[ad_1] POTD vs bank tax-saving FDs: Every quarter, the government updates the interest rates of small savings schemes. For the April-June 2024 period, the rates remain unchanged for all 10 schemes, including the 5-year Post Office Time Deposit (POTD). Additionally, many banks provide tax-saving benefits on 5-year fixed deposits.As per an ET, here’s how the…
[ad_1] Tax savings for FY 2023-24: When it comes to saving on income tax, most salaried individuals turn to the familiar territory of Section 80C. Offering a deduction limit of Rs 1.5 lakh annually under the Income-tax Act, 1961, it’s undoubtedly popular.But what if you’ve already used this limit? Fear not, as there are other…
[ad_1] Income Tax Changes Budget 2024: In the recent Budget 2024 speech, the Finance Minister kept the Section 80C tax deduction limit unchanged. The maximum limit for claiming tax benefits under Section 80C remains at Rs 1.5 lakh for the current fiscal year 2023-24 and will stay the same for individuals looking to save on…
[ad_1] The Income Tax department is scrutinizing the discrepancies between employer-calculated and employee-claimed tax data, intensifying its scrutiny to ensure accuracy. Through meticulous line-by-line examination, the department is reconciling discrepancies in tax deducted at source (TDS) by companies and the declarations made by employees in their annual income tax returns. This assessment, which involves a…