Finance Buddy

Changing jobs is an exciting milestone, but it also brings along its own set of challenges - especially when it comes to tax filing. If you've switched jobs during the financial year, failing to address these key tax tasks could lead to unwanted surprises when it's time to file your Income Tax Return (ITR). When changing jobs during the year, the first thing you should do is ensure that you provide your new employer with all the necessary details of your income and taxes paid at the previous job. This includes submitting Form 12B, which outlines the details of the salary received from the earlier employer as per Mr Sujit Bangar, Founder Taxbuddy.com . This step is crucial to ensure accurate computation of your total income for the financial year. Source:  https://www.goodreturns.in/personal-finance/investment/switching-jobs-don-t-file-your-itr-without-completing-these-6-tasks-to-stay-ahead-of-tax-trouble-t-1430477.html   Website:  https://www.taxbuddy.com/  

  The CBDT has notified the ITR-2  form for FY2024-25, effective from April 1, 2025, which will be applicable to the majority of taxpayers , especially salaried individuals, pensioners, and those with income from multiple properties or capital gains. Key changes include raising the asset and liability reporting limit to Rs 1 crore, requiring TDS section reporting, and splitting capital gains. Read on to know more about the changes made Sujit Sudhakar Bangar, founder of TaxBuddy.com , says that the ITR 2 form for the assessment year 2025-26 (FY 2024-25) allows taxpayers to calculate long-term capital gains (LTCG) either 20% with indexation benefit or 12.5% without indexation for properties transferred after 23rd July 2024. This change offers flexibility in determining the most beneficial tax treatment, especially for land and building transfers." "Capital gains from the sale of unlisted bonds and debentures will now be categorized as either short-term or long-term capital ...