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Ektha Surana

Content Marketer

Multitasking between pouring myself coffees and poring over the ever-changing tax laws. Here, I've authored 100+ blogs on income tax and simplified complex income tax topics like the intimidating crypto tax rules, old vs new tax regime debate, changes in debt funds taxation, budget analysis and more. Some combinations I like- tax and content, finance & startups, technology & psychology, fitness & neuroscience. Expertise: Income tax, Finance

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The latest articles by Ektha Surana


ITR U – What is ITR-U Form and How to File ITR-U
Updated on Jul 17th, 2024 | 13 min read

ITR-U or Updated Income Tax Return is the form that allows you to rectify errors or omissions and update your previous ITR. It can be filed within two years from the end of the relevant assessment year. The government introduced the concept of updated returns in the Union Budget 2022.Latest Update:Filing belated or revised ITRs after 31st December of the AY is not possible. However, you can file an updated return using the ITR-U form from January 1st of AY, which is used to correct minor errors or omissions in your original ITR. With ITR-U, you cannot reduce the taxes due, claim refunds, or increase losses.What is ITR-U?ITR-U or Updated Income Tax Return, is a form that allows taxpayers to update their ITRs by correcting errors or omissions or allows a taxpayer to file ITR if they have not filed ITR within the due date and also missed to file the belated return, within two years from the end of the relevant assessment year.


How To Save Tax For Salary Above 15 Lakhs?
Updated on Jul 17th, 2024 | 28 min read

People in the high-income bracket of salary above Rs 15 lakh often look for tax saving measures so they can pay the least in taxes. The Income Tax Act offers various opportunities for taxpayers to avail of deductions and decrease their tax obligations. With efficient tax planning, you can save significant amounts of taxes.Here’s how you can save tax on Rs 15 lakh annual salary. Latest Update As Per Finance Act 2023Finance Act 2023 has provided new tax slabs under the new tax regime. Rebate under section 87A for those having taxable income upto Rs. 7 lakhs has been increased to Rs 25,000 for people opting for new regime.Tax Slabs Under Old vs New RegimeThe old regime allows for several deductions that are not available in the new one.


Types Of Taxes In India: Direct Tax And Indirect Tax
Updated on Jul 17th, 2024 | 16 min read

Taxes are an obligatory expense enforced on the individual by the state and central government. They are one of the government’s most significant income sources, helping them build our country’s economy and infrastructure. Therefore, as a responsible citizen, you must pay taxes. However, it is also crucial to know the different types of taxes in India implemented in the taxation system.Here’s all about the types of taxes.Types Of Taxes In IndiaThe tax structure in India is a three-tier structure: local municipal bodies, state, and central government. Taxation in India is broadly classified into direct and indirect tax. Let us look at these two types of taxes and catch the difference between direct and indirect taxes.Direct TaxesDirect tax is levied on people's income or profits.


Income Tax Department: Key Functions, Services, Role and Responsibilities of ITD
Updated on Jul 17th, 2024 | 17 min read

In India, all activities regarding levying and collection of income tax are handled by the Income Tax Department. It is a part of the Indian Government and helps the authorities collect revenue from its citizens. This helps the latter perform its administrative activities, conduct developmental projects and keep the nation moving on the road of progress. So, if you want a comprehensive idea of how the Income Tax Department works, read on.   ITD Full FormThe term ITD stands for Income Tax Department. It is a crucial part of the Indian Government which is responsible for the collection of income tax and enforcing tax laws.    History of Income Tax Department in IndiaThe Income Tax Department was established after the Income Tax Act of 1922, which contained provisions for establishing a proper administrative system to handle income tax collection in India. In 1924, the Central Board of Revenue Act was passed by the government.


Income From Other Sources - Calculate Income Tax, Deductions & Exemptions
Updated on Jul 17th, 2024 | 11 min read

Heads of IncomeThe Income Tax Department breaks down income into five heads of income for the purpose of income tax reporting:Income from SalaryIncome from House PropertyIncome from Capital Gains/LossProfits and Gains from Business and ProfessionIncome from Other SourcesIncome from Other Sources covers income that does not fall under any of the other heads of income. Savings Bank Account – Interest IncomeInterest that gets accumulated in your savings bank account must be declared in your tax return under income from other sources. Note that the bank does not deduct TDS from savings bank interest. Interest from fixed deposits and recurring deposits is taxable, while interest from savings bank accounts and post office deposits is tax-deductible to a certain extent. However, they are shown as under income from other sources. Interest income from a savings bank account or a fixed deposit or from a post office savings account are all shown under this head.Deduction on Interest Income Under Section 80TTAFor a residential individual (age of 60 years or less) or HUF, interest earned upto Rs.10,000 in a financial year is exempt from tax. The deduction is allowed on interest income earned from:savings account with a bank;savings account with a co-operative society carrying on the business of banking; orsavings account with a post officeSenior citizens are not entitled to benefits under section 80TTA.Tax on Fixed DepositsFixed deposit interest that you receive is added along with other income that you have, such as salary or professional income, and you’ll have to pay tax on that income at a tax rate that applies to you. TDS is deducted on interest income when it is earned, though it may not have been paid.Example: The bank will deduct TDS on interest accrued each year on a FD for 5 years.


HUF - A Way To Save Income Tax
Updated on Jul 17th, 2024 | 8 min read

What is a HUF?HUF means Hindu Undivided Family. You can save taxes by creating a family unit and pooling in assets to form a HUF. HUF is taxed separately from its members. A Hindu family can come together and form a HUF. Buddhists, Jains, and Sikhs can also form an HUF.


