12 lakh ITR filers for FY2023-24 have not got tax refund despite income tax dept releasing it: Check how to fix issue

ITR filing: No tax refunds was paid to 12 lakh Income Tax Return (ITR) filers for AY 2024-25 despite 3.94 crore verified ITRs claiming tax refunds. Minister Pankaj Chaudhary said that the main reasons for pendency of tax refunds in these 12 lakh ITRs is because reply is awaited from taxpayers in respect of notices issued for defective ITRs and others. Read below to know how to fix defective ITRs.

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New income tax bill: What it could mean for taxpayers and how it can impact them

New income tax bill, 2025: Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2025 on February 1, announced that she will table the new income tax bill in Parliament next week. Many taxpayers and common citizens anticipate the new income tax bill to know how it could impact them.

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Waiver of late fee for filing pending GSTR-9C by March 31, 2025: CBIC clarifies who is eligible and how to calculate

Goods and Services Tax (GST): GSTR-9C which is to be filed along with GSTR-9. While the deadline to file GSTR-9C is December 31 of the respective financial year. However,if you had missed filing GSTR-9C for FY 2017-18, FY 2018-19, FY 2019-20, FY 2020-21, FY 2021-22 or FY 2022-23 then you will get total waiver of late fee, provided you file the GSTR-9C by on or before March 31, 2025.

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Three things middle-class did not get, despite taxpayer-friendly Budget 2025

Middle class in Budget 2025: The Finance Bill presented by the FM on February 1, 2025, had a bonanza for middle-class taxpayers. However, despite the tax relief of not paying tax on incomes up to Rs 12 lakh, Budget 2025 disappointed middle-class taxpayers with no changes in these three areas.

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Frequent regulatory changes, full automation under GST making compliance difficult and expansive for taxpayers

GST changes in Budget 2025: The Central Board of Indirect Taxes and Customs (CBIC) has introduced key mechanisms to automate compliance under the GST framework in recent years. However, given the dynamic nature of business transactions in today's digital age, automating this ever-evolving tax law is a complex and demanding task.

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March 31, 2025, is deadline to claim pending TDS credit for these past years: Ask bank, deductor to revise TDS return

TDS credit: March 31, 2025 is the deadline to file a revised TDS return for FY 2007-08 to 2018-19. What this means is if you have any pending TDS credit which was previously not claimed in ITR due to wrong TDS return filed by banks, etc then you need to tell the bank, etc to revise their TDS return. When the bank revised the TDS return, you will get the TDS credit.

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Unlimited tax exemption on ULIP returns for non residents if it is bought from this intermediary office: Budget 2025

No tax on ULIPs: If ULIPs and other policies are purchased from International Financial Services Centre (IFSC) registered insurance intermediary office then then it is fully exempted from income tax provided the premium paid is not more than 10% of the actual sum assured. Indian residents however, do not get this benefit for purchasing ULIPs.

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Will you pay Rs 61,500 as income tax on Rs 12.10 lakh income? Know how marginal relief comes into play

Marginal tax relief for Rs 12 lakh: Individuals having taxable income of Rs 12 lakh will not required to pay any tax from FY 2025-26. However, there can be taxpayers whose taxable income exceeds Rs 12 lakh, even after claiming all the eligible deductions. Will they have to pay higher tax?

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How to pay lower tax under old tax regime? This much deduction can help you save more income tax than new tax regime

Save tax: Save more tax in old tax regime by claiming up to Rs 8.5 lakh tax deductions for a salary income up to Rs 25 lakh. Moreover, for salary income of Rs 15 lakh you need to claim atleast Rs 5,93,750 as tax deductions so as to achieve equilisation level of tax with new tax regime. If you claim more deductions beyond this equilisation point you will save more tax in old tax regime than new.

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5 Budget 2025 proposals that save tax and eases compliance burden

Income tax compliance for taxpayers: Budget 2025 has hiked the income tax basic exemption limit, introduced new income tax slabs under the new tax regime, no income tax on income up to Rs 12 lakh. The announcements made will help the taxpayers in easing their income tax compliance burdens. Know how these income tax proposals help taxpayers.

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Zero tax on Rs 13.7 lakh salary? NPS & deductions can make it happen

Salaried individuals can achieve zero tax on annual income up to ₹13.7 lakh through standard deductions and investments in NPS. Contributions to NPS provide significant tax savings, but uptake is low due to lock-in restrictions. Despite limited liquidity and mandatory annuitization at retirement, NPS offers long-term benefits and low fund management charges.

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New vs old tax regime: Which income tax regime to choose, what should save your money? Read this to clear all your income tax confusions

New vs old tax regime: If you are still confused about which tax regime to choose after Budget 2025 proposals, here is how to choose between the old, new and proposal newer income tax slabs.

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Homeowners get income tax relief on second house in Budget 2025

Taxpayers will be able to claim nil valuation for two self-occupied properties instead of one. The reform will promote ownership for vacation homes or secondary residences as well.

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