For most salaried individuals, salary income is the primary source of earnings. While paying taxes is mandatory, the Income Tax Act of India offers various deductions and exemptions that can help you reduce your taxable income and save money. In this blog, we’ll explain the important deductions available to salaried employees, so you can plan
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Simplify Your Finances with GST2ITR – Expert GST, ITR & Company Registration Services
Simplify Your Finances with GST2ITR – Expert GST, ITR & Company Registration Services IntroductionManaging taxes and business compliance in India can be complex—but it doesn’t have to be. At GST2ITR, we provide expert financial services including GST filing, Income Tax Return (ITR) filing, and company registration to help individuals, startups, and businesses stay compliant and
ITR Updates Till August 2025 – Recent Changes, Extended Deadlines & Regulatory Enhancements
As of August 2025, the Indian tax ecosystem has undergone several notable updates. From filing extensions and form revisions to new tax relief measures and emerging digitization projects, here’s everything you need to know. 📅 Extended Filing Deadlines & ITR‑U Launch The Income Tax Department has extended the ITR filing deadline for the fiscal year
🧾 Why Filing Your Income Tax Return On Time Is More Important Than You Think Let’s break it down 👇
✅ 1. Avoid Late Fees and Penalties Did you know that filing ITR after the due date (usually July 31st) can cost you up to ₹5,000 in late fees under Section 234F? And that’s just the start: Interest on unpaid tax Delay in processing refunds Restrictions on carrying forward losses 💡 Filing on time is
Everything You Need to Know About Advance Tax: A Complete Guide
As tax season approaches, one of the most common terms you’ll come across is Advance Tax. But what exactly is it, and why is it important? Whether you’re a salaried employee, a freelancer, or a business owner, understanding the concept of advance tax can help you avoid penalties, manage cash flow, and stay compliant with
Important Upcoming Financial and Tax Deadlines for 2025
As we approach the first quarter of the year, it’s essential for businesses to stay on top of crucial financial and tax-related deadlines. Below is a list of key upcoming events and dates that every company should be aware of to ensure compliance and avoid any penalties. 1. GST Filing Deadlines: GST Return (GSTR-1) Filing:
INCOME TAX UPDATES
1. Income Tax Slabs for FY 2024-25 The new tax regime continues to be an option, with no income tax up to ₹3 lakh. From ₹3 lakh to ₹6 lakh, the tax is 5%, ₹6 lakh to ₹9 lakh at 10%, ₹9 lakh to ₹12 lakh at 15%, ₹12 lakh to ₹15 lakh at 20%,
New Income Tax Slabs and Rates for Financial Year – 2019-20 (A.Y. 2020-21)
A. (INDIVIDUAL & HUF TAXPAYERS) 1).Income Tax Slabs & Rates for Individual Tax Payers & HUF (Less Then 60 Years Old) for FY 2019-20. (A.Y. 2020-21) Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.
Documents Needed for Filing “Income Tax Returns”
A) For Salaried Employees If you are a salaried employee, gather these documents to e-file your income tax returns. Go through this list to see the documents you’ll need to do your taxes. PAN Number Form-16 issued by your employer. A) For Proprietorship/Business persons. 1. Documents related to interest income Bank statement/passbook for interest on savings/current