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.

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.

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

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

The staff collected the insurance bond from the family members, corroborated the same with the details in the FIR and other documents filed by the police

Following the tragic terror attack in Pahalgam, Jammu and Kashmir, where 26 people lost their lives, LIC has announced relief measures for the affected families.

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.

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

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.