However, income tax rules offer additional tax benefits to senior citizens. To claim these benefits, the individual must be of the age of 60 years or above but less than 80 years at any time during the respective year.
Income tax return filing deadline of July 31 is exactly 75 days from now. The tax department has already released the requisite forms. You can check the form that is applicable in your case, and you can then start the process to avoid the last-minute glitches
Maintaining proof of interest payments during the construction phase is crucial for claiming this deduction. Seeking guidance from a tax advisor for accurate calculation.
The Central Board of Direct Taxes (CBDT) in a 2007 circular noted that a taxpayer can keep separate status of a trader as well as the investor.
This tax exemption is for any Hindu family in the country.
Under Section 80EEB of the Income Tax Act, individual taxpayers can claim a deduction of up to Rs 1,50,000 on the interest paid for a loan used to buy an electric vehicle
Experts suggest people to weight pros and cons both before they make any decision to buy gold. Though gold is considered a good investment against inflation and provides immediate liquidity, it does not provide consistent returns like stock or bonds and also has costs associated with storage, according to them.
By understanding residential status, leveraging DTAA provisions, and adhering to procedural requirements, taxpayers can file ITR on foreign income.
You can avail of tax benefits on home loans under various Sections of the Income Tax Act. Under Section 80C, you can take a maximum deduction benefit of Rs 1,50,000 on the repayment of home loan principal amount. This deduction benefit is available even for the under-construction property.
The income tax department has released the ITR-6 excel utility for the fiscal year 2024-25. Prior to this, the department enabled the excel utility for ITR-1, ITR-2, and ITR-4 for fiscal year 2024-25.
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