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.
Promoters likely to shy away from buyback offers, post Budget proposal
Earlier, under Section 115QA of the Income Tax Act, a company was liable to pay tax at a flat rate of 23.3 percent on distributed income.
Now report rental income as 'Income from house property,' not ‘Business income’: Budget 2024-25
Income from letting out house property shall not be charged under ‘profits and gains of business or profession’ but will be taxed under ‘income from house property’ only. However, this could hit those operating genuine renting businesses hard.
How your SIPs would be taxed after Budget 2024's capital gains tax rate changes
While capital gains tax on equity shares and equity mutual funds has increased, investors will find relief in the reduced tax rates on fund of funds, gold ETFs and international funds.
The budget is a boon for fintech lenders and MSMEs
With substantial investments earmarked for infrastructure development and the creation of industrial parks, the fintech sector is poised for growth.
NPS Vatsalya: A new savings scheme for minors with major shortcomings
NPS Vatsalya seems to be a non-starter in the present model and citizens have better avenues with accessibility and tax efficiency, like equity mutual funds available to save for their needs.
Budget 2024 unveils progressive blueprint for India's development
Monetary support of up to Rs 10 lakh for higher education for credit-deficient students can absolutely widen the talent base in years to come.
Fiscal discipline, tax rationalisation in budget '24 indicate glide path towards a new India
The combination of controlled inflation and a well-managed government borrowing programme is good news for debt investors, as interest rates could trend downwards over a period, leading to capital gains for them.
Govt stays focused on Mission Viksit Bharat in Budget 2024
Union Budget focused on getting the right balance between fiscal prudence and growth.
Real estate investments with shorter duration, moderate price growth to be hurt the most with indexation benefit removal: CLSA
The removal of indexation benefits will not be applicable to old properties held before 2001, and they will continue to get indexation benefits.
TDS on life insurance payouts reduced from 5% to 2% from October 1
Life insurance companies have welcomed the reduction in TDS levy
