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.
Read MoreTaxpayers will soon be able to file their returns for FY25 via the official Income Tax Department website.
Read MoreOld 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.
Read MoreAn 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'.
Read MoreYou 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.
Read MoreHealth insurance provides crucial financial protection for you and your family during medical emergencies, helping manage expenses without depleting savings or requiring loans or crowdfunding.
Read MoreSection 115BAC of the Income Tax Act lays down the tax slabs and rules applicable under the new tax regime.
Read MoreIt 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.
Read MoreUnder 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.
Read MoreThose 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.
Read MoreRead the customer reviews on Google and other social media platforms. Look for an insurer with a high claim settlement ratio, low complaint numbers, and positive online reviews.
Read MoreThe 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.
Read MoreNRIs can claim a GST refund on insurance premiums, which makes purchasing Indian policies more affordable
Read MoreThe 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.
Read MoreThe Insurance Regulatory and Development Authority of India (IRDAI) reported that 11% of health insurance claims were denied in FY24, totalling ₹26,000 crore in repudiated claims.
Read MoreFile 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.
Read MoreTerm 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.
Read MoreWhile 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.
Read MoreUnderstanding the pros and cons of each option ensures you make a strategic decision that aligns with your financial future.
Read MoreTo support property owners, the government provides various tax benefits on let-out properties, which can be used by the taxpayers to reduce their overall taxable income.
Read MoreHere are the top five reasons why women need term life insurance in 2025.
Read MoreThe Income Tax Department has recently released a new brochure highlighting how clubbing of income provisions is applicable for individual taxpayers.
Read MoreStarting 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.
Read MoreIf you are availing exemptions or deductions under the old tax regime, the new tax regime may lead to a higher tax outgo.
Read MoreWe take a look at some common insurance mistakes which you must avoid to ensure your insurance truly safeguards your financial well-being.
Read MoreThe 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).
Read MoreGST On Health Insurance, GST On Term Insurance: Sources said that insurers and DFS have likely reached a consensus for 12 per cent GST on health and term insurance premiums. The current GST rate on heath and term insurance stands at 18 per cent.
Read MoreRoom rent limits in health insurance affect out-of-pocket expenses. Choosing a room above the limit incurs proportional deductions on related costs, including doctor's fees and nursing charges. Policies may have fixed caps or percentage-based limits, influencing treatment costs significantly.
Read MoreLIC Smart Pension Scheme 2025: LIC has introduced the Smart Pension Plan, a non-linked, non-participating annuity plan offering liquidity options for retirees. With flexible payment frequencies and options for single or joint life annuities, the plan guarantees a steady income.
Read MoreDesigned as a non-par, non-linked savings and immediate annuity plan, it allows entry from 18 to 100 years, depending on the chosen annuity option.
Read MoreThe concept of Previous Year and Assessment Year, thus, were creating confusion in the minds of taxpayers as they represented two different years.
Read MoreThe Income Tax Bill 2025 has several aspects to be considered by the Non-Resident Indians as Clauses replace Sections.
Read MoreThe essence of the Bill remains the same and the existing tax base, tax rates, computation mechanism etc. have been largely unchanged.
Read MoreThe Income Tax Bill, 2025 defines 'online game' as any game offered on the internet and accessible through a computer or telecom device.
Read MoreAs per the new tax bill, 'undisclosed income' includes 'money, bullion, jewellery, virtual digital asset or other valuable article' or expenditure, income based on any entry or transaction, where such entry wholly or partly represents income which has not been disclosed.
Read MoreThe 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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