Financial Express

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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