SALARIED INDIVIDUALS
NPS tax benefits: National Pension System tax deductions you can claim under old and new income tax regimes
NPS taxation: The NPS is an optional retirement scheme that functions based on contributions made by individuals. Its main purpose is to ensure a regular pension income for individuals after they retire. You can avail tax benefits for NPS under three sections of the Income-tax Act, 1961 in India: Sections 80CCD (1), 80CCD (1B), and 80CCD (2). Now, let's delve deeper into each of these sections.
Tax implications for senior citizens after budget 2024, know what changed and what continues
Budget 2024: Senior citizens have different financial needs and tax planning is a significant factor in financial planning for senior citizens. With this in mind, senior citizens need to know if any benefit has been given to them in Budget 2024. In this article we list out some of the benefits offered to senior citizens.
ITR Refunds for FY2023-24 (AY2024-25): Who will receive tax refunds quicker, filers of ITR-1, ITR-2 or ITR-3?
Income tax refund status: If you have filed your income tax returns for fiscal year 2023-24 and are eligible for a refund, you may not have received the funds in your bank account yet. If you've submitted ITR-2 or ITR-3 for that fiscal year, it is possible that you haven't received your tax refund. Your refund is issued after the Income Tax Department processes your verified ITR.
Cognizant responds to Rs 2.5 LPA salary backlash, claims details 'grossly misrepresented'
Cognizant addressed a social media controversy over its ₹2.52 lakh fresher salary offer, clarifying that the figure applies only to non-engineering graduates with a three-year degree. Engineering graduates receive ₹4-12 lakh, depending on their skills and certifications. The company also explained its compensation practices and ongoing investment in employee development, particularly in India, where over 70% of its workforce is based. Cognizant reaffirmed its commitment to upskilling employees and expanding operations in the country.
Amid criticism, Cognizant says entry-level salaries not Rs 2.5 lakh per annum
The company also continuously invests in training and upskilling its associates in advanced digital technologies, sponsors higher education and leadership development programs with top institutions, to equip employees to work with global clients and accelerate their career growth, Gummadi clarified.
BITS alumnus justifies Cognizant's Rs 2.5 LPA salary to freshers: 'Quality is so bad'
Cognizant is facing criticism for offering a Rs 2.5 lakh per annum salary to engineering freshers, which many believe is inadequate for skilled labor. Bengaluru entrepreneur Vatsal Sanghvi defended the salary, suggesting it should be viewed as a "training stipend" due to the low quality of fresh graduates. His remarks sparked further debate online, with some supporting his view while others criticized the stagnant pay and the lack of adequate preparation for freshers in the workforce.
- Go To Page 1
Rs 25 lakh salary 'too little' for a family of 3, claims investor; Internet says 'get yourself tested'
Investor Sourav Dutta sparked a heated debate on social media by claiming that a Rs 25 lakh annual salary is insufficient to sustain a family of three. Dutta outlined his budget, suggesting that nearly all income would be consumed by essentials, entertainment, and medical expenses, leaving nothing for savings. His comments drew both support and criticism, with many users challenging his calculations and priorities.
Govt should allow salaried employees to choose tax regime for TDS on salary again for FY2024-25
Income tax regime for TDS on salary for FY 2024-25: Many employees have already informed their companies about their choice of tax regime for deducting taxes from their salary in April 2024. However, the government has revised the income tax slabs in the July 2024 Budget. There is a need to allow salaried employees, especially those who have opted for the old tax regime, to choose their tax regime for TDS on salary again.
Facing budget crunches, Chinese tax collectors descend on companies
Chinese authorities embarked on a crackdown to recover decades-old unpaid taxes from companies and individuals to address significant budget and debt crises. Several corporations were hit with substantial back tax bills, straining businesses amid an economic downturn. Proposed reforms aim to bolster tax collection and enhance local finances, although their implementation remains uncertain.
Former TCS employee's salary (Rs 21,000) vs expense (Rs 30,000) post sparks big debate
A viral social media post by Shashank Rustagi has highlighted stagnant entry-level salaries at Tata Consultancy Services (TCS), which he claims have remained at Rs 21,000 per month since 2019 despite rising living costs. This revelation has sparked widespread debate among tech professionals, with many sharing similar experiences of stagnant salaries across various IT firms. Critics argue that these salary practices reflect corporate exploitation, while others view it as a result of market dynamics.
Which ITR form should salaried person use to file income tax return for FY 2023-24 (AY 2024-25)?
ITR form for salaried: Beginning in AY 2024-25, the new tax regime will be the default choice. Each year, you will need to choose between the old and new tax regimes for that specific Assessment year. Failing to meet the ITR filing deadline has both financial and non-financial consequences.
Hike in employer's contribution to NPS is good news for salaried but this tax deduction is still missing
NPS Employer contribution hike: Budget 2024 has increased the deduction available on the employer's contribution to the NPS account under the new tax regime to 14%. This is a good news for the salaried individuals. However, one important NPS deduction for salaried individual is still missing under the new tax regime.
