Mon, Jan 01, 2024
The total number of audit reports and other forms filed during the period is 1.60 crore, as against 1.43 crore audit reports and forms filed in the corresponding period of the preceding year, the Central Board of Direct Taxes (CBDT) said on Monday.
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Tue, Dec 26, 2023
ITR Filing Last Date 2023: This amount is reduced to Rs 1,000 for those taxpayers whose total income does not exceed Rs 5 lakhs.
Tue, Aug 29, 2023
As per the Income Tax Act 1961, pension is also considered as a source of income and thus becomes taxable as per the taxpayer’s respective tax slabs.
Fri, Jul 28, 2023
According to the Income Tax Department data, more than 6 crore ITRs have been filed by July 30. As already a significant number of ITRs have been filed so far the government is not expected to extend the July 31 deadline. But all have to wait till evening today (July 31), whether the government comes up with a notification to extend the deadline.
Thu, Jul 27, 2023
In addition to the principal repayment, tax deductions are also applicable on the interest paid on your home loan. Section 24 of the Income Tax Act allows for deductions of up to Rs 2 lakh for a self-occupied property on the interest paid for home loan.
The co-browsing feature enables agents to navigate, scroll, type text, and highlight relevant areas on the browser along with the taxpayer. In conjunction with live chat or phone calls, this tool resolves any issue faced by taxpayers while filing ITR through the e-filing portal before the ITR filing deadline of July 31.
Wed, Jul 26, 2023
Without verification your ITR filing process is not complete. Failing to verify your return within the stipulated time frame might render your tax return invalid. In other words, it's as good as not being filed, which may lead to penalties or late fees.
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
Sat, Jul 22, 2023
Essential documentation includes personal particulars, investment proofs, Form 16, Form 26AS, PAN, Aadhaar, and the Annual Information Statement. E-verification should be done promptly to avoid penalties. Taxpayers should accurately report all sources of income, verify tax credits, claim applicable deductions, and verify bank account details for a quick refund.
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.
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.
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.
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.
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.
Thu, Jul 20, 2023
The Income Tax department offers a provision for taxpayers to rectify any sort of mistakes that they might have done during their filing process and further submit a revised ITR. It is important to note that filing a revised ITR is just like filing a new ITR with corrections under Section 139(5) of the Income Tax Act. The deadline for filing ITR is July 31.
Wed, Jul 19, 2023
This episode of Income Tax Return series 'Kar' Bachat' is special because in this video we have tried to answer your questions. Watch this video to know the answers to questions like which ITR Form, who has to be filled, what is the invoice and why.
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.
Tue, Jul 18, 2023
Filing ITR has become quite hassle-free with the online process. It’s advisable to keep all your documents ready before filing ITR which will help you to save your time and avoid errors. The ITR filing can be done through the e-filing portal of the Income Tax Department before the July 31 deadline.
Mon, Jul 17, 2023
In order to maximise your Income Tax refund you need to meticulously plan your tax saving investments. The most commonly claimed deductions are under Section 80C, which includes investments like PPF, NSC, NPS and life insurance premiums, among others. The deadline for filing ITR is July 31.
Sat, Jul 15, 2023
The Income Tax Department has warned sternly against reporting inflated income or false deductions for the Assessment Year (AY) 2023-24. These actions can draw significant penalties, including an annual interest charge of 12 per cent, penalties of up to twice the amount of taxes, and even criminal prosecution.
The taxpayers who are eligible to claim exemptions and other deductions under Income Tax Act, 1961, will get a refund for the tax deducted at source (TDS) after filing the ITR. Once your ITR is filed, you can conveniently track the status of your refund through the Income Tax Department's e-filing portal. The deadline for filing ITR is July 31.
Wed, Jul 12, 2023
A person can claim the tax refund of the excess tax paid/deducted during a financial year. The last date to file ITR is July 31.
Tue, Jul 11, 2023
Combining two home loans can help in saving money and also helps in boosting credit score. You can merge the two home loans by following a few simple steps. Income Tax deductions can also be claimed on the interest paid for home loans.
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