In Budget 2023, a new personal income tax regime system for individual taxpayers was unveiled. Taxpayers will be able to select between the current/old tax regime and the new tax regime starting in FY 2020–21. By choosing the previous tax system, the taxpayer can continue to take use of current tax benefits such house rent…
Read More “Answers to all your inquiries about the new income tax regime system” »
As 2023 approaches, all eyes will be on the impending Budget 2023, which will be announced on February 1 by Union Finance Minister Nirmala Sitharaman. Professionals and salaried taxpayers alike anticipate a number of tax relief measures from the budget. However, a lot of experts think that the Budget may not contain any significant announcements. …
Read More “Income Tax Relief – Change in Income Tax Slab Rate and TDS Rate in Budget 2023” »
If you pay income tax online, make sure the bank where you have an account has changed or migrated its Tax payment facility route. This is because the new income tax e-filing portal has begun accepting tax payments through the service of e-Pay Tax window on its own portal. Customers of specific banks who have…
Read More “use these banks’ accounts to pay income tax on the TIN NSDL website.” »
The Goverment has kept the interest rates on small savings schemes like the PPF unchanged. That means for the quarter ending September 30, 2022 the PPF will earn an Interest rate of 7.1%. The Public Provident Fund (PPF) scheme, created in accordance with the Public Provident Fund Act of 1968, is a long-term investment plan…
