Welcome to the income hub of India Live News Insider. Here you’ll find quick updates on tax dates, practical advice on handling your salary, and easy‑to‑follow tips for boosting your savings. Everything is written in plain language so you can act right away without wading through jargon.
Missing an income tax deadline can cost you extra money in penalties and interest. The most urgent date right now is the ITR filing deadline for FY 2024‑25 (assessment year 2025‑26). The Central Board of Direct Taxes extended the due date to September 15, 2025, giving you a bit more breathing room if you’re still gathering documents.
Here’s a quick checklist to avoid the dreaded Section 234F penalty (up to Rs 5,000 plus 1% monthly interest):
Did you miss the deadline? Don’t panic. You can file a belated return up to December 31, 2025, but the penalty still applies. For revised returns, the window stays open until March 31, 2030, so you have time to correct mistakes.
Most people think income tax is the only financial challenge, but managing your earnings involves more than just filing forms. Start by tracking your monthly cash flow. List all sources of income – salary, freelance gigs, interest – and then jot down fixed expenses like rent, utilities, and loan payments.
Once you see where the money goes, allocate at least 10% to an emergency fund. This buffer protects you if an unexpected expense pops up and prevents you from falling into debt.
If you’re looking to grow your savings, consider tax‑saving instruments under Section 80C. Options like Public Provident Fund (PPF), Employee Provident Fund (EPF), and ELSS mutual funds can reduce your taxable income while helping you build a nest egg.
Don’t forget about health insurance. A good policy not only shields you from hefty medical bills but also offers tax deductions for premiums paid. Many employers provide group health cover, so check if you’re already covered before buying a separate plan.
Finally, keep an eye on your Form 16. It’s the official proof of tax deducted at source (TDS) from your salary. If the amount doesn’t match what you see on your pay slip, raise the issue with the HR department right away. Correcting TDS errors early saves you from headaches during ITR filing.
These practical steps – meeting deadlines, tracking cash flow, using tax‑savvy tools – can make a big difference in how you handle your income. Bookmark this page and come back anytime you need a refresher or want to see the latest income‑related updates from India Live News Insider.
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