There is no provision under the income tax laws providing for exemption from long-term capital gains arising on the sale of a plot by reinvesting in a commercial property or a pure plot of land.

First-time taxpayers can go wrong while filing ITR in FY 24. Here are 8 tips for them to choose a tax regime, review Form 26AS, and avoid penalties. Though E-filing ITR has become easy, the process can be daunting for first-time filers.

You aren’t required to file an IT return if your income is below the basic exemption limit--which varies depending on your age and chosen tax regime. Still, filing an ITR helps.