AS the deadline for filing income tax returns on July 31 is approaching, it's essential for individual taxpayers to submit their ITR in advance to avoid last-minute rush. Filing your Income Tax Return (ITR) is essential for several reasons. It ensures compliance with the law, helping you avoid penalties for late submission.
By filing on time, you can claim any eligible tax refunds while also providing important financial documentation for loans or other transactions. Additionally, regular filing builds a strong financial history, which can be beneficial in the long term.
It is to be noted that under the new tax regime, individuals with a net taxable income of up to â¹7 lakh are eligible for a tax rebate under section 87A. For those opting to pay taxes under the old regime, the rebate limit remains at â¹5 lakh.
Importance of filing ITR
In case an individual has no taxable income or when her total income is below the taxable threshold set by the government, even then she should file a Nil Return. It is important to file such a return to fulfil the legal requirement of submitting an ITR and to maintain a record with the tax authorities, even if no tax is payable. Filing a Nil Return ensures compliance with tax regulations and helps in documenting your financial status for that particular financial year.
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State govt to build int'l airport in Hosur on 2,000 acres
THE Tamil Nadu government will set up an international airport on 2,000 acres of land in Hosur with a capacity to handle 30 million passengers a year to cater to the increasing industrial needs of Krishnagiri and Dharmapuri districts, Chief Minister MK Stalin told the Assembly on Thursday.
Emergency a punching bag for Murmu as well
No word on the ambitious One Nation, One Poll, Uniform Civil Code RAJESH KUMAR THAKUR @ New Delhi A day after Speaker Om Birla deplored Emergency, President Droupadi Murmu followed suit on Thursday, describing it as the biggest and darkest chapter of a direct attack on the Constitution, in her first address to a joint session of Parliament after the constitution of the 18th Lok Sabha.
TN launches women's job scheme of â¹1.2K cr
MINISTER for Sports Development and Youth Welfare Udhayanidhi Stalin, who also holds the special programme implementation portfolio, on Thursday said a new scheme to promote women's employment called Tamil Nadu Women Employment and Protection Scheme with several sub-components will be implemented at a cost of 1,185 crore for five years between 2024 and 2029.
Policy switch to make full fighter jets in India
NOT content with piecemeal Make in India initiatives in its defence procurement, the Union government has made a policy switch to buy as many as 114 Multi-Role Fighter Aircraft (MRFA) only from a vendor who is ready to set up a manufactuting unit in India for the entire aircraft.
Opposition to press for debate on NEET in Parliament today
AMID the nationwide outrage over allegations of paper leaks and irregularities involving the National Testing Agency (NTA), the opposition parties said they will demand a discussion on the matter and bring adjournment motions in both Houses of Parliament on Friday.
3-men gang controls TN sand mines: ED
AS per the Enforcement Directorate's investigation into the alleged 4,730 crore river sand mining scam across 28 sites in Tamil Nadu, just three people allegedly controlled the entire sand mining business in the state.
Real race on the videogame
PERSUASIVE anecdotal evidence has me convinced that everyone's first game was a racing game.
Hacking for a purpose
THE United Nations' community-driven UNLEASH initiative redefines \"hacks\" as \"local innovation sprints for young people to address their region's Sustainable Development Goals (SDGs).
STORIES OF STREETS IN SNAPSHOTS
PHOTOGRAPHY transcends language barriers, enabling storytelling democratically and inclusively.
PRIDE AND PROGRESS
With a blend of traditional beats and modern rhythms, colourful displays and hard-hitting slogans, the 16th Tamil Nadu Rainbow Coalition Self-Respect Parade on Sunday was a grand success