Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.

'File all the supporting documents in response to the allegation since there is a possibility of the proceedings getting dropped at that stage if the reply is satisfactory.'

A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.

It is advisable to file your ITR right away and not rely on potential extensions.

'The adjustments (of tax slabs and standard deduction) will reduce the tax burden for salaried individuals with an income of around Rs 20 lakh by approximately Rs 18,000.' 'For non-salaried individuals with the same income level, the savings will be around Rs 10,000.'

'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'

'If an individual makes significant financial investments, she should stick to the old regime.' 'If the individual prefers straightforward computation without any tax benefits, the new regime would be suitable.'

'A mid-year review makes the end-of-year financial review manageable and less stressful.'

'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'

Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.

Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.

Form 16 contains details of salary income, deductions, and exemptions.

If gratuity is not paid within 30 days of termination, the employer must pay interest as set by the central government.

Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.

'Tax is not required to be deducted from specified payments if a recipient files a self-declaration with the deductor for no deduction of tax.'

Streedhan refers to gifts, money or property that a woman receives before her marriage, at the time of her marriage, during childbirth or widowhood, primarily from her parents, relatives or in-laws.

Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.

Gold is an excellent asset class for diversification and should be included in all long-term portfolios.

Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.

The choice of tax regime dictates how your income will be taxed. If you don't make the right pick, you might end up losing money.