Financial Express

Income Tax Department notifies ITR forms 1, 2, 3, 4 and 5 – Which one should taxpayers use?

Different tax returns are prescribed for filing by individual taxpayers depending on their income and its source as well as factors such as residential status.

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ITR Filing 2025: What taxpayers must know about sections 80C, 80D, 24B and more

As taxpayers get ready to file their returns, it is crucial to understand the key sections of the Income Tax Act, 1961, that can help in accurate tax calculation, availing deductions, and choosing the appropriate tax regime.

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Income Tax Returns: New ITR-1 form explained – What are the key changes notified this year?

The simplified form is designed for individuals and entities who earned up to Rs 50 lakh during the recently concluded financial year.

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ITR Filing 2025: You will get your Form 16 in new format this year – Know why

The Income Tax Department is expected to notify the filing forms for the financial year 2024-25, or Assessment Year 2025-26, soon.

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ITR Filing: 5 major income tax provisions taxpayers need to know in 2025

It is mandatory to choose between the old and new tax regime while filing the online form --- with specific exemptions and deductions available for individuals.

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ITR Filing 2025: What is deadline to file income tax return this year?

Taxpayers will soon be able to file their returns for FY25 via the official Income Tax Department website.

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ITR Filing: 6 ways the New Tax Regime can help you save more on income tax

Old tax regime, however, still offers taxpayers a range of options to save taxes through various eligible deductions and exemptions post 2025 Union Budget. On the other hand, the new tax regime has a fewer deductions available for taxpayers compared to the old regime. In this write-up, we will discuss various deductions available under the new tax regime for the purpose of tax saving.

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ITR filing 2025: A step-by-step guide for senior citizens to file income tax returns

An individual resident who is 60 years or above in age but less than 80 years at any time during the previous year is considered a senior citizen for income tax purposes. The Income Tax department also defines people above the age of 80 as 'super senior citizens'.

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How much money do you really need for financial freedom in India? Rs 10 crore, Rs 50 crore or more?

You don't need Rs 10 crore or Rs 50 crore for financial freedom — just calculate your expenses and aim for the right amount using the 4% rule.

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Filing ITR soon? Can you still pick a different tax regime?

Section 115BAC of the Income Tax Act lays down the tax slabs and rules applicable under the new tax regime.

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Income Tax Returns AY2025-26: Key Documents Required to File ITR

It is not necessary to attach any documents while filing your returns. However the details given in various documents will have to be used while filling up the online form.

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How much cash can you receive in a day without getting an Income Tax notice?

Under section 269ST of the Income Tax Act, receiving more than Rs 2 lakh in cash is prohibited, whether it is a single transaction or the sum of many transactions on the same occasion.

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Income Tax Returns AY2025-26: 5 key things for first-time taxpayers to keep in mind while filing ITR

Those filing their returns for the first time must also choose between two tax regimes (with different deduction amounts) and link their PAN and Aadhaar cards in order to enable electronic verification.

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ITR filing 2025: 5 must-do things before filing ITR online

The filing of income tax return (ITR) is compulsory for those individuals whose annual income is above the basic exemption limit. According to the Old Tax Regime, the basic exemption limit is still Rs 2.5 lakh for general taxpayers under 60 years of age.

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Income Tax Return 2025: I-T department upgrades ITR-2 filing process, know new changes

The Income Tax Department has launched a new Excel-based utility version of ITR-2 to make filing easier. This form is designed for individuals and Hindu Undivided Families (HUFs) who do not have any business or professional income.

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File updated ITR before March 31

File your updated Income Tax Return (ITR-U) before March 31, 2025, to correct omissions or errors and avoid penalties. Learn more about filing, deadlines, and additional tax liabilities.

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Best term insurance plans for self-employed individuals

Term insurance plays the vital role of a safety net and ensures one's loved ones are protected in the absence of the primary bread earner.

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How pre-existing conditions influence your health insurance coverage?

While pre-existing medical conditions may lead to premium loading or coverage restrictions, being transparent about one’s medical history is essential to avoid claim denials later.

