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Choosing between the old and new income tax regimes for FY 2024-25 depends on tax slabs, available deductions, and overall taxable income. The new regime offers lower slab rates with limited deductions, while the old regime retains popular exemptions like 80C, 80D, HRA, LTA, home loan interest, and standard deduction. Senior citizens also receive higher exemption thresholds under the old structure. The comparison chart for FY 2024-25 helps taxpayers understand differences in

Form 26AS acts as one of the most reliable tax documents for anyone preparing to file an Income Tax Return. It brings together every tax credit linked to a PAN, such as TDS, TCS, advance tax, and self-assessment tax. Since the TRACES system remains the official source for this information, downloading Form 26AS correctly ensures that tax filing happens without mismatches or refund delays. Whether the goal is to confirm TDS deductions, verify tax payments, or reconcile incom

Introduction The profit made from the selling of capital assets, such as stocks, bonds, and real estate, among other investments, is referred to as capital gains. These capital gains  are subject to taxation based on a number of variables, such as the asset's holding time and the tax bracket of the individual. Nonetheless, a person may be able to lower their capital gains tax obligation by taking advantage of some exemptions and deductions. Investors and traders who want to m

Introduction When employees join a company, they are eligible for a number of advantages. One of them is a paid leave benefit that employees can use as a leave encashment in the event that it is not used. The possibility of exchanging unused leaves for cash provides employees with an additional safety net. The employer permits the employee to roll over any unused leave to the following year in such a situation. Instead of taking vacation time, employees can choose to be compe

Income tax notices often arrive without warning, creating uncertainty about whether the communication is genuine or part of a phishing attempt. Verification becomes essential because fake notices frequently mimic the exact layout, tone, and terminology used by the Income Tax Department. A genuine notice always follows a defined structure, carries a valid Document Identification Number, and reflects data already available in the taxpayer’s records. TaxBuddy’s systems help brea

House Rent Allowance remains one of the most significant components of tax planning for salaried individuals in India. The rules, however, differ sharply between the old and new tax regimes in 2025. The old regime continues to offer HRA exemption under Section 10(13A) , while the new regime under Section 115BAC has removed this benefit entirely, even if HRA is part of the salary. Understanding how exemption is calculated, who qualifies, and when each regime becomes financia

Sections 80TTA and 80TTB of the Income Tax Act, 1961, help reduce tax on interest income from savings and deposits. While both sections aim to ease the tax burden, their eligibility differs—80TTA applies to individuals and HUFs below 60, whereas 80TTB benefits senior citizens with higher deduction limits. Both are valid only under the old tax regime. For taxpayers seeking clarity, understanding which section applies is crucial to avoid missed deductions or ineligible claims

Introduction The necessity of paying taxes on income earned through hard work is a concern that many share. Therefore, we often seek strategies to decrease our tax obligations—this endeavor is termed tax planning. Tax planning is crucial as it promotes more effective money management, along with reducing the amount payable. The Income Tax Act of 1961 offers numerous provisions for both individuals and businesses to reduce their tax liabilities appropriately. Table of Contents

Updating personal details on the Income Tax Portal is necessary to ensure that the Income Tax Department holds accurate information for communication, verification, and seamless pre-filling of ITR forms. The portal allows updates to name, address, contact details, Aadhaar-linked data, bank accounts, and other profile sections through a secure, OTP-based verification process. Correct information ensures timely refunds, smooth compliance, and uninterrupted access to tax service

Section 270A of the Income Tax Act imposes heavy penalties when income is misreported or under-reported. A 200% penalty applies to misreporting, while a 50% penalty is levied for under-reporting, making accuracy in tax reporting essential. Many taxpayers face these penalties due to missing income, incorrect disclosures, poor documentation, or delays in filing. Preventing such outcomes requires a clear understanding of what qualifies as misreporting, how the tax department tr