Filing ITR is important for everyone, including housewives. Even if they do not possess any direct income, housewives can have 'Income from other sources' such as interest from fixed deposits, rent from a property owned and others. If the income from such sources exceeds the limit prescribed by the Indian government, a housewife would need to file her ITR. This article will discuss the different aspects of income tax for housewives, such as eligibility, deductions and income sources.Do Housewives Need To Pay Income Tax?As per the old tax regime applicable for FY 2023-24, a housewife (aged below 60 ) who earns less than Rs.2.5 lakh will not be subject to taxation. If the housewife falls in the super senior citizen category, i.e., 80 years and above, the minimum exemption limit has been increased to Rs. 5 lakh as per the old tax regime. In the new tax regime, the basic exemption limit will be Rs 300,000, up to which no tax liability exists, regardless of age.Housewives will only be liable to pay taxes if the total income from different sources exceeds the basic exemption limit.Income Tax Slab For Women (New Tax  Regime)Income tax slabTax rates< Rs.3,00,000NILRs.3,00,001 - Rs.6,00,0005%Rs.6,00,001 - Rs.9,00,00010%5Rs.900,001 - Rs.12,00,00015%Rs.12,00,001 - Rs.15,00,00020%> Rs.15,00,00130%Income Tax Slab For Women Below 60 years (Old Tax Regime)Income tax slabTax rates< Rs.2,50,000NILRs.2,50,000 - Rs.5,00,0005%Rs.5,00,001 - Rs.10,00,00020%> Rs.10,00,00130%Income Tax Slab For Women Between 60 and 80 years (Old Tax Regime)Income tax slabTax rates< Rs.3,00,000NILRs.3,00,001 - Rs.5,00,0005%Rs.5,00,001 - Rs.10,00,00020%> Rs.10,00,00030%Income Tax Slab For Women Above 80 Years (Old Tax Regime)Income tax slabTax rates< Rs.5,00,000NILRs.5,00,001 - Rs.10,00,00020%> Rs.10,00,00130%After knowing the eligibility and tax applicable to the income, a question comes to mind, how to file an income tax return for a housewife in India? To file income tax returns, you need only register on the income tax department's e-filing portal and get a valid User ID and Password. Once registered, you can submit your income tax return online.

Section 44AE of the Income Tax Act deals with the Presumptive Taxation Scheme. If you are a small taxpayer, you can avoid the tedious process of keeping records regularly. Instead, you can opt for a Presumptive Taxation Scheme to calculate your income at a prescribed rate.Here's more on the Presumptive Taxation Scheme!Which Businesses are Eligible for Presumptive Taxation Scheme?If you are engaged in businesses related to leasing, plying, or hiring goods carriages, you can opt for the Presumptive Taxation Scheme. However, you must own less than ten goods-carrying vehicles within any period during the previous FY to avail of this scheme. Thus, business people engaged in passenger transport with or have more than ten vehicles at any time within the last financial year will not be eligible for this scheme.For instance, let’s say that Mr Anand owned eight goods vehicles during the financial year 2023-2024 and is engaged in the leasing goods carriages business.

The first step towards tax saving is to understand the country's tax structure. At present, there are two tax regimes operational in the country. The taxpayers now have the choice to pick a tax regime that can help them save more money. If you haven’t made any choice, you will be shifted to the new tax regime by default. If you want to know how to save tax on a 1 crore salary, this is just for you. Tax Slabs Under Old vs New Tax RegimeAs per the new income tax guidelines, you can opt for either the new or the old regime while filing your taxes. Here is a difference between the two:Tax SlabFY 2023-24 Tax Rate (Old tax regime)Tax SlabFY 2023-24 Tax Rate (New tax regime)Up to Rs 2,50,000NilUp to Rs 3,00,000NilRs 2,50,000 – Rs 5,00,0005%Rs 3,00,000 – Rs 6,00,0005%Rs 5,00,000 – Rs 10,00,00020%Rs 6,00,000 – Rs 9,00,00010%Rs 10,00,000 and beyond30%Rs 9,00,000 – Rs 12,00,00015%NANARs 12,00,000 – Rs 15,00,00020%NANARs 15,00,000 and beyond30%If you file your taxes according to the new regime, you cannot avail most of the tax benefits.

