ITR mistakes: Five return-filing errors that could trigger income tax notices
Tax return-filing: Mistakes such as entering erroneous bank account details could lead to a delay in crediting of tax refund due to you. However, more serious ‘errors’ such as claiming fake tax exemptions or deductions for which you have no documentary proof could lead to a notice from the income tax department.
Income tax filing: 27% of taxpayers yet to file returns, monsoon blamed for delay: Survey
Filing income tax returns: The findings show that while 70% have filed their returns, 5% have tried but faced difficulties. Another 8% said they would file by the end of the month. However, 14% said that they may be unable to file their returns within deadline
Don’t panic when you get an income-tax notice. Here’s what you need to do
A notice from the I-T Department doesn't necessarily mean you've done something wrong. It could be a routine communication but it's essential to act promptly.
Tax filing: What happens if you miss the July 31 return-filing deadline?
I-T returns deadline: July 31 is the due date for filing returns for the financial year 2022-23 (AY 2023-24). If you miss this deadline, you have some extra time until December 31, 2023, but will end up paying late-filing fees of Rs 5,000 (Rs 1,000 if your income is less than Rs 5,00,000).
Predictability in monthly tax devolution could benefit state finances
Clarity on devolution will help the states to better plan their capex spending and also better assess their borrowing needs for the last two quarters of this fiscal
Volkswagen takes steps to boost its China business as first-half earnings fall by 20%
Volkswagen reaffirmed its financial outlook for the year and said it was taking steps to strengthen its business in China, where it has seen sales decline in the face of stronger local competition.
Income-Tax Filing: What is AIS and how it helps in filing returns
The Annual Information Statement is a critical document that provides a complete overview of an individual’s transactions during a financial year. It helps in identifying discrepancies in income or deductions, allowing taxpayers to rectify them before filing their income tax returns.
Tax filing: I-T dept’s July 21 clarification on inoperative PAN offers little relief to NRIs
Income tax returns: Inoperative PANs have been giving a headache to non-resident Indians. Unresponsive jurisdictional assessment officers, lack of online facility to contact them to update residential status and non-receipt of e-verification codes continue to impede smooth filing of NRI tax returns.
Income tax returns: New income-tax regime is now the default regime. Here’s how to navigate the switch
I-T return-filing: You can now select between the old and new income tax regimes at the time of filing your tax returns, irrespective of which option you had gone in for at the start of the calendar year with your employer. Salaried individuals can do this every year. But for professionals, the option to switch regimes is available only once.
Tax filing: How to pay income tax using the I-T portal
Tax payment: The income tax department's e-filing portal is designed to provide seamless and intuitive user experience and offers a dashboard displaying all interactions, uploads or pending actions.
ITR Filing Due Date Extension: Will the July 31 due date for filing tax returns be extended?
Flood-affected regions such as Delhi, Uttarakhand, Himachal Pradesh and even parts of Gujarat deserve an extension, but it is unlikely that others will get any leeway, say chartered accountants.
ITR refund: Can you file a revised return after getting a refund?
The last date to file income-tax returns is July 31. But don’t worry if you make a mistake in the returns when filing. Or forgot to mention any income if filed already. The income-tax department allows you to revise returns up to three months before the end of the assessment year. The question is: what if the I-T department has already given you a tax refund?
Tax filing and Section 44ADA: Why presumptive taxation scheme might work for professionals
Return-filing using ITR-4 (Sugam): Contractual IT professionals, tuition teachers (academic, dance, or drawing), or those providing professional services from home can also opt for filing tax returns under the presumptive taxation scheme (PTS) if they have not maintained proper books of accounts, under Section 44ADA.
ITR-4 Filing: Who should use this tax-filing form and who should not
ITR-4 Filing: For individuals and businesses with a specific income profile ITR-4 serves as the appropriate form.
Tax filing for Crypto Gains: Here are the forms you need to know
ITR for Crypto Gains: If you have dabbled in cryptocurrency, you will have to make detailed disclosures in the newly-introduced VDA schedule while filing returns before July 31, 2023. In crypto, setting off of losses against capital gains elsewhere — be it in mutual funds or other crypto assets — is not allowed.
Gaming industry urges Govt to reevaluate 28% repeat taxation
During the meeting with the Revenue Secretary on July 15, online gaming companies raised concerns about repeat taxation on online gaming platforms and players if GST is levied on the full value of bets.
Goa and Sikkim Casinos under investigation for Rs 10,000 cr tax avoidance
This issue revolving around tax payments by casinos is generated by the very lack of clarity in the tax law.
Income tax returns: Who should use ITR-3 and who shouldn't
The form is for individuals and HUFs with income from profits and gains of business or profession. However, it is also possible for individuals and HUFs to file ITR-3 if they have income from other sources, such as salary, pension, or capital gains.
Tax filing: Wrong ITR form, faulty disclosure of crypto gains, foreign assets could land you in a soup | Simply Save
Failure to disclose crypto gains, income and foreign stock holdings, interest income or any other source of income could lead to notices for non-disclosure from the income tax department. To know more about the mistakes that could land you in a soup, Moneycontrol spoke to Mayank Mohanka, Partner, SM Mohanka and Associates. Listen in
How your employer can help you earn additional tax breaks through NPS
Employers’ contribution to corporate NPS of up to 10 percent of your basic salary can fetch you tax benefits under both the old and new tax regimes.
ITR filing: Who can file ITR-2 and who cannot
If you're a salaried individual, a pensioner, or have income from multiple houses, capital gains, foreign assets/income, agricultural income exceeding Rs 5,000 per annum, or income from other sources, then ITR-2 is the form for you.
Tax filing: Don’t forget to declare income from ‘other sources’ when filing tax returns
ITR filing: Interest income from bank deposits, dividends from shares and mutual funds, gifts, lottery winnings, and prize money — all need to be disclosed under the head “Income from other sources” while filing your income tax return.
ITR 1 Filing: Who should file ITR 1 and who should not?
ITR-1, also known as Sahaj, is the most commonly used form. It is applicable for individuals who are residents other than not ordinarily resident (ROR) having an income of up to Rs 50 lakh per annum.
Inoperative PAN cards distress NRIs
Since July, NRIs have faced difficulty in processing mutual fund systematic investment plans (SIPs) and in filing their IT returns and claiming tax refunds.
