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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


Income Tax Form PDF Download AY 2024-25: How To Download ITR 1, ITR 2, ITR 3, ITR 4, ITR 5 Forms From Income Tax Site?
Updated on Feb 20th, 2024 | 8 min read

Taxpayers in India must follow the recent government guidelines to file their income tax returns on time. Based on the income slab, there are 7 categories of ITR (Income Tax Returns) created by the Income Tax Department of India. You can download the PDF format of these ITR forms from the official website of the Income Tax department for AY 2024-2025. In this article, you will learn how to download the ITR form for ITR 1, ITR 2, ITR 3, ITR 4, and ITR 5.What are the steps to download ITR 1,2,3,4, and 5 forms from the Income Tax site?You can now file Income Tax Return forms conveniently online. Check out the easy steps to download ITR forms in PDF from the official website of the Income Tax department:Log in to the official website of www.incometaxindia.gov.in.Select the year on the right side of the page.You will find ITR 1 form download option in the first column.Click on the PDF icon to download the form.You can also download other ITR form PDF the same way.The ITR forms are arranged serially for your convenience.Income Tax Form FY 2023-24 (AY 2024-25) PDF DownloadITR FormsApplicabilityDownload ITR formsITR-1 SAHAJFor resident individuals other than not ordinarily resident having Income from Salaries, one house property, other sources (interest, dividend etc.) and having total income less Rs.50 lakhDownload ITR 1ITR-2For Individuals and HUFs who do not have income from profits and gains of business or professionDownload ITR 2ITR-3For Individuals and HUFs who have income from profits and gains of business or professionDownload ITR 3ITR-4-SugamFor Presumptive Income from Business & ProfessionDownload ITR 4ITR-5Other than:(i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7Download ITR 5ITR-6Companies who do not claim exemption under section 11Download ITR 6ITR-7For those who are required to submit return under following sections:- 139(4A) - 139(4B) - 139(4C) - 139(4D) - 139(4E) - 139(4F)Download ITR 7You can also follow the steps below to download the ITR form XML file: Visit the income tax filing portal.Click on 'Register' if you are a new user and enter the required information to validate your registration.In case you are an existing user, you can click on the ‘Login’ button to visit your account.Navigate to 'My Account' after logging in to your account.Click on ‘Download Pre-filled XML’.Select the Assessment Year for which you want to download the ITR.Once the income tax form download procedure is completed, save the XML file..


Central and State Tax on LPG in India
Updated on Feb 16th, 2024 | 14 min read

Given the rising domestic LPG cylinder prices, a majority of individuals have the notion that the State Governments charge a 55% tax on gas cylinders. However, this is false and this fake news was spread by a viral social media post back in 2021. Thus, to keep yourself well-informed about the LPG tax in India, keep reading. It is always important to have an idea of how much amount you pay for your gas cylinder actually goes towards taxes. LPG Gas Tax Rate in IndiaAs per the Central Board of Indirect Taxes and Customs (CBIC) official website, domestic LPG cylinders fall under the 5% GST (CGST – 2.5% + SGST – 2.5%) tax slab.This LPG tax is charged by the Central Government and there is no separate tax levied on domestic LPG cylinders by the State Governments.     Central and State Tax on LPG in IndiaNow, apart from the 5% GST that the Central Government imposes, there are a few costs which add to the retail price of domestic LPG cylinders. As per the Petroleum Planning & Analysis Cell (PPAC), Rs.61.84 is chargeable as distributor’s/dealer’s commission. This amount also includes ‘delivery charges’ of Rs.27.60 and ‘establishment charges’ of Rs.34.24.    On the state level, no additional taxes are applicable.


How to file ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2022-23 (AY 2023-24)
Updated on Feb 15th, 2024 | 14 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 under various scenarios for a taxpayer to file an income tax return. However, there may be various other reasons to file an income tax return even in the absence of income, like carrying forward losses, claiming an income tax refund, claiming tax deductions, etc.E-filing refers to the process of filing Income Tax Return (ITR) online, using the internet. By utilizing the New income tax portal, individuals can take advantage of a range of features aimed at simplifying the tax filing process. The Income Tax Department provides the facility for e-filing of an income tax return. Before discussing the steps involved in the e-filing of ITR, it is essential for a taxpayer to keep the following documents for e-filing their ITR.- PAN- From 26AS, AIS- Bank Statements- Form 16However, you can e-file your ITR on Cleartax by just adding your PAN.


Income Tax Business Code: Income Tax Nature of Business Code List for AY 2024-25
Updated on Feb 12th, 2024 | 111 min read

Business codes, also known as Business or Profession Codes, are used in India for Income Tax Return (ITR) filing to classify the nature of business or profession. These codes are specified by the Income Tax Department and help in accurately reporting income from different sources. The codes vary depending on the type of business or profession. Taxpayers need to select the appropriate code that best represents their line of work when filing their ITR forms. The codes ensure proper categorization and facilitate efficient tax assessment and compliance.


