LIC's net premium income in Q4FY25 was Rs 1.47 lakh crore as against Rs 1.52 lakh crore a year ago.
This extension will provide more time due to significant revisions in ITR forms, system development needs, and TDS credit reflections, says CBDT
Typically, the ITR filing process begins on April 1 of the assessment year. Accordingly, for FY 2024–25, filing should have opened on April 1, 2025. However, this year, there has been a delay, and the process is now expected to begin in June 2025.
In this story, we will discuss about the various tax benefits available for senior citizens those availing retirement benefits like commuted pension, gratuity, leave encashment on retirement and provident fund, etc. First, let's understand who actually are senior citizens as per the Income Tax Department.
The top government think tank's CEO further said that the overall geopolitical and economic environment are favourable to the country
On January 20, a total of 4,52,839 agents of LIC successfully completed and issued an astounding 5,88,107 life insurance policies across India, it noted
Form 16 or Form 16A is the certificate of deduction of tax at source. It is issued on deduction of tax by the employer on behalf of the employees and provide details of TDS/TCS for various transactions between deductor and deductee. It is mandatory for employers to issue these certificates to taxpayers.
According to data released by the Life Insurance Council, LIC collected Rs 13,610.63 crore in NBP for the month, up from Rs 12,383.64 crore in April 2024
With ITR forms for FY 2024-25 already available, now is the ideal time to prepare and avoid last-minute mistakes.
Different tax returns are prescribed for filing by individual taxpayers depending on their income and its source as well as factors such as residential status.
Typically, the ITR filing process begins on April 1 of the assessment year. Accordingly, for FY 2024–25, filing should have opened on April 1, 2025. However, this year, there has been a delay, and the process is now expected to begin in June 2025.
As taxpayers get ready to file their returns, it is crucial to understand the key sections of the Income Tax Act, 1961, that can help in accurate tax calculation, availing deductions, and choosing the appropriate tax regime.
The simplified form is designed for individuals and entities who earned up to Rs 50 lakh during the recently concluded financial year.
The Income Tax Department is expected to notify the filing forms for the financial year 2024-25, or Assessment Year 2025-26, soon.
The staff collected the insurance bond from the family members, corroborated the same with the details in the FIR and other documents filed by the police
Following the tragic terror attack in Pahalgam, Jammu and Kashmir, where 26 people lost their lives, LIC has announced relief measures for the affected families.
It is mandatory to choose between the old and new tax regime while filing the online form --- with specific exemptions and deductions available for individuals.
Taxpayers will soon be able to file their returns for FY25 via the official Income Tax Department website.