Financial Express

How much money do you really need for financial freedom in India? Rs 10 crore, Rs 50 crore or more?

You 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.

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Filing ITR soon? Can you still pick a different tax regime?

Section 115BAC of the Income Tax Act lays down the tax slabs and rules applicable under the new tax regime.

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Income Tax Returns AY2025-26: Key Documents Required to File ITR

It 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.

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How much cash can you receive in a day without getting an Income Tax notice?

Under 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.

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Income Tax Returns AY2025-26: 5 key things for first-time taxpayers to keep in mind while filing ITR

Those 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.

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ITR filing 2025: 5 must-do things before filing ITR online

The 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.

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Income Tax Return 2025: I-T department upgrades ITR-2 filing process, know new changes

The 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.

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File updated ITR before March 31

File 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.

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Best term insurance plans for self-employed individuals

Term 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.

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How pre-existing conditions influence your health insurance coverage?

While 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.

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Should you withdraw or reinvest your matured investments?

Understanding the pros and cons of each option ensures you make a strategic decision that aligns with your financial future.

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Faster Credit Score Updates: Why timely payments matter more than ever

Starting 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.

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Filing your ITR? Compare the old and new tax regimes to save more

If you are availing exemptions or deductions under the old tax regime, the new tax regime may lead to a higher tax outgo.

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7 common insurance mistakes you must avoid for financial security

We take a look at some common insurance mistakes which you must avoid to ensure your insurance truly safeguards your financial well-being.

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Form 16 and 24Q formats revised! New tax deduction rules you must know

The 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).

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Why the Income Tax Bill 2025 replaces Assessment Year with Tax Year?

The concept of Previous Year and Assessment Year, thus, were creating confusion in the minds of taxpayers as they represented two different years.

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Income Tax Bill 2025: Key clauses for non-resident Indians

The Income Tax Bill 2025 has several aspects to be considered by the Non-Resident Indians as Clauses replace Sections.

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Income-Tax Bill, 2025: How the new Bill helps taxpayers breathe easy

The essence of the Bill remains the same and the existing tax base, tax rates, computation mechanism etc. have been largely unchanged.

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New Income Tax Bill unlikely to be tabled in Parliament this week! Here’s all you need to know

The 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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Tax Calculator: Annual salary Rs 15 lakh? Opt for Old Tax Regime and save Rs 48,000 more with these deductions!

Old Vs New Tax Regime: For individuals earning Rs 15 lakh annually, opting for the old tax regime can result in tax savings of up to Rs 48,100, provided they maximize deductions like HRA, 80C, 80D, and home loan benefits.

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Key changes in budget 2025 apart from tax-free 12 lakh income- Full details here

Among the most significant announcements was the introduction of a New Income Tax Bill, set to be tabled this week

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New Tax Regime vs Old Tax Regime: Which offers better deductions and exemptions?

The revised tax structure also introduces a 25% tax slab for incomes between Rs 20 lakh and Rs 24 lakh.

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Budget 2025: A game-changer for middle-class taxpayers

The new structure will significantly enhance the accessibility of the middle class by leaving them with more disposable income.

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What is Standard deduction and how it helps salaried taxpayers under new tax regime?

The standard deduction on salary streamlines tax filing for salaried individuals by reducing taxable income by a set amount, minimizing the overall tax burden.

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Budget 2025: Tax slabs decoded! Nil tax on income upto 12 lakh; How much tax to pay if amount exceeds this threshold

New Tax Regime Slabs 2025 for Salaried Employees: As per the updated structure, individuals earning up to Rs 12 lakh per annum will not have to pay any income tax, offering a substantial benefit compared to previous years

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Belated ITR Filing 2024-25: Don’t miss this new deadline! Check penalty, steps to file belated tax return

Initially, the Central Board of Direct Taxes (CBDT) set the original deadline for filing of belated or revised tax returns as December 31, 2024. Later, it extended this deadline to provide additional time for taxpayers.

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Inflation Calculator: What will be the value of Rs 1 crore in 20, 30 and 50 years from now?

This article explores how inflation erodes the value of Rs 1 crore over time, calculating its worth in 20, 30, and 50 years based on a 6% inflation rate.

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Will Rs 7.5 lakh income be tax-free for senior citizens under Old Tax Regime in upcoming Union Budget? Here’s what finance ministry says

As Budget 2025-26 approaches, senior citizens await potential tax relief. A query was recently raised in the Lok Sabha if the government plans to offer a tax rebate on incomes up to Rs 7.5 lakh and a 5% tax on Rs 7.5-10 lakh.

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Aadhaar Card Update Deadline: Last date approaching soon! Here’s how to upload documents free-of-cost

Aadhaar card update: After extending the deadline multiple times in the past, the UIDAI has urged residents who got their Aadhaar issued 10 years back to get their documents updated by December 14, 2024.

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Term Vs whole life insurance – Which should you choose? Know the key differences

Term insurance is a straightforward life insurance policy that provides coverage for a specific period, or 'term'; if the insured person passes away during this period, the policy's beneficiaries receive a death benefit.

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Retirement savings: What will be the value of Rs 5 crore after 25 years?

