Income tax returns (ITR) is one of the most important responsibilities of every taxpayer in India. However, many people get confused about which ITR form applies to them. With seven different ITR forms — ITR 1 to ITR 7 — each catering to different categories of taxpayers, it is essential to understand which form is…
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The Union Budget of 2025, presented by Finance Minister Nirmala Sitharaman, introduced significant reforms to India’s income tax structure, particularly within the new tax regime. These changes aim to enhance the spending power of the middle class, simplify the tax system, and stimulate economic growth.
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Filing an Income Tax Return (ITR) offers numerous benefits, including the ability to claim tax refunds for excess tax paid, which can enhance personal cash flow. It serves as a crucial financial document for securing loans and mortgages, as lenders often require proof of income. Additionally, timely ITR filing helps individuals avoid penalties and legal…
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