The benefit of indexation for computing long-term capital gains, arising on or after 23 July 2024, has been removed for all taxpayers except under one circumstance.

To prevent double taxation, India and the US have entered into a Double Tax Avoidance Agreement. As per paragraph 2 of Article 20 of the agreement, only the US can tax your social security benefits.

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.