The income tax department has issued a new notification regarding how individual taxpayers having business income in the current financial year can continue to opt for the old tax regime to claim common deductions and tax exemptions. Do note that from this year onwards, the new tax regime has become the default tax regime.

Not everybody can file ITR-1 (Sahaj) especially if they have any income from capital gains or income from cryptocurrencies or virtual digital assets (VDA), multiple house property incomes. Apart from this, there are other transactions which might make someone ineligible for filing ITR-1. Read on to find more about this.

TCS will be 5% for amounts exceeding Rs 7 lakh for education and medical treatment abroad.

Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.

If an individual owns the house property, then it may happen that he/she has some income from that property. However, not many people understand the correct way of calculating income from house property for ITR filing purpose. Here is how an individual can calculate income from house property for ITR filing this year.

Starting from July 1, 2023, a tax collected at sources (TCS) of 20 per cent will apply to overseas tour packages. If you are planning to take an international trip soon, you must understand this new rule and how you can use it in the most efficient way to save your hard-earned money. Here are the 3 ways to avoid 20% TCS during your next international trip

Form 16 is a TDS certificate issued by the employer to an employee to inform the taxes that are deducted on salary income paid in a financial year. The TDs certificate makes it easier for an employee to file his/her income tax return. The income tax laws have provided a date by which Form 16 must be issued to employee.

The income tax return filing season is upon us. Most salaried individuals are eligible to file their tax returns using ITR-1 form. This tax return form is also known as 'Sahaj'. However, not many people know the steps to file ITR-1 on the income tax e-filing portal. Here is a step by step guide of filing ITR-1 on the income tax e-filing portal.

Monetary gifts or property received under a will or by way of inheritance is not taxable. This will also hold in case someone bequeathes such a gift in contemplation of death (who is terminally ill and expects to die shortly from illness).