February 2025
Should You Close Your Unused Credit Card? Find Out the Truth!
Credit cards provide convenience, rewards, and financial flexibility. But if you have an unused credit card, should you close it or keep it? Many people face this dilemma, unsure of how their decision will affect their financial health. Let’s break down the pros and cons to help you make an informed choice. Pros and Cons…
Maximizing Tax Savings: How to Pay Zero Tax on a Rs 17 Lakh Salary in FY26
The Union Budget 2025-26 has significantly enhanced tax relief under the new tax regime by making annual incomes up to Rs 12 lakh tax-free. However, with a well-structured salary, you can extend this limit to Rs 17 lakh while paying zero income tax. By leveraging specific exemptions and reimbursements, you can legally minimize your taxable…
Goodbye 80C, Hello Clause 123! How the New Tax Bill Reshapes Your Savings
The Indian government has introduced the Income Tax Bill 2025 to modernize and streamline tax laws, replacing the outdated Income Tax Act of 1961. This reform is designed to enhance transparency, simplify compliance, and make tax provisions easier to understand for individuals and businesses alike. Major Changes in the Income Tax Bill 2025 The bill…
Maximizing HRA Tax Benefits in 2025: Key Strategies and Common Pitfalls to Avoid
House Rent Allowance (HRA) is a valuable tax benefit for salaried individuals residing in rented accommodations. As per Section 10(13A) of the Income Tax Act, employees can reduce their taxable income by claiming HRA exemptions. With the latest budget updates affecting tax planning, understanding the eligibility criteria, documentation requirements, and best practices is crucial for…
Earning Below ₹12 Lakh? You Might Never Need to File ITR Again!
The Union Budget 2025 has introduced significant tax relief for middle-class taxpayers. If your annual income is below ₹12 lakh, you may no longer be required to file an Income Tax Return (ITR). But is it really that straightforward? Let’s delve into the latest tax changes and determine if you can legally skip ITR filing….
Save Capital Gains Tax by Investing in an Under-Construction Property
Can You Avoid Capital Gains Tax? If you sell shares and mutual funds worth Rs 60 lakh, you can save tax by reinvesting in an under-construction residential project. Eligibility for Tax Exemption Joint Purchase With Spouse Criteria Requirement Holding Period More than 12 months (LTCG) Investment Deadline Within 2-3 years Eligible Property Residential only Section…
New Income Tax Bill: Key Changes for Salaried Employees, Businesses, and Investors
The Indian government has introduced a new income tax bill with significant changes impacting individuals and businesses. From revised tax slabs to deductions, here’s what you need to know: 1. Revised Tax Slabs and Rates The bill proposes changes to tax slabs, affecting different income groups. While some taxpayers may see reduced tax burdens, high-income…
Income Tax Bill 2025: Big Tax Savings & Simplified Filing!
The Indian government has introduced the Income Tax Bill 2025, making tax filing easier and reducing tax burdens. Here’s how these changes impact you. Key Changes in the Income Tax Bill 2025 Simplified Tax Structure New Tax Slabs for Individuals Annual Income Tax Rate Up to ₹12,00,000 0% (Tax-Free) ₹12,00,001 – ₹15,00,000 10% ₹15,00,001 –…
FASTag Alert! New Rules Can Get You Stuck at Toll Plazas – Avoid These Mistakes
The Indian government has introduced new FASTag rules, effective February 17, 2025. If you don’t follow them, you may get stuck at toll booths. Read on to ensure a hassle-free journey. New FASTag Rules You Must Know The National Payments Corporation of India (NPCI) has updated the FASTag system to improve toll collection. The biggest…
Save Lakhs in Taxes: Why Every Indian Family Should Form a HUF Today
What is a Hindu Undivided Family (HUF)? A Hindu Undivided Family (HUF) is a legal entity under Indian tax laws. It helps families save taxes by pooling their assets under one umbrella. A HUF has its own PAN card and files a separate tax return. Did You Know? Some HUFs in India have existed for…