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Direct Tax (Income Tax)

ITR Filing Last Date 2023: Deadline approaches for Income Tax Return Filing for FY 2022-23

ITR Filing Last Date 2023: Deadline approaches for Income Tax Return Filing for FY 2022-23

Thu, Dec 28, 2023

Taxpayers, including those who filed before or after the initial deadline of July 31, are advised to review their Annual Information Statement (AIS). Any discrepancies or changes in income, including adjustments related to TDS, should be addressed by filing a Revised or Belated Return before the imminent cutoff.

IT raids at premises linked to Lux Industries amid allegations of tax evasion

IT raids at premises linked to Lux Industries amid allegations of tax evasion

Fri, Sep 22, 2023

The searches are currently underway in several cities, encompassing both office locations and residences of top company officials.

Net direct tax collection soars 23.5% to over Rs 8.65 lakh crore on better advance tax mop-up

Net direct tax collection soars 23.5% to over Rs 8.65 lakh crore on better advance tax mop-up

Mon, Sep 18, 2023

The net direct tax collections include corporation tax (CIT) at Rs. 4,16,217 crore (net of refund) and personal income tax (PIT) including securities transaction tax (STT) at Rs. 4,47,291 crore (net of refund), the ministry said in a statement.

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Ahead of ITR filing July 31 deadline, fintech firm PhonePe launches feature to pay income tax dues

Ahead of ITR filing July 31 deadline, fintech firm PhonePe launches feature to pay income tax dues

Mon, Jul 24, 2023

The feature is likely to come in handy for taxpayers given that the last date to file Income Tax Return for FY 2022-23 is July 31,2023. PhonePe has joined hands with B2B payments and service provider PayMate to enable the Income Tax Payment feature

ITR Filing: Which form do you need to fill as a freelancer or consultant? Know the process here

ITR Filing: Which form do you need to fill as a freelancer or consultant? Know the process here

Sat, Jul 22, 2023

If you are a freelancer or a consultant who doesn’t draw a salary at the end of every month and whose income is more than the basic exemption limit? In this case, you still need to file ITR before its deadline of July 31, but you will be required to use a different form.

ITR Filing: You can get Income Tax Notice even after filing ITR; here's what you should do in such a situation

ITR Filing: You can get Income Tax Notice even after filing ITR; here's what you should do in such a situation

Sat, Jul 22, 2023

If you wish to revise your return after receiving this notice, you must do so within 15 days. If no action is taken within this timeframe, the tax return will be processed with the specified adjustments. The deadline for income tax return filing is July 31.

ITR Filing: Do you have foreign accounts, assets, or income? Here's why you need to mention this information in your income tax return filing

ITR Filing: Do you have foreign accounts, assets, or income? Here's why you need to mention this information in your income tax return filing

Sat, Jul 22, 2023

For each foreign asset or account, be prepared to provide the name and code of the country, the foreign entity's name, address, zip code, and account number. The deadline for ITR filing is July 31.

ITR Filing: Know about taxable income, exemptions and refund process for NRIs in Gulf countries

ITR Filing: Know about taxable income, exemptions and refund process for NRIs in Gulf countries

Sat, Jul 22, 2023

NRIs are taxed solely on their Indian income, which encompasses salary received or accrued in India, income from house property in India, income from business or profession set up in India, and capital gains on transfer of assets in India. The salary earned by Indian workers in Gulf countries such as Saudi Arabia, UAE, Oman, and Qatar remains exempt from Indian taxation. The deadline for filing income tax return is July 31, 2023.

ITR filing: Penalties and other outcomes if you miss July 31 deadline to file income tax return

ITR filing: Penalties and other outcomes if you miss July 31 deadline to file income tax return

Fri, Jul 21, 2023

If you miss the July 31 deadline, the belated ITR can be filed up to December 31, 2023. The late filing fee of Rs 5,000 or Rs 1,000 as applicable will be levied on filing the belated ITR and it may also attract interest on the tax amount.

ITR Filing: As an NRI/OCI, is your PAN card inoperative? Here's what I-T Department suggests

ITR Filing: As an NRI/OCI, is your PAN card inoperative? Here's what I-T Department suggests

Wed, Jul 19, 2023

Ahead of the July 31 deadline of filing ITR, an important clarification made by the department is that an 'inoperative' PAN does not translate to an 'inactive' PAN. Holders of an inoperative PAN can still file an ITR. NRIs should update their resident status with the I-T Department to get their PAN activated.