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Should you withdraw or reinvest your matured investments?

Understanding the pros and cons of each option ensures you make a strategic decision that aligns with your financial future.

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Faster Credit Score Updates: Why timely payments matter more than ever

Starting January 2025, lenders must update credit records every 15 days instead of once a month. As a result, financial activities will appear on your credit report sooner.

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Filing your ITR? Compare the old and new tax regimes to save more

If you are availing exemptions or deductions under the old tax regime, the new tax regime may lead to a higher tax outgo.

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7 common insurance mistakes you must avoid for financial security

We take a look at some common insurance mistakes which you must avoid to ensure your insurance truly safeguards your financial well-being.

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Form 16 and 24Q formats revised! New tax deduction rules you must know

The CBDT circular has been issued on 20 February 2025, and it will be applicable to the tax returns of the financial year 2024-25 (i.e. assessment year 2025-26).

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Why the Income Tax Bill 2025 replaces Assessment Year with Tax Year?

The concept of Previous Year and Assessment Year, thus, were creating confusion in the minds of taxpayers as they represented two different years.

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Income Tax Bill 2025: Key clauses for non-resident Indians

The Income Tax Bill 2025 has several aspects to be considered by the Non-Resident Indians as Clauses replace Sections.

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Income-Tax Bill, 2025: How the new Bill helps taxpayers breathe easy

The essence of the Bill remains the same and the existing tax base, tax rates, computation mechanism etc. have been largely unchanged.

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New Income Tax Bill unlikely to be tabled in Parliament this week! Here’s all you need to know

The new income tax law will replace the existing Income Tax Act of 1961. The tax Bill is being brought to make the tax process simple and clear.

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Tax Calculator: Annual salary Rs 15 lakh? Opt for Old Tax Regime and save Rs 48,000 more with these deductions!

Old Vs New Tax Regime: For individuals earning Rs 15 lakh annually, opting for the old tax regime can result in tax savings of up to Rs 48,100, provided they maximize deductions like HRA, 80C, 80D, and home loan benefits.

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Key changes in budget 2025 apart from tax-free 12 lakh income- Full details here

Among the most significant announcements was the introduction of a New Income Tax Bill, set to be tabled this week

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New Tax Regime vs Old Tax Regime: Which offers better deductions and exemptions?

The revised tax structure also introduces a 25% tax slab for incomes between Rs 20 lakh and Rs 24 lakh.

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Budget 2025: A game-changer for middle-class taxpayers

The new structure will significantly enhance the accessibility of the middle class by leaving them with more disposable income.

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What is Standard deduction and how it helps salaried taxpayers under new tax regime?

The standard deduction on salary streamlines tax filing for salaried individuals by reducing taxable income by a set amount, minimizing the overall tax burden.

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Budget 2025: Tax slabs decoded! Nil tax on income upto 12 lakh; How much tax to pay if amount exceeds this threshold

New Tax Regime Slabs 2025 for Salaried Employees: As per the updated structure, individuals earning up to Rs 12 lakh per annum will not have to pay any income tax, offering a substantial benefit compared to previous years

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Belated ITR Filing 2024-25: Don’t miss this new deadline! Check penalty, steps to file belated tax return

Initially, the Central Board of Direct Taxes (CBDT) set the original deadline for filing of belated or revised tax returns as December 31, 2024. Later, it extended this deadline to provide additional time for taxpayers.

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Inflation Calculator: What will be the value of Rs 1 crore in 20, 30 and 50 years from now?

This article explores how inflation erodes the value of Rs 1 crore over time, calculating its worth in 20, 30, and 50 years based on a 6% inflation rate.

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Will Rs 7.5 lakh income be tax-free for senior citizens under Old Tax Regime in upcoming Union Budget? Here’s what finance ministry says

As Budget 2025-26 approaches, senior citizens await potential tax relief. A query was recently raised in the Lok Sabha if the government plans to offer a tax rebate on incomes up to Rs 7.5 lakh and a 5% tax on Rs 7.5-10 lakh.

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