Money, land, etc., received as gifts from people are taxable in the hands of the receiver, and the Income Tax Act sets the rules for exceptions, eligibility and other considerations.

Both sections 80CCC and 80C of the Income-tax Act, 1961, allow deductions from the annual income, but the aggregate of the deductions cannot exceed Rs 1.5 lakh.

The Central Board of Direct Taxes (CBDT) set the outstanding tax waiver limit at Rs 1 lakh after Financial Minister Nirmala Sitharaman announced relief in the interim budget FY2024-25.

There are various ITR forms that taxpayers can use for different purposes. To avoid mistakes, senior taxpayers should choose the appropriate ITR form for various tax filing purposes.

Finance Minister Nirmala Sitharaman, in the interim budget 2024, proposed to withdraw outstanding tax demands of up to Rs 25,000 for the ease of taxpayers.

Whether you are a senior citizen trying to secure a suitable health insurance plan for yourself or your parents, who are in their golden years, you must know ways to maximize your health insurance deduction.