Alternative Minimum Tax (AMT): Applicability, Exemption, Credit, Calculation, Example
Updated on Feb 9th, 2024 | 10 min read

The Government has introduced various profit linked deductions and incentives in order to encourage investment in various industries. Taxpayers who are eligible to claim such deductions/incentives would become zero tax companies or may end up paying al tax though they are capable of paying normal tax. The Government also needs regular/consistent inflow of tax which is one of its major revenues to fund various expenses for the welfare of the country. Hence, ensuring not to completely disrupt the intention of introducing such incentives/deductions by taking it away indirectly and also to ensure levy of tax on such zero tax/al tax companies, concept of Minimum Tax was introduced.This was initially introduced for companies in the name of ‘Minimum Alternate Tax (MAT)’ to collect minimum tax to be paid by companies who are claiming profit-linked deductions in such financial years (FYs) wherein normal tax payable is lower than MAT. Adjusted total income will be computed for MAT by adding and deducting certain specified items.


Budget 2024 Highlights: PDF Download, Key Takeaways, Important Points
Updated on Feb 8th, 2024 | 25 min read

Budget Day is an eagerly anticipated event in India, with both businesses and the general public waiting with baited breath to understand the schemes and initiatives that could potentially benefit them. This year, in light of the upcoming elections, Budget 2024 has been substituted with an Interim Budget. Nevertheless, the honourable Finance Minister, Smt. Nirmala Sitharaman, has not failed to deliver on schemes and benefits, much to the satisfaction of the general public. The FM announced on 1st February 2024 that the theme for this year’s Budget would be “Viksit Bharat Budget 2024”. She reiterated that the country continues to strive towards Atmanirbhar Bharat.


Old vs New Tax Regime: Which Is Better New Or Old Tax Regime For Salaried Employees?
Updated on Feb 1st, 2024 | 36 min read

The Budget 2023 caused a lot of confusion among taxpayers regarding the choice between the old and new tax regimes. The government had introduced various incentives in the 2023 Budget to encourage the adoption of the new regime. These changes show that the government’s intention is to have taxpayers transition to the new regime and eventually phase out the old one. Though the new regime is now the default tax regime, the old tax regime will continue to exist. Let’s look at both regimes and see which regime to opt for in 2024.New Tax RegimeA new tax regime was introduced in Budget 2020 wherein the tax slabs were altered, and taxpayers were offered concessional tax rates. However, those who opt for the new regime cannot claim several exemptions and deductions, such as HRA, LTA, 80C, 80D and more. Because of this, the new tax regime did not have many takers.


Income Tax Slabs FY 2023-24 & AY 2024-25 (New & Old Regime Tax Rates)
Updated on Feb 1st, 2024 | 45 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 of age: Resident Senior citizensMore than 80 years: Resident Super senior citizensWhat Is 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.


Budget 2024 - Date, Time, When And Where To Live?
Updated on Jan 31st, 2024 | 4 min read

Interim Budget 2024 Date and Time: FAQs Answered Finance Minister Nirmala Sitharaman is set to present a crucial interim budget for the Modi government on February 1, 2024, just months before the Lok Sabha elections. The Budget presentation starts at 11 AM. This budget faces the delicate challenge of balancing bold initiatives with fiscal responsibility amidst these economic headwinds.Can India's Economy Weather the Global Storm?Chief Economic Advisor V Anantha Nageswaran believes private sector investment is key to rebalancing the Indian economy towards investment and manufacturing, shifting away from its current consumption-driven model. He urges businesses to embrace the "decade of uncertainty" and start investing despite volatile global conditions.Frequently Asked Questions about Budget 2024:When will the interim Budget be presented?Finance Minister Sitharaman will likely present the Interim Budget 2024-2025 on February 1, 2024, at 11:00 AM.When will the Budget Session start and end?The Budget Session of Parliament is expected to begin in the last week of January and conclude in April.When will President Murmu address Parliament?President Droupadi Murmu will officially open the Budget Session by addressing both Houses of Parliament on the first day.What will happen to the Economic Survey?Instead of the usual full-fledged report, a concise document summarising the state of India's economy will be presented before the interim Budget.What is an "Interim Budget"?An interim budget is a temporary financial plan for a few months until a new government is formed. It manages expenses until a full budget is presented by the new government in July.When did the budget-making process begin?The Ministry of Finance started working on the Budget on September 4, 2023.What is "fiscal deficit"?Fiscal deficit is the difference between a government's revenue and expenditure in a year.


Budget 2023 Highlights: PDF Download, Key Takeaways, Important Points
Updated on Jan 30th, 2024 | 35 min read

The Finance Minister, Nirmala Sitharaman, unveiled the Union Budget 2023 on 1st February 2023. Generally, the budget before general elections is always a much-anticipated one with everyone hoping for big, bold moves. But most budgets tend to fall short on the surprise factor. This year's budget was no exception as it was mostly just a repackaging of old schemes with additional fund allocation. But salaried taxpayers were in for a surprise. They got the much needed tax break.


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