ITR Filing Last Date FY 2023-24 (AY 2024-25)
Updated on Jul 17th, 2024 | 11 min read

Taxpayers filing their return after the due date will have to pay interest under Section 234A and a penalty under Section 234F.  When is the Last Date to File ITR?ITR filing last date for Financial Year 2023-24 (AY 2024-25) is July 31, 2024. However, if you miss filing within the due date, you can still file a belated return before December 31, 2024.Click here to file income tax returnIncome Tax Returns (ITR) Filing Start Date for FY 2023-24 (AY 2024-25)The Income Tax Return (ITR) e-filing for FY 2023-24 (AY 2024 -25) has started from 1st April 2024 and the last date to file ITR for FY 2023-24 is discussed below.Income Tax Filing Due Dates for FY 2023-24 (AY 2024-25)Category of TaxpayerDue Date for Tax Filing - FY 2023-24*(unless extended)Individual / HUF/ AOP/ BOI     (books of accounts not required to be audited)31st July 2024Businesses (Requiring Audit)31st October 2024Businesses requiring transfer pricing reports   (in case of international/specified domestic transactions)30th November 2024Revised return31 December 2024Belated/late return31 December 2024Updated return31 March 2027 (2 years from the end of the relevant Assessment Year)Click here to file income tax returnConsequences of Missing the ITR Filing DeadlineInterestIf you submit your return after the deadline, you will be liable to pay interest at a rate of 1% per month or part month on the unpaid tax amount as per Section 234A.Late feeIn case of late filing, Section 234F imposes a late fee of Rs.5,000, which shall be reduced to Rs.1,000 if your total income is below Rs.5 lakh.Loss AdjustmentIn case you have incurred losses from sources like the stock market, mutual funds, properties, or any of your businesses, you have the option to carry them forward and offset them against your income in the subsequent year. This provision substantially reduces your tax liability in future years. However, you will not be allowed to carry forward these losses if you miss filing your ITR before the deadline.What if ITR filing is Missed?Belated ReturnIf you miss the ITR filing due date, you can file a return after the due date, called a belated return. However, you will still have to pay the late fee and interest charges, and you will not be allowed to carry forward any losses for future adjustments. The last date for filing a belated return is 31st December of the assessment year (unless extended by the government).


How to File ITR Online - Step by Step Guide to Efile Income Tax Return for FY 2023-24 (AY 2024-25)
Updated on Jul 17th, 2024 | 11 min read

An Income Tax Return (ITR) is a form that enables a taxpayer to declare his income, expenses, tax deductions, investments, taxes, etc. The Income-tax Act, 1961 makes it mandatory for a taxpayer to file an income tax return under various scenarios. However, there may be various other reasons to file an income tax return even in the absence of requisite income, like carrying forward losses, claiming an income tax refund, for availing the VISA, loan from banking institutions, term Insurance, etc.E-filing refers to the process of filing an Income Tax Return (ITR) online, using the Internet. By accessing the new income tax portal using PAN-based login credentials, individuals can take advantage of a range of features that simplify the tax filing process. Step-by-Step on How to E-file ITR on the Income Tax PortalStep 1: LoginVisit the official Income Tax e-filing website and click on 'Login'. Enter your PAN in the User ID section. Click on ‘Continue’. Check the security message in the tickbox.Enter your password‘Continue’Step 2: Go To ‘File Income Tax Return’Click on the 'e-File' tab > 'Income Tax Returns' > ‘File Income Tax Return’ Step 3: Select The Right ‘Assessment Year’Select ‘Assessment Year’ as ‘AY 2024-25’ if you file for FY 2023-24. Similarly, select ‘AY 2023-24’ if you are filing for FY 2022-23 and use the mode of filing as ‘Online’. Select the filing type correctly as original return or revised return.Step 4: Select The StatusSelect your applicable filing status: Individual, HUF, or Others.For filing of persons like you and me, select 'Individual' and 'Continue'.Step 5: Select ITR TypeNow, select ITR type.


Income Tax Slabs FY 2023-24 & AY 2024-25 (New & Old Regime Tax Rates)
Updated on Jul 15th, 2024 | 98 min read

The income tax slabs are different under the old and the new tax regimes. Further, the slab rates under the old tax regime are divided into three categoriesIndian Residents aged < 60 years + All the non-residents 60 to 80 years: Resident Senior citizensMore than 80 years: Resident Super senior citizensWhat is an Income Tax Slab?In India, the Income Tax applies to individuals based on a slab system, where different tax rates are assigned to different income ranges. As the person's income increases, the tax rates also increase. This type of taxation allows for a fair and progressive tax system in the country. The income tax slabs are revised periodically, typically during each budget.


Tax Benefit On Personal Loan: How To Avail Income Tax Benefits On Personal Loan?
Updated on Jul 15th, 2024 | 7 min read

As the name suggests, personal loans are available to meet one’s personal financial needs, be it for home renovation, investing in a business, dealing with an emergency medical situation, or covering the expenses of a wedding.  These loans are unsecured, meaning that they don't require collateral. Therefore, they come at a comparatively higher interest rate. Additionally, personal loans usually have a short repayment term and low eligibility criteria, making them easy to obtain. Many individuals question whether there are any tax benefits associated with personal loans, and in this article, we'll address that query.Tax Benefit On Personal LoanNo, there are no specific tax benefits on a personal loan. However, we have identified a few scenarios where you can claim tax benefits on a personal loan in India.


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