How income from house property is taxed? A complete guide

How income from house property is taxed? A complete guide

Fri, Jul 14, 2023

Understanding how income from house property is taxed is crucial for managing personal finances. This comprehensive guide explains the classification of house property, calculating income, tax deductions on home loans, and more.

7th pay commission: How to claim tax relief on arrears, check steps to file Form 10E

7th pay commission: How to claim tax relief on arrears, check steps to file Form 10E

Wed, Jul 05, 2023

Arrears and advances received by government employees as a part of salary are taxable as per the Income Tax Act, 1961. However, under Section 89 relief can be claimed if you fulfill certain conditions.

How to get a capital gains statement for mutual fund investments for ITR filing

How to get a capital gains statement for mutual fund investments for ITR filing

Tue, Jul 04, 2023

If you have investments in equity mutual funds, it's crucial to keep track of these gains to accurately calculate your tax liabilities. These gains can either be short-term or long-term, based on the duration of your investment, and they are taxed differently.

July 2023: Not just last day to file your income tax return (ITR), important tax dates to mark on your calendar

July 2023: Not just last day to file your income tax return (ITR), important tax dates to mark on your calendar

Sat, Jul 01, 2023

July is a crucial month for income tax assessees in India, owing to several tax-related activities and deadlines that coincide during this time. The primary reason being July 31, traditionally marked as the deadline for filing Income Tax Returns (ITR) for individual taxpayers and non-audit entities.

ITR filing for AY 2023-24: Who can file ITR-1 for income from house property

ITR filing for AY 2023-24: Who can file ITR-1 for income from house property

Fri, Jun 23, 2023

The ITR-1 form, also known as Sahaj, allows salaried people to file their ITR. However, not all salaried individuals can file the ITR-1 form.

HRA calculation: How to avail benefit of house rent allowance exemption

HRA calculation: How to avail benefit of house rent allowance exemption

Thu, Apr 20, 2023

HRA calculation: There are certain conditions that should be met if a taxpayer wants to avail the benefits of HRA exemption. Let’s understand in depth who can avail the benefits of HRA exemption and how to calculate it.

Advance income tax: How to calculate and where to pay

Advance income tax: How to calculate and where to pay

Thu, Apr 20, 2023

Advance income tax has to be paid in installments on specific dates, and it must be paid in the same year as their income.

How to claim deduction of up to Rs 1 lakh on medical expenses under section 80DDB

How to claim deduction of up to Rs 1 lakh on medical expenses under section 80DDB

Tue, Apr 18, 2023

As the income tax act is comprehensive, there are many deductions that go unnoticed or about which taxpayers are unaware. One of them is section 80DDB which gives tax deductions on medical expenses incurred on specified diseases and ailments.

Old vs New Tax Regime: How to decide which is good for you

Old vs New Tax Regime: How to decide which is good for you

Mon, Apr 17, 2023

Old vs New Tax Regime: The month of April is considered crucial as employees have to make sure that they choose the right income tax regime for maximum saving

Is bank FD interest income taxed? Your complete guide on how to file ITR for fixed deposit income

Is bank FD interest income taxed? Your complete guide on how to file ITR for fixed deposit income

Fri, Apr 14, 2023

Tax on FD: If you have also invested money in tax-saving FD, you will be able to claim a deduction under section 80C of up to Rs 1.5 lakh.

Old tax regime Vs New Tax regime: Why it is crucial to declare the tax regime now?

Old tax regime Vs New Tax regime: Why it is crucial to declare the tax regime now?

Wed, Apr 12, 2023

ITR filing: Salaried employees can opt out of the New Tax Regime every year to enjoy the benefit of various deductions; however, they must make their choice now so that their employer does not charge additional withholding taxes from their monthly salary in the fiscal year 2023-24.

Here is how to claim rebate under Section 87A of Income-tax Act

Here is how to claim rebate under Section 87A of Income-tax Act

Mon, Apr 10, 2023

Income Tax: If the taxpayer comes under the limit of a tax rebate, he/she will get the whole tax amount back at the end of the fiscal year by claiming the benefit of the rebate under section 87A.

India's direct tax collection exceeds Budget Estimates, grows over 17% to Rs 16.61 lakh crore

India's direct tax collection exceeds Budget Estimates, grows over 17% to Rs 16.61 lakh crore

Mon, Apr 03, 2023

The provisional figures of Direct Tax collections for the financial year in the previous financial year stood Rs. 14.12 lakh crore.

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