In India, the income tax department has set up a progressive tax regime, meaning the tax rates keep increasing with your income. However, by familiarising yourself with effective tax reduction strategies, you can benefit a lot. You can opt for various tax-saving measures to reduce your tax burden. Take a look at this article if you are looking for tips on how to save tax for a salary above Rs 12 lakh.Tax Slabs Under Old vs New Tax RegimeAs per the new income tax guidelines, you can opt for either the new or the old regime while filing your taxes. Here is a difference between the two:Tax SlabFY 2023-24 Tax Rate (Old tax regime)Tax SlabFY 2023-24 Tax Rate (New tax regime)Up to Rs 2,50,000NilUp to Rs 3,00,000NilRs 2,50,000 – Rs 5,00,0005%Rs 3,00,000 – Rs 6,00,0005%Rs 5,00,000 – Rs 10,00,00020%Rs 6,00,000 – Rs 9,00,00010%Rs 10,00,000 and beyond30%Rs 9,00,000 – Rs 12,00,00015%NANARs 12,00,000 – Rs 15,00,00020%NANARs 15,00,000 and beyond30%If you file your taxes according to the new regime, you cannot avail most of the tax benefits. To calculate your tax liability using both regimes, you may use the old vs new tax regime calculator. Tax Saving Options Under New and Old Tax RegimeLet us take a look at the new and old tax regime tax slab to get an idea regarding how much tax you need to pay in case your income is above Rs 12 lakh:New Tax Regime (FY 2023-24)Unlike previous financial years, you can now claim certain deductions if you opt for the new tax regime.

Among several benefits employees can get from their employers, RSU is one of them. RSU full form is Restricted Stock Units. A good reward from their employer not only boosts an employee's morale but also encourages them to work harder.To know in-depth details of these reserved stock units and how they can benefit you, continue reading further.What is RSU?Restricted Stock Units (RSUs) are a restricted form of equity incentive that an employer grants to its employees. These are equity shares of the company that come with a vesting period attached to them. Since the employee in question gets them in the form of an incentive, they are not liable to pay any money for it. However, the vesting period bars the employee from selling that stock until they complete a specified tenure with their employer.

Unique Identification Authority of India (UIDAI) provides many services to Aadhaar holders, and downloading an Aadhaar Card is one of them. Aadhar card can be downloaded online, but not without OTP.  How To Download Aadhaar Card By Mobile Number OTP?If you want to download an Aadhaar card online, you can navigate to the official website of UIDAI. It does not involve any complicated procedure. Simply follow the steps below:On the official website, click on the Login.Then, select the “Aadhaar number” option and enter your unique 12-digit Aadhaar number. Enter the required captcha verification code and click on “Send OTP”.You will receive the OTP on your registered mobile number.After entering the OTP in the required space, click “Download Aadhaar”.You will find a password-protected Aadhaar card PDF in your download folder. To open the PDF, you need to type the required password.

Employees often receive perquisites in the form of cash or kind from their employer. These are some added benefits or advantages given to an employee other than his or her salary. As per the Income Tax Act, there are both taxable and non-taxable perquisites. Read along to know about perquisites meaning, their types, benefits, taxability, and more.Perquisites Meaning in Income TaxWhen your employer provides extra benefits and other advantages along with your basic salary or wage, they are referred to as perquisites in income tax. However, it does not include the reimbursements offered by your employer.

The 2023-24 Budget proposed some major tax reforms by introducing tax rebates on an income up to ₹7 lakhs under the new tax regime. This means that taxpayers who have an income below ₹7 lakhs will not have to pay any tax at all if they choose the new tax regime. Previously, there were limited exemptions or deductions; however, the FY 2023-24 Budget has announced various exemptions and deductions under the new tax regime. Before filing your income tax return this year, let us understand how you can save tax on your salary with an example. Latest Update as per Finance Act 2023As per the latest Finance Act 2023, changes have been made in the slab rate for the new tax regime. The rebate provided under section 87A has also been increased to Rs 25,000. Thereby, for Salary income upto Rs 7.5 lakhs, tax liability will be zero. How to Save Tax if You Have an Annual Salary of Above Rs 7 Lakh?Let’s say your gross salary is Rs.7,50,000.

Companies often provide bonuses to their employees to appraise their performance in a financial year. This is because your performance helps in increasing the profitability of the company. However, you need to pay an income tax on the bonus depending on the amount of bonus earned.Now you may ask why you need to pay tax against your additional income. So, this article will answer your doubts regarding the taxability of bonuses.When is the Bonus Taxed?The bonus that you receive from your employer is considered as Income under the head Salary, and tax on such bonus is applicable for the same financial year when your employer declares it. Even if you receive the amount in the next year, you are liable to pay the tax for the financial year it has been declared.  Let’s assume your employer declares an employee bonus of Rs 25,000 on March 15, 2024.

UIDAI has replaced the existing QR code on e-Aadhaar with a secured QR code that includes demographic information. This includes the last 4 digits of the Aadhaar number, gender, etc. and a photograph of the Aadhaar number holder. Such information will also be signed with UIDAI's digital signature. As a result, this Aadhaar QR code scanner is more secure and tamper-proof. The authorities have also made the Aadhaar QR code scanner application available for devices compatible with Android and IOS, making the user experience more hassle-free. What is a Secure QR Code?According to the UIDAI website, a secure QR code is a visual code with demographic information and a photograph of the Aadhaar holder that is digitally signed by UIDAI.