A common mistake is assuming that the value of retirement savings will remain constant over time. For example, a ₹5 crore corpus today will lose significant purchasing power over 25 or 30 years due to inflation.

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LIC of India launches new insurance plans – Check benefits, eligibility, other details

The insurance plans were launched on Monday by LIC CEO and MD Siddhartha Mohanty and will be available both available offline and online.

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ITR Filing Date 2024 Live Updates: Income tax return deadline to be extended beyond July 31? What we know so far

ITR Filing Date 2024 Live Updates: The income tax return deadline might be extended beyond July 31. Fresh updates from Income Tax Department on ITR deadline extension! What we know so far about the current status and when to expect refunds after e-verification and processing of income tax return.

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ITR Filing: What is Updated Return? Who is not eligible to file an updated return? Check late fees, penalty

Any individual may submit an updated return, with certain exceptions, irrespective of whether they have previously filed an original, late, or amended return for the applicable assessment year.

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Top 10 expectations of individual taxpayers which Budget 2024 needs to fulfill

Taxpayers eagerly await budget announcements that will increase their disposable income. Here are a few of the main anticipations that taxpayers have for Budget 2024.

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ITR Filing Penalty After Due Date: Late fee for delayed filing of income tax return, last date, fees and more

ITR Filing 2024: Penalty amount for filing income tax return after due date will be imposed. Taxpayers need to be alert as the deadline to file ITR is approaching fast.

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ITR Filing: Risks of sharing your sensitive financial details with an income tax filer

It is crucial to remember that your financial information holds significant value, encompassing all your investments and earnings for the year. Here are several important considerations to bear in mind before disclosing your ITR details.

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Union Budget 2024: Why Standard Deduction limit needs to be increased to Rs 100,000!

The existing standard deduction of Rs 50,000 is considered inadequate to address the rising expenses linked to the increased cost of living and, therefore, it is imperative to raise the limit of this deduction.

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Attention Taxpayers! Income Tax Department warns against false claims in income tax returns

The Income Tax Department has issued a strong advisory to taxpayers, advising them against submitting income tax returns with inaccurate claims for exemptions and deductions.

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Best practices to keep your money safe from fraudsters

Regularly monitoring your financial records and staying alert for any suspicious activities is crucial for early fraud detection.

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How to file ITR online – Steps for e-filing income tax return

In order to file a tax return online, you can access the new income tax portal logging in with PAN-based credentials and following certain steps that simplify tax filing process.

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Income Tax Return: How to choose correct ITR form for tax filing

There are 7 ITR forms the Income Tax Department has notified, and often, taxpayers get confused which ITR form is applicable to them.

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ITR Filing: Minute details of furnishing an error free Income Tax Return

Taxpayers required to file their income tax return should take into consideration the following.

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Modi 3.0: 80C Deduction benefits to be extended to new tax regime in Budget 2024?

Currently, the benefit of section 80C is not available under the default (new) tax regime and it would be expected that this benefit be extended to even the default tax regime.

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Budget 2024: Big tax relief for middle-class in the offing? Section 80C, 80D deduction limits may be hiked to …

After the new government formation, the focus is now shifted to the Union Budget 2024-25. Taxpayers are hopeful that the Modi government will give them a tax relief in the upcoming budget. Experts too are of the view that FM Sitharaman would at least make some revision in deduction limits under Section 80C and 80D.

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Income Tax Return: How to get maximum tax refunds on filing ITR | Check out these 5 ways!

Every taxpayer should make an effort to mitigate their tax liability by claiming all the available deductions and exemptions at the time of furnishing their tax returns. However, such deduction/ exemption amount should be correctly computed after considering the tax regime, residential status etc.

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What happens to your property if you die without a will?

Under Section 30 of the Indian Succession Act, if someone dies intestate, the court may issue a notice to invite claims over the property left behind after the death certificate is issued.

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Retirement Planning: How insurance can contribute towards building a robust retirement fund

With a comprehensive financial retirement plan, it is easy to tide over apprehensions of exhausting the corpus that may have been built during the work years.

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How term insurance ownership lays the foundation of financial empowerment for women

By working together, insurers, regulators, and stakeholders can further create a more inclusive and equitable insurance ecosystem that empowers women to protect themselves and their families effectively.

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7 tips to choose the best term insurance plan

Having insurance coverage is crucial for managing a health emergency, but it’s equally important to maintain financial stability when faced with a health crisis. Often there are many confusions and doubts when you purchase a term insurance plan, but these can be addressed if you carefully assess your requirements

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NRI? Here’s how you can save tax on health insurance with GST refund!

To qualify for GST refunds on health insurance, the proposer must be a Non-Resident Indian.

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A comprehensive guide to reimbursement claims in health insurance

Understanding the reimbursement process and adhering to the necessary steps and documentation requirements is essential for a smooth and successful reimbursement claim experience.

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YOUR MONEY: Assess the kind of health cover your parents need

Check for exclusions, deductibles & limitations in the insurance policies

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Health Insurance: Riders add heft to your health plans

Buy these add-ons early in life to get higher and wider coverage

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