Top 10 Mistakes First-Time Freelancers Make with Cross-Border Transactions

  Filing income tax may seem overwhelming, especially when it comes to calculating how much you owe. But with a clear understanding of the process and current tax slabs, you can easily figure it out. This guide is designed to help salaried individuals understand how to calculate income tax on their salary—with real-life examples, for both the old and new tax regimes. Understanding the Basics of Income Tax Income Tax is the tax you pay on your income to the Government of India. As a salaried employee, your employer deducts Tax Deducted at Source (TDS) based on your estimated income. You are required to file your Income Tax Return (ITR) annually to declare your income and claim eligible deductions or refunds. Income Tax Slabs for FY 2024–25 1. Old Tax Regime (Deductions like 80C, 80D, HRA, etc. are applicable here.) 2. New Tax Regime (Default regime from FY 2023–24) (Most exemptions and deductions are not allowed, except standard deduction and NPS employer contribution.) How to C...

Submitting your income tax return (ITR) may not be easy when you are doing it for the first time. But due to the Income Tax Department’s e-filing service, even beginners can go through the process easily. With this guide, both salaried people, freelancers, and small business owners can learn how to submit their ITR online. What is an Income Tax Return (ITR)? An Income Tax Return is a document where people declare their annual earnings, the deductions they took, and payments they have made in taxes. It lets the department track what you earn, decide your tax responsibilities, and reimburse you with refunds if you give more tax compared to your liability. Why Should You File Your Income Tax Return? Filing ITR is not just a legal obligation—it has real benefits: Claiming TDS refunds Serving as proof of income Required for loans or visa applications Avoiding penalties Carrying forward capital losses Documents Required to File Income Tax Return Online Before you begin, collect the follow...

  Many of us follow the news to learn about any changes in the dates for submitting income tax returns. It's great news that the CBDT has officially released new instructions: filing Income Tax Returns (ITR) for the FY 2024-25 AY 2025-26 is now allowed up to the date specified by the CBDT. Here on EximPe , we present the important points you need to know about this extension and its effect. What Is the Last Date to File ITR for FY 2024-25? Previously, July 31, 2025, had been the primary date given to file an ITR for most individual taxpayers who did not receive an audit. As a result of major modifications to the ITR forms, the need for new system processes and delays in applying TDS credits, the CBDT has extended the deadline by 46 days. Everyone now has until September 15, 2025 , to file their ITR. Mostly, income tax due date extension is made for salaried employees and taxpayers who do not require their accounts to be reviewed by an auditor. Audited businesses and organizations h...