ITR filing: How social media influencers, gig workers should file their income tax returns
ITR filing 2024: Such tax-payers should choose between forms ITR-3 or ITR-4 (Sugam) carefully, declare all incomes, verify Form-26AS and AIS and maintain proofs for deductions claimed.
ITR filing 2023-24: 10 common mistakes you must avoid while filing returns at the last minute
The consequences of not adhering to the deadline can be severe. Besides late-filing fees, interest and penalties, you could also miss out on the opportunity to claim deductions under the old, with exemptions tax regime.
ITR filing 2024: Why you must disclose 'income from other sources' in your tax returns
Income tax return: make sure you disclose interest income from bank deposits, dividends, family pension, gifts, and similar earnings under the tax head `income from other sources'. Otherwise one can land in a lot of trouble.
ITR filing 2023-24: Find out if you still owe taxes even after TDS has been paid
Even if your employer has deducted taxes from your salary, you may still be liable to pay taxes if your tax liability exceeds the TDS withheld.
Ghost income in tax statement: How to cope with AIS stricken with errors
ITR Filing: From cashbacks on credit cards being reported as income to joint holders of mutual funds and real estate sales being subjected to same income, your Annual Information Statement can show multiple errors. Correct it soon before it is too late.
ITR filing deadline: Know the exemptions and deductions that senior citizens can claim
Income tax return: Senior citizens are eligible for deductions under section 80C on investments made in senior citizens’ saving schemes (SCSS) if they choose the old tax regime, besides exemption of up to Rs 50,000 under section 80TTB on interest on fixed and savings deposit interest earned.
ITR filing terms explained: 13 commonly-used tax terms you should know before filing your returns
ITR filing 2023-24: Filing your return can be intimidating, especially if you are not familiar with the specialised language involved. This guide decodes the essential tax terms you need to know to ensure a smooth and accurate filing process.
ITR filing 2024: Here are the rules that NRIs must be aware of, and save on taxes
Your taxability depends on your source of income and tax residency status. Besides being taxed in India, you may also be taxed in the country of which you are a tax resident. Unless you avail of the DTAA, if there’s one
ITR filing deadline: 8 tips for filing error-free income tax returns at the last minute
ITR filing mistakes: Not disclosing foreign assets and claiming deductions you are not eligible for can invite notices from the income tax department. This apart, entering wrong bank account details can lead to a delay in refund processing.
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.
Not all residents leaving India require tax clearance certificates: FinMin
The ministry added that only in certain cases would an individual need to obtain such a tax clearance.
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.
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.
ITR e-Filing: A step-by-step guide for filing your income tax return online
The deadline for filing your income tax return for the assessment year 2024–25 is July 31, 2024. Follow this guide to file your ITR online via the official website incometax.gov.in
Flavour of department has changed from enforcement to taxpayer centric: CBDT chairman
Multiple litigations were not leading us anywhere, the procedures have been standardised, the chairman said.
India has high tax-to-GDP ratio given its per capita income: Revenue secretary
Formalisation would lead to increase in tax base and tax net, the revenue secretary said
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.
Mineral royalty revenue jumps 32% for states during FY17 to FY22
Odisha and Chhattisgarh have witnessed a 47% surge in revenues from mining
ITR filing 2024: Claiming tax deductions? Here's how to switch from new to old regime while filing returns
Income tax return: For individuals who fall in the highest tax slab rate and surcharge, largely, it is the new regime which will result in more savings, unless availing a significantly higher house rent allowance
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.
What Union Budget 2024-25 means for the economy and the insurance sector
Path of fiscal prudence and inclusive development will pave the road to ‘Viksit Bharat’. For the insurance sector, rationalisation of TDS from 5 percent to 2 percent on payment of insurance commission and bonus or maturity proceeds is a positive move, says Parimal Heda, CIO, Go Digit General Insurance
India says it plans to simplify GST rate regime in coming months
“Too many rates in goods and services tax are leading to classification disputes and that needs to be resolved,” Sanjay Agarwal, chairman of the Central Board of Indirect Taxes and Customs said in an interview Wednesday.
Budget 2024 personal taxation and capital gains proposals decoded
Overall, the Budget has aimed to simplify the taxation structure for individuals and has also proposed further tax measures for adoption of the new tax regime.
India needs to sell assets to support spending, JPMorgan says
Prime Minister Narendra Modi, who returned to power last month with a weaker mandate, is under pressure to spend more to shore up voter support and meet the demands of his coalition partners.