Budget 2024: New income tax slabs, capital gains tax, key tax changes that impact salaried, other taxpayers
The Budget 2024, presented today by Finance Minister Nirmala Sitharaman, will impact personal finance and individual income taxation in various ways. Here's a round-up.
TCS paid on foreign remittances, purchase of car can be used to lower TDS on salary
TCS on Foreign remittances: Budget 2023 raised TCS on most foreign remittances under LRS to 20%. The initial implementation was met with criticism and a delay. Now, TCS applies only if remittances exceed Rs 7 lakh per year, with exceptions for education (0.5% or 5% TCS) and medical treatment (5% TCS). Travel package remittances up to Rs 7 lakh attract 5% TCS, with 20% above that. International credit cards are exempt from LRS and TCS.
Budget 2024: Standard deduction limit hiked from Rs 50,000 in new tax regime; check new limit for current financial year
Standard deduction limit in Budget 2024: The finance minister has announced changes in the Standard deduction limit.
Budget 2024 expectations: 8 expectations of salaried, individual taxpayers from FM Nirmala Sitharaman today
Budget 2024 income tax expectations: Let's delve into the various expectations that both salaried individuals and taxpayers have from Budget 2024.
Gig workers find it tough to assess advance tax payment, have to cough up 3% interest charge even for a day’s delay
The rise of side gigs has led to challenges in paying advance taxes on time. Individuals must navigate complex rules to avoid penalties. Experts suggest reforms to make the process more manageable for taxpayers.
How to file ITR-2 online with salary, capital gains and other incomes for FY 2023-24 (AY 2024-25)?
ITR-2 can be filed using the Excel or Java utilities provided by the income tax department, or online directly through the e-filing portal. This guide outlines the most effective way to file ITR-2 online, including examples of reporting salary, capital gains, and other incomes in the tax return form.
ITR filing deadline should be permanently extended beyond July 31: Salaried get only 45 days to file tax returns
ITR filing deadline extension: The due date to file income tax return by a salaried individual is July 31, 2024 for FY 2023-24 (AY 2024-25). However, in reality salaried taxpayers get only 45 days to file their income tax return. Here are some reasons and why there is a need for permanent ITR filing deadline extension.
Last date for filing income tax return (ITR) for FY 2023-24 (AY 2024-25)
ITR filing last date: According to the tax laws, different taxpayers have varying due dates for filing their income tax returns. It is crucial to ensure the return is filed by the deadline to prevent potential penalties, such as late filing fees and the inability to choose the old tax regime.
TDS deduction from salary not enough: Salaried employees must file ITR despite tax deducted by employer
Income tax return for salaried: You need to file your income tax return even if you do not need to pay any income tax due to section 87A tax rebate. Also if you think that since TDS has been deducted from your income, you need not file ITR, then this notion is wrong.
ITR-1 (Sahaj) can be filed if your income is below Rs 50 lakh; Check if you are eligible or not
ITR filing: As per CA Shreya Jaiswal you can file ITR-1 only if your total income does not exceed Rs 50 lakh during FY 2023-24 (AY 2024-25) and provided you have satisfied certain other conditions as prescribed. However if you even have Re 1 of capital gains or loss you won't be able to file ITR-1
ITR filing: How to calculate taxable income for salaried, professional, freelancers and others
ITR filing: If you are a salaried individual then you need to know how to calculate taxable income for salary, professional, capital gains and other incomes. Once you have calculated the gross total income from various heads of income, you can claim deductions to reduce your net tax payable. Read here to know more.
How to file ITR-1 with salary, income from house property and other sources for FY 2023-24 (AY 2024-25)
File ITR-1 online: Here is a step by step guide on how salaried individuals can file their income tax return using ITR-1 form easily on the income tax department's e-filing website. ITR-1 form is also known as Sahaj. Individuals having income from salary, house property, interest and dividend incomes can use ITR-1 to file income tax return.
Form 16 due date: When will you get TDS certificate from your employer?
Last date to get Form 16: Salaried individuals need Form 16 to make the ITR filing process easier for them. It is a TDS certificate showing all the taxes deducted during the financial year as well as total income paid by an employer during the financial year. Read on to know the deadline for employer to issue Form 16.
Moonlighting and ITR filing: Why moonlighters should file income tax return, form to use, other details
Moonlighting, driven by side hustles and remote work opportunities post Covid-19, requires moonlighters to carefully choose the right ITR form, consider the presumptive tax regime, and submit Form 10-IEA online for tax benefits under the old regime.
Salaried individual filing ITR? Advisable to wait till June 15
ITR filing for salaried individuals: The last date to file income tax returns for salaried and other taxpayers (whose accounts are not required to be audited) is July 31 every year. However, it is advisable for salaried individuals to start the process of filing their tax returns after June 15 due to following reasons.
How to save income tax in new tax regime? Two deductions that salaried can claim
Deductions under new tax regime: If you are planning to opt for the new tax regime in current financial year, then there are two deductions that are allowed under the new tax regime. These deductions are available to salaried individuals. Read on to know more about these two deductions and how it can be claimed.
Load More
