, you can still benefit from deductions amounting to Rs.1.5 lakh under section 80C

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Is TDS applicable on interest earned from SBI Green Rupee Term Deposit (SGRTD)?

State Bank of India (SBI) has introduced a new deposit program called "SBI Green Rupee Term Deposit" to raise funds to assist the bank's green efforts.

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Ayodhya Ram Mandir Donation: To get section 80G income tax deduction, collect these documents

Shri Ram Janmabhoomi Teerth Kshetra: Individuals can donate money to Ayodhya Ram Mandir Trust, however they must be sure to collect certain documents which are essential for claiming section 80G tax deduction for donations made to Ayodhya Ram Mandir. Donations can be made online or offline too, however up to Rs 2000 can be claimed as 80G deduction if the donation is made in cash.

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How to cut Rs 82,000 income tax with loan, NPS

Under Section 80CCD(2), up to 10% of the basic pay put in the NPS on behalf of the employee is tax-free. You should ask for some basic allowances, such as reimbursement of telephone and newspaper bills, fuel expenses and LTA. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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LTCG tax: How to save long-term capital gains tax

Investors can set off their long-term and short-term capital loss against long-term capital gains. This minimises the tax liability and only the difference is subject to the LTCG tax. All you need to know

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​Ram Mandir inauguration: You can save tax by donating money to Ayodhya Ram Mandir; here's how

Ayodhya Ram Mandir inauguration: An individual can donate money online to ​Shri Ram Janmabhoomi Teerth Kshetra Trust to help in repair/rebuilding of Ram Mandir. Further all individuals who have donated money online and up to Rs 2000 in cash would get an income tax deduction under section 80G. Read here to know more.

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How to invest in tax-saving ELSS mutual funds online

Investing in ELSS to save tax: ELSS mutual funds, a tax-saving tool with a short lock-in period, provide a tax deduction of up to Rs 1.5 lakh under section 80C for those selecting the old tax regime. They carry higher risk and volatility compared to tax-saving fixed deposits. The investment amount can be as low as Rs 500, with a maximum tax break of Rs 1.5 lakh. KYC compliance is required before investing.

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Mahila Samman Savings Certificate: Does this new post office scheme offer tax saving benefits?

The Mahila Samman Savings Certificate can be applied by women for personal investments or by guardians for minor girls. It is a one-time scheme available for two years, from April 2023-March 2025.

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Tax-saving tips: 7 lesser-known investments, expenses eligible for tax breaks

Apart from popular tax deductions like 80C, 80D, 80G, there are lesser-known tax breaks. Here is a look at 7 such tax-saving options to choose from.

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Budget 2024 should allow past year's TDS credit to be claimed online, current method difficult: Industry

Various experts have varied views about Form-71 which is used by individual taxpayers to claim TDS credit if it was not deducted in the year when the income was generated. At present a duly filled up Form 71 is submitted online and then the AO checks the claim and either grants or rejects the TDS credit.

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How an inflexible salary structure can leave very little scope to save tax

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

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NPS tax benefits: How salaried, self-employed can claim tax deductions for NPS under old, new income tax regime

Income tax benefits for NPS: You can claim tax deductions against NPS under three sections of the Income-tax Act, 1961 in India: Sections 80CCD (1), 80CCD (1B), and 80CCD (2) under the old income tax regime. Tax deductions for investments in NPS are available under the new income tax regime as well. If you are wondering how to avail of tax deductions for your NPS investment, read here.

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Which parent will pay the income tax on gains made from selling investment in minor child’s name after divorce?

When parents are married, it is the responsibility of the highest earning parent to pay income tax on gains or returns received on investments made in the name of the minor. However the situation changes when the parents are divorced, nonetheless income tax must be paid still. Read here to know which parent has to pay income tax on behalf of minor after the divorce.

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How to save income tax in new tax regime? Two deductions that salaried can claim

If you are planning to opt for new tax regime in current financial year, then there are two deductions that are allowed under the new tax regime. These deductions are available to salaried individuals. Read on to know more about these two deductions and how it can be claimed while filing income tax return.

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PPF taxation: Why the Public Provident Fund is a safe option to save tax; 5 things to know

Tax-saving investments: PPF offers tax exemptions at the time of investment, accrual, and withdrawal. It has a current interest rate of 7.1% per annum and a maximum deposit limit of Rs 1.5 lakh per financial year. PPF accounts can be extended indefinitely in blocks of 5 years. Additionally, it is advisable to diversify savings between PPF and equity investments for a balanced portfolio.

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Tax-saving fixed deposits with up to 7% interest rate: Top banks offering best rates on tax-saving FDs

This tax-saving option is available for those who opt for the old tax regime. Here are top banks tax saving FD interest rates as on January 10, 2024

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I will have 300 earned leaves, 100 sick leaves at retirement. What is most tax-efficient way to encash my leaves before March 2024?

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TDS on salary: How to avoid higher income tax under new, old tax regime

With the start of the new year, employers send an email to their employees asking to submit the proofs for investment declaration made during the financial year. This is done to avoid higher tax deducted from salary income by an income. Read on to know the proof you must submit to avoid higher taxes under new and old tax regimes.

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Tax-free bonds: 5 things to know

Tax-free bonds earn a fixed interest rate which is tax-free in the hands of investors.

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Will interim budget 2024 bring any major income tax changes? Here's what the Modi govt did in previous ones

The finance Minister Nirmala Sitharaman is likely to present the interim budget/Vote on Account of the current government on February 1, 2024. Due to election year, the budget will not be for the full financial year. The budget for the full financial year 2024-25 will be announced after the elections.

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I sold property for Rs 1 crore; To avoid paying high tax, should I buy another house or pay tax amount and invest in MFs?

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​You won't get a refund for professional tax paid at this income level

Professional tax is a tax levied by the state government and the income tax act allows an deduction of professional tax actually paid from gross total income of the individual. Unlike TDS professional tax is not refunded if the individual's net income tax liability is less than the tax amount or nil.

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Income tax calendar 2024: Important tax-related dates you need to know

With the start of the new year, it is important to remember important deadlines for the year. Knowing the last dates well ahead of time can help individuals to avoid penalties. Here is the income tax calendar for 2024 telling you all the important last dates between January and December 2024.

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