Finance Buddy

As the financial year 2024-25 progresses, senior citizens across India are preparing to file their Income Tax Returns (ITRs). Selecting the correct ITR form is crucial for ensuring compliance with tax laws and maximising benefits. Here's a comprehensive guide to help senior citizens choose the right form based on their income sources and circumstances. “For senior citizens filing their   Income Tax Return   (ITR) for the financial year 2024–25 (Assessment Year 2025–26), the choice of form depends on the nature and amount of income. Most senior citizens who earn from pension, interest, and one house property, and whose total income does not exceed Rs 50 lakh, can use ITR-1 (Sahaj). However, those with capital gains, income exceeding Rs 50 lakh, or income from more than one house property should opt for ITR-2. If the senior citizen has income from business or profession, ITR-3 is appropriate. Alternatively, if they are opting for presumptive taxation under Sections 44AD or 44AD...

As the income tax filing season for Assessment Year 2025-26 approaches, millions of Indian taxpayers face a crucial decision: whether to opt for the old tax regime or the new one. With the   Income Tax Department opening its e-filing portal and employers set to issue Form 16 by June 15, understanding the nuances of both regimes is essential for maximising savings and ensuring compliance. Income Tax slabs in new regime   Income up to Rs 4 lakh: Nil Income from Rs 4 lakh to Rs 8 lakh: 5 per cent Income from Rs 8 lakh to Rs 12 lakh: 10 per cent Income from Rs 12 lakh to Rs 16 lakh: 15 per cent Income from Rs 16 lakh to Rs 20 lakh: 20 per cent Income from Rs 20 lakh to Rs 24 lakh: 25 per cent Income above Rs 24 lakh: 30 per cent   Deduction in new tax regime:   Section 24(b): Deduction for interest on housing loan for rental property   Section 80CCD (2): Deduction for employer’s contribution to the national pension scheme (NPS), limited to 14 per cent of salary ...

More advantages for taxpayers and a simpler tax system are the goals of Budget 2025's revised tax structure. New income tax slabs under the new tax regime, which took effect on April 1, 2025, were put forward by Finance Minister Nirmala Sitharaman in the 2025 Union Budget. Certain tactics can still assist in reducing the tax burden even if the majority of exemptions and deductions have been eliminated when the next fiscal year, FY 2025-2026, starts on April 1, 2025, under the new tax system. In contrast to prior fiscal years, you may now take advantage of certain deductions if you want to take advantage of the new tax regime. The top tax-saving strategies in India under the new income tax slabs for FY 2025-2026 (AY 2026-2027) are listed below, based on the comments of several tax experts in India. Top 4 Tax-Saving Strategies Under The New Income Tax Slabs  The revised tax structure in Budget 2025 aims to simplify the tax process and offer more benefits to taxpayers. To maximize sa...