income tax

News and Trends

Income Tax Department Launches 'AIS For Taxpayer' App

The mobile app will facilitate taxpayers to view their information as available in the Annual Information Statement (AIS)/ Taxpayer Information Summary (TIS)

News and Trends

New ITR Forms Seek Details on Crypto Income

Information such as income from the transfer of virtual digital assets, date of acquisitions, date of transfer, cost of acquisition in case of a gift, etc, are to be disclosed under a new section for ITR 2023-24


Six Ways To Avail Tax Benefits Under Section 80C

Section 80C provides for payers to reduce their taxable income annually up to a limit of INR 1.5 lakh. Here are six tax-saving investment schemes which not only decrease your tax but help in wealth generation

Business News

If You're in One of These 11 States, You'll Pay Less in Taxes This Year

The cuts come amid high inflation and economic uncertainty.

Business News

Moving to Florida to Save on Taxes? Be Prepared For a Sticker Shock.

Although Florida is one of the few states that has no income tax, high prices for insurance, housing and healthcare could mean that residents don't save as much as they think.


These 9 States Have No Income Tax — But Are They Better or Worse For Your Finances? Here's Everything You Need to Know.

Does your state require income tax? Discover everything you need to know about nine states with no income tax in this detailed guide.


4 Effective Strategies to Reduce Your Income Taxes

Planning, saving and investing can minimize your tax liability.


How to Manage Multistate Tax Planning as a Small-Business Owner

More and more small businesses now have nexus in multiple states without even knowing, and it's exposing business owners to taxes across state lines.


How Enhanced 80C And 80D Caps Can Increase Insurance Penetration In India

To drive greater penetration in metro cities and non-metros, insurance policy purchases should be sweetened via tax-saving options

News and Trends

Tax Evasion To Get Tough As New Form 26AS Puts High-Value Transactions Under Greater Scrutiny

As per CBDT, the improved Form 26AS will include some of the high-value transactions done by a taxpayer in a financial year


Only 1% Indians will Pay Tax This Year, Shows IT Dept Data

Out of the total 5.78 crore individuals who filed tax returns in financial year 2018-19, about 4.32 crore individuals reported income below INR 5 lakh

News and Trends

[Budget 2020] Why Switching To New Tax Regime May Do More Harm than Good

The new tax regime is expected to result in more tax outgo for lower salary incomes and impact savings but on the contrary it can benefit senior citizens and non-salaried individuals

News and Trends

[Budget 2020] A Precious Little Something for Everyone

Rejigging of tax slabs appears a welcome move at first however, it is important to look closely into the implications of forgoing your deductions u/s 80C, 80D, 8024(b) etc


Expectations Of a Young Entrepreneur From Union Budget 2020

While it is expected that the Budget's focus is going to be on measures that can revive the struggling economy, a focus on more investment in information technology is required

Growth Strategies

#RoadforStartups: CBDT Announces Assessment Plans to Balance the Tightening of Noose around Start-ups

CBDT All Set to Tighten the Noose around Start-ups Based on a Three-Category Assessment Plan