How to File Income Tax Returns Before 31 July? A Complete Guide
The last date for filing income tax returns for FY 2022-23 is July 31, 2023 (assessment year 2023-24). Filing return is mandatory if your income exceeds the basic exemption limit. You need to be aware of the documents required, and which form you should choose.
Income tax return filing: How long does it take to receive an ITR refund?
The sooner you file your ITR the earlier you will receive your refund. File it well in advance of the deadline.
ITR filing: Switching between old, new tax regimes possible, with some hassles
Salaried individuals can opt for the old or new tax regimes once every year. But you will need to recalculate your tax deductions and exemptions.
Income tax returns: How to disclose income from capital gains. Or set off capital losses
Tax filing: Taxpayers who have gains or losses from capital assets are typically required to file ITR-2 unless they have gains or losses that are taxable under the head business income. In such cases, taxpayers should file ITR-3.
'Stop gaming, start building rockets': Shark Tank India's Anupam Mittal on 28% GST
Joining ranks with former co-judge at Shark Tank India, Ashneer Grover, Anupam Mittal pointed out how the government's move to impose tax on online gaming is a blow to the industry.
Ashneer Grover: 'Kohli, Ganguly, Dhoni endorsed online gaming. Why judge it now?'
Ashneer Grover wrote, 'Why was BCCI allowed to take Dream11 as title sponsor? Tech founders are dispensable -- that’s the only truth.'
Excise duty hike in K'taka would lead to dowtrading, may impact sales, say liquor makers
Liquor industry associations Confederation of Indian Alcoholic Beverage Companies (CIABC) and International Spirits and Wines Association of India (ISWAI) said with this AED, Karnataka would become the most expensive state for spirits in India.
Tax proposals should be planned and implemented like test cricket
A tax plan should be designed to minimise distortions and promote economic efficiency. This involves aligning tax rates and incentives with desired economic behaviours, avoiding excessive complexity, and encouraging productivity, investment and innovation
Public Provident Fund (PPF) vs Fixed Deposit (FD): Know which is a better tax saving option
PPF vs FD: Individual’s contributions to PPF are qualified for tax deductions under Section 80C of the Income Tax Act, which can help cut your tax liability
ITR Filing: Handy tips for those filing returns for the first time
Keeping the relevant documents ready and filing as early as possible are among the key suggestions by experts.
Filing ITR for crypto gains? Here’s what you need to know | Simply Save
Investors should disclose all their centralised exchange wallets, international wallets as well as decentralised finance wallets in the income tax form, says Indy Sarker, co-founder of TaxCryp.
Why Should You File Nil Returns I Benefits Of Filing ITR Despite Being Under The 2.5 Lakh Tax Limit
Did you know you’re supposed to file your returns even if you are below the taxable income threshold?
If you have an income below 2.5 lakh rupees, you must file a NIL return. Watch this video to find out the benefits of a NIL return filing.
Income tax returns: All you need to know about how to account for income from house property
Tax filing: Income from house property, rental income and housing loans are important aspects of declaring your income from house property. Make sure you choose the right ITR form as well.
ITR filing for FY 2022-23: 28 days left, check these changes in income tax return forms
The tax return forms have now been modified to include necessary disclosures regarding income from VDAs. They also have to mention whether the income is to be categorised as business income or capital gains.
MC Explains: How to get your capital gains statement for MF investments
The capital gains statement does not mention the tax you need to pay. It simply shows the gains booked. You need to account for capital gains booked elsewhere and opt for a set-off, if applicable, and then compute your tax liability.
ITR filing: Mind the disclosures while filing tax returns to keep taxman at bay
If you are holding unlisted shares of any company, then the details of these shares are to be disclosed in your ITR filing.
Government defers higher TCS on spends abroad to Oct 1
As per the latest clarification from the finance ministry, if a person is overseas and spends through the credit card, it would not count under LRS and therefore would not attract TCS. Further, if a person uses credit card while in India for permissible overseas transactions, then that would count under LRS and attract TCS if it exceeds Rs 7 lakh in a year.
ITR form: Know which form to choose to file tax returns this year
A large number of small and medium taxpayers use ITR-1 (Sahaj) and ITR-4 (Sugam) forms to file their income tax returns.
Income tax filing: Know who can and can't file income tax returns using ITR-1 this year
ITR filing: It is important to note that not all salaried individuals can file their tax returns using ITR-1 form, as eligibility is determined by specific criteria.
Tax filing: Five easy steps to file income- tax returns for the first time
Income tax returns: To file your ITR you have to register and create an account on the official portal of the Income Tax Department.
Upon creating your account, it is highly recommended to prioritise setting up the e-filing vault. This additional security feature adds an extra layer of authentication when logging into your e-filing account, safeguarding your financial information from unauthorised access.
ITR filing: Know how to file income tax returns without Form 16 in simple steps
Salaried employees must check their bank statements to detect any additional sources of income beyond salary, such as interest income or dividends
ITR filing: Annual Information Statement (AIS) gets bigger, but crucial omissions give taxpayers a headache
Filing tax returns: A more robust AIS will replace Form 26 AS. While the move is being regarded as a step in the right direction, some CAs and taxpayers complain taxes paid aren't reflected in the AIS.
Income tax returns: Claiming tax deductions without proofs can backfire, warn CAs
Tax deduction claims: Annual Information Statement (AIS) captures all income details, leaving no room for tax-payers to hide. Yet, chartered accountants say even salaried tax-payers approach them with requests to avail of deductions – at times, not legitimate – at the time of filing returns in order to claim tax refunds.
Noida Restaurant Service Charge Fight: What To Do If A Restaurant Levies Service Charge?
Noida Restaurant Service Charge Fight: The latest news over service charges added to the bill in Noida’s restaurant is in the headlines these days. But what to do if a restaurant levy service charges?
The Central Consumer Protection Authority (CCPA) on July 4 prohibited hotels and restaurants from adding a service charge by default or without the customer’s consent to food bills and allowed consumers to report violations. But National Restaurant Association of India filed a petition against these guidelines and Delhi High Court stayed them. But the debate has not ended yet. So, can a restaurant levy a service charge and is it mandatory for you to pay it? Watch to find out.
