The apex tax body is reportedly cracking down on foreign remittances to spot the discrepancies between what the taxpayers reveal and the actual data show.

For income up to ₹10 lakh, the Old Tax Regime is generally more beneficial as it provides a wider range of exemptions and deductions.

Against the backdrop of the new tax rules, take a relook at your finances and realign them to improve your financial wellness.

Considering the benefits and deductions a salaried person has to forgo, the New Tax Regime is less beneficial for young people, especially those who reside in rented houses or who service home loans.

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.

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.