BUSINESS
Income tax filing last date: How to select the correct income tax return (ITR) form
ITR filing last date 2024: Over 5 crore ITRs have been filed as on July 26, according to the income tax department. If you are not one of them, you need to hurry and complete the process to avoid late-filing fees, penalties, delay in tax refunds and so on.
BUSINESS
Last-minute income-tax filing: Review your Annual Information Statement first
ITR filing deadline: Verifying the information in your Form-26AS and AIS will ensure that you do not miss out on reporting any income. Failure to disclose any income could result in notices from the income tax department.
BUSINESS
ITR filing 2024: Filing returns at the last minute? Know the list of crucial documents you would need
Income tax: The return-filing process can be a taxing affair, but being well-prepared ahead of the exercise by gathering all the documents needed to complete the process can help ease the hassles involved.
BUSINESS
ITR filing 2023-24: Errors in your income tax return? Here’s what you can do…
Income tax: You can file a revised return before December 31, 2024 to rectify the errors that you may have made while filing returns. You can re-submit your returns as many times as you want to.
BUSINESS
Income tax returns: Why you must not bank on ITR filing deadline extension
ITR filing 2023-24: July 31 is nearly here and many tax professionals are seeking more time to complete the process. But, the income tax department has already clarified that the rumours circulating around extension of the due date for filing income tax returns this year are untrue.
BUSINESS
NPS Vaatsalya for minor children announced in Budget 2024
Account to facilitate contributions from parents and guardians
BUSINESS
ITR filing 2024: New and old tax regimes: Six points that you need to bear in mind while filing returns
ITR filing: Old tax regime offers a host of deductions under section 80C, 80D and so on, while the new tax regime offers limited number of exemptions including employers’ NPS contribution of up to 10 percent of the employee’s basic salary.
BUSINESS
Minimum assured return scheme in the offing, but not immediately: PFRDA chief
However, a new NPS balance lifecycle scheme will be launched by September 2024, Pension Regulatory and Development Authority (PFRDA) chairman Deepak Mohanty has said.
BUSINESS
Microsoft outage: Mutual fund industry largely unaffected, Edelweiss MF facing login issues
Major Indian asset management companies, including SBI MF, ICICI Prudential MF, Aditya Birla Sun Life MF, Axis MF, Zerodha MF, Nippon India MF and Bandhan MF were not hit by the global Microsoft outage.
BUSINESS
ITR filing 2023-24: How to optimise Section 80D deductions at the time of filing tax returns
Income tax return: Salaried employees who have been unable to claim tax deductions they are eligible for during financial year 2023-24 can still avail of these tax breaks at the time of filing income tax returns before July 31.
BUSINESS
ITR filing 2023-24: How to check income tax refund status
Income tax: Expecting refund on excess taxes paid after filing tax returns? You can monitor the status through the I-T department’s e-filing portal.
BUSINESS
ITR filing: Seven points to bear in mind before filing income tax returns
ITR filing 2024: Yet to start the annual ritual? Here's a comprehensive guide to completing the unavoidable exercise without hassles.
BUSINESS
ITR filing 2023-24: How to maximise rent tax benefits, steer clear of pitfalls to avoid I-T notices
Income tax return: Salaried individuals can claim exemption HRA even while filing their tax returns in case they have missed out on submitting their investment declarations to their employers on time. Those who do not get HRA or are self-employed can avail of tax breaks under section 80GG on rent paid.
BUSINESS
Income tax return filing: No HRA? You can still claim tax benefits on rent paid
Salaried tax-payers are allowed to claim exemption on house rent allowance (HRA) paid by their employer as part of their compensation package. While the non-salaried do not get any HRA, they can avail of tax concessions under section 80GG of the Income Tax Act on rent paid.
BUSINESS
Income tax returns: 5 popular small-saving instruments with tax benefits under Sec 80C
ITR filing 2023-24: If you haven’t claimed tax breaks on small saving investments at the time of filing your investment declarations with your employer, ensure that you do not miss the opportunity to avail of the benefits while submitting your tax returns.
BUSINESS
ITR filing 2023-24: Switching tax regimes while filing returns? Here’s what you need to know
ITR filing: Salaried individuals can switch between old and new tax regimes every year. If you had inadvertently chosen the new regime (default from financial year 2023-24 onwards) in April 2023 while submitting your proposed investment declaration to your employer, you can select the old regime the time of filing your income tax returns.
BUSINESS
Income tax filing: Check out the 6 key changes new tax regime brings in
ITR filing 2023-2024: In Budget 2023, Finance Minister Nirmala Sitharaman ushered in a host of changes in the new tax regime – higher rebate, increase in basic exemption limit, rejigging of tax slabs and so on.
BUSINESS
Income tax return-filing: Looking for tax-savers? Here's how your employer can help you through NPS
ITR filing 2023-24: Private sector employers' NPS contribution of up to 10 percent of employees' basic salary (plus dearness allowance, if any) is eligible for deduction under section 80CCD(2). At the time of filing your income tax returns, you can refer to your Form-16 which will display the deduction amount.
BUSINESS
ITR filing 2023-24: Here's how to check if your PAN is valid and linked to Aadhaar
ITR filing 2023-24: Permanent Account Number (PAN) is a must-have document for filing income tax returns. You need it to register and log in to the official e-filing portal.
BUSINESS
ITR filing 2023-24: Keep this list of crucial documents at hand while filing income tax returns
Income tax return documents: Filing ITR is often considered to be a tedious affair, but with meticulously gathering and poring over certain must-have documents will ensure that the process is less taxing.
BUSINESS
ITR filing 2023-24: Top 7 mistakes to avoid for hassle-free income-tax return filing this year
Tax filing: From less-critical errors like mentioning wrong bank account details that can lead to a delay in refund processing to grave mistakes like not disclosing foreign bank account and other asset information which lead to tax notices, tax-payers need to avoid missteps while filing ITR.
BUSINESS
ITR filing 2023-24: Documents you must keep at hand before filing income tax returns using ITR-1 (Sahaj):
Tax return filing season is here, and making adequate preparations is the key to make it less of hassle. Gathering your Form 16, Form 26AS, bank account statements and deduction proofs is a must before embarking on the annual ritual.
BUSINESS
Filing income tax returns? You are not eligible for ITR-1 if…
ITR filing 2024: Using the wrong form can render your tax return defective. Do not use ITR-1 if you are a non-resident, earn more than Rs 50 lakh, have income from business or profession and have booked capital gains during the financial year.
BUSINESS
Tax filing: Filing an income tax return? Access and review your Annual Information Statement first
ITR filing 2024: It is important to check your AIS to ensure that you do not miss out on reporting any income. Non-disclosure can lead to you receiving notices from the income tax department.
