Slowdown in access to AIS, ITR e-filing portal, resulting in delays, say chartered accountants
ITR filing process this year has been marred by constant updates to the AIS, delays in Form-16 receipt and hiccups in accessing AIS and the e-filing portal.
ITR filing 2024: Avoiding double-taxation: How Form 67 can help you claim foreign tax credit
ITR filing: Form 67 is a crucial document that aligns with global taxation principles. Filing of this form is necessary to ensure that taxpayers with foreign income do not come under double taxation.
Will Section 80C deduction limit be hiked in Budget 2024?
Budget 2024-25: Section 80C tax deduction limit was last hiked in 2014 after the NDA government came to power. The subsequent move towards the new income-tax regime have resulted in Section80C limits remaining static for years. Some tax experts believe that the recent election results might just nudge the government to take a re-look.
Budget 2024 should allow refund of excess taxes paid under CGST
Budget 2024-25: GST Council recommended change in CGST to regularise short-levy of tax. But tax payers can’t claim refunds for excess payments. Budget can set it right
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.
Income Tax Returns: Pre-validating your bank account can help expedite refunds
ITR filing 2024: By pre-validating, you eliminate potential hurdles that might delay your refund. The income tax department can directly deposit your refund in your pre-validated account, reducing processing time and avoiding failures.
Budget 2024 expectations: Financial planners wish for more tax benefits in NPS
Union Budget 2024: Under current rules, investing up to Rs 50,000 in their NPS Tier I accounts gives taxpayers another head under which to decrease their liability. But financial planners believe that this amount is too low to contribute significantly to a retirement corpus, and want the limit on this deductible component raised to incentivise savings.
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.
Budget 2024: The case to extend 15 percent tax rate for manufacturing
India's economic progress depends on the expansion of manufacturing sector. Tax concession to this sector has had positive effects and it's important to build on early success
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.
Union Budget 2024-25: Six demands that top home loan borrowers’ wish list
Budget 2024 Expectations: Home loan borrowers are hoping that the Union Budget will increase the tax concession on home loan interest paid. Other demands include a separate tax deduction for home loan principal repayment, reinstatement of credit-linked subsidy scheme, etc.
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.
Budget 2024: How capital gains tax can be used to optimise capital allocation
Uniform tax rate structure across financial instruments will allow investor to choose based on their risk-return trade-off, not tax concessions
Budget 2024-25: Standard deduction for salaried individuals may increase to Rs 1 lakh
Union Budget 2024: The standard deduction of Rs 50,000 is a flat deduction available under both the old and new tax regimes, to individuals earning salary and pension.
ITR filing 2023-24: Inheritance tax: Does India need to tax the rich on death?
Income tax filing: Those arguing for such levies base their arguments on the country's wide economic divide. However, opponents counter that such taxes can negatively affect investment and wealth creation and, in fact, entrepreneurship.
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.
ITR filing for FY 2023-24: A step-by-step guide to paying income tax using your credit card
Income tax filing: In today’s digital age, using a credit card to pay income tax can provide convenience and can help manage short-term cash flow concerns. Users can also earn rewards for using credit cards which can be redeemed for spends on travel, shopping and gift cards.
ITR Filing 2024 last date: File tax returns before July 31 or face penalties, delay in refunds
ITR Filing Deadline: The due date to file income tax returns for 2023-24 is July 31. Missing this deadline can result in late fees, interest, penalties and delay in refund processing.
MC Analysis: MP, Maharashtra biggest GST gainers in post-Covid period
Share of states’ own tax revenues in overall tax revenues increased to 65.4 percent in the post-Covid period from 62.8% between FY16 and FY17, says RBI study
ITR filing: Know the changes in income tax return forms for FY24
Tax return: In the new ITR forms released earlier this year, the income tax (I-T) department sought additional details around tax deductions such as donations to political parties, disabled dependents’ PAN and Aadhaar if you are availing of deductions under section 80DD, information on high-value policies and so on.
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.
Economy humming in Q1FY25, shows data
GST mop up 10 percent higher, coal production 10.6 percent higher and manufacturing PMI at 58.2 in the first quarter
GST collections rise nearly 8% YoY to Rs 1.74 lakh crore in June: Sources
The collections totalled Rs 5.57 lakh crore in the first quarter of the year, averaging Rs 1.86 lakh crore per month, said sources
Budget 2024: How much capital gains do other countries levy?
A comparison with capital gains rates worldwide shows that headline Indian capital gains tax rates are invariably lower or comparable to other economies
7 years of GST: A revenue boost for Centre and States
A data analysis shows that GST has led to increased revenue buoyancy for the centre and states. States have witnessed a jump of nearly 3 percentage points in own tax revenue ratio from pre-GST era. Experts say that GST 2.0 should now focus on further rationalization of rates and removal of input tax credit restrictions
