Hansini Buch's Blog

Income Tax Return (ITR) filing season for FY 2023-24 (AY 2024-25) has already started. In this important blog, we will discuss in detail how to prepare your Income Tax File, before you visit your Chartered Accountant (CA) for filing your ITR. Based on these information, your CA can also guide you, which tax regime is beneficial for you- New Tax Regime or Old Tax Regime.   Following documents should be there in your ITR file, in hard copy/soft copy.   (1)   For salary / pension income: (a)   Form 16 received from your employer / pension statement (b)   If no TDS is deducted by your employer from your salary, then you may not get Form 16 from your employer. In that case, you should have salary certificate / monthly salary slips.   (2)   For income from house property: (a)   If you have rent income from any let out house, office or shop, then latest renewed rent agreement / live and licence agreement (b)   Copy of PAN and Aadhaar of the tenant(s...

We are in the last week of March and it is high time to estimate your income tax liability and to check whether any planning is required or not. Though lastminute tax planning is not advisable, if due to any reason, you are not able to do any tax saving investment till date and 31 st March is approaching, here are some quick tips, which can help you: (1) First of all you should consult a Chartered Accountant at the earliest. He will be able to check your current financials and will be able to guide you about your estimated tax liability and tax saving tips. (2)  Check which tax regime is beneficial for you…. old or new. The old tax regime has a fewer tax slabs and high tax rates with all the deductions and exemptions available. While the new tax regime has more tax slabs, with comparatively lower tax rates, without claiming any exemptions / deductions. To understand the difference between the old tax regime and new tax regime and to know which one should you opt for, please refer ...

Being the last month of the financial year, March is very crucial for tax planning and investments. This is the time when you should revisit your financials…your bank account statements, incomes, expenses, investments and other financial transactions. Here are some quick reference points you should check and consider before the end of the financial year i.e. 31 st of March. (1) From the FY 2023-24 (AY 2024-25), new tax regime shall be the default tax regime. It means, if old tax regime is beneficial for you and you want to file your ITR for AY 2024-25 under the old tax regime, then you will have to specifically opt for the same before filing the ITR, otherwise new tax regime will be applicable to you by default. Please note that if you skip the due date of filing the return, then you will have no choice of tax regime and you will have to compulsorily file the ITR in new tax regime only. To understand the difference between the old tax regime and new tax regime and to know which one sh...

Income Tax Return (ITR) filing season for AY 2023-24 (FY 2022-23) has just ended on 31 st July, 2023. Hope you have filed your ITR well on time. We have already discussed in the previous blog about how to prepare your Income Tax File before filing the ITR. Now in this blog, we will discuss about how to complete your Income Tax File. Following are the important things to be done after filing the ITR: (1)  First and foremost, you have to make sure that your ITR has been e-verified. The ITR has to be e-verified within 30 days from the date of uploading. Please note that there is a difference between uploading the ITR and filing it. The ITR which is uploaded within the due date but not e-verified within the stipulated time limit, will be considered as invalid. The ITR will not be processed until it is e-verified. E-verification is mandatory to complete the process of filing of ITR. (2)  You can e-verify the ITR through OTP received on mobile number registered with Aadhaar, using...

Income Tax Return (ITR) filing season for FY 2022-23 (AY 2023-24) has already started. In this important blog, we will discuss in detail how to prepare your Income Tax File, before you visit your Chartered Accountant (CA) for filing your ITR. Following documents should be there in your ITR file, preferably in printed copy. Soft copies of these documents should also be preserved safely.   (1)  For salary / pension income: (a)  Form 16 received from your employer / pension statement (b)  If no TDS is deducted by your employer from your salary, then you may not get Form 16 from your employer. In that case, you should have salary certificate / monthly salary slips. (2)  For income from house property: (a)  If you have rent income from any let out house, office or shop, then latest renewed rent agreement / live and licence agreement (b)  Copy of PAN and Aadhaar of the tenant(s) (c)  If you are a co-owner of the property, then details your share (%...

Once again we have the same question, what we had two years back, what to choose – New Tax Regime or Old Tax Regime? This is because in the Budget 2023, some changes have been made in the new tax regime to make it more attractive. The basics have remained the same, that the old tax regime will have a fewer tax slabs and high tax rates with all the deductions and exemptions available. While the new tax regime will have more tax slabs, with comparatively lower tax rates, without claiming any exemptions / deductions. Only individuals and Hindu Undivided Family (HUF) can exercise this option to pay tax as per the new tax regime. The new tax slabs are applicable for incomes earned between April 1, 2023 and March 31, 2024. Let’s discuss the important points one by one, in the simplified manner. (1) What are the tax slabs as per the new tax regime and old tax regime applicable for FY 2023-24? Tax slabs as per the new tax regime: Net Income Range Income tax rates under new t...