From April 1, 2025, the new income tax return filing season will start for AY2025 -26. For salaried taxpayers, their employer will provide a Form 16 containing all income tax details for the fiscal year 2024-25 (or assessment year 2025-26). Form 16 is a crucial document for salaried employees in India, particularly as the income … Read more
Finance Minister Nirmala Sitharaman in Budget 2025 introduced a revised threshold for TDS compliance for individuals, senior citizens, and companies. This adjustment aims to provide taxpayers with a means to reduce the amount of tax deducted from their income, while also assisting companies in simplifying their TDS compliance process. The proposed threshold has been increased … Read more
Defective ITR: If your income tax return is found defective, the Income Tax Department will notify you of the defect through a notice issued under section 139(9) of the Income Tax Act. This notice will be sent to your registered email address or by post. You can access and view the notice by logging into the … Read more
Ahead of the ITR filing deadline on July 31, 2024, the Income Tax department has that 13 lakh returns are being filed every day. It added that till July 14, 2024, around 2.7 crore ITRs were filed. “Over 2.7 crore ITRs have been filed as on 14 July 2024, which is 13 per cent … Read more
ITR filing deadline: The deadline to file Income Tax Returns is just a month away, with the last date on July 31, 2024. It is very important to file the returns correctly and on time to avoid any complications or getting a notice from the Income Tax department. This is very crucial for first-time ITR filers … Read more
With the quintessential changes being brought by the digital boom these days, life has become comfortable and eased with convenience. Everything can be done with a single click, from utility bills to groceries, from dining to travel bookings. This era of digital transformation has also revolutionised income tax return filing making it quicker, more convenient … Read more
Income Tax for senior citizens: As the deadline for income tax filing nears, it is imperative for senior and super senior citizens to comprehend the distinct provisions. The Income Tax Department has designated exemptions, deductions, and advantages designed for senior citizens and super senior citizens in accordance with the Income Tax Act, 1961. The income … Read more
ITR Filing FY2024: The Income Tax filing is just a month away and most salaried taxpayers have got into action after getting their Form 16 last week. Employers deducting tax under Sections 192-195 must provide employees with a certificate detailing tax deduction, applicable rate, deducted amount, and other relevant information. This certificate, commonly referred to as … Read more
Each year, the government introduces changes to improve compliance, simplify processes, or address economic shifts. Staying informed of these modifications is crucial to ensure accurate tax filings and leverage any potential benefits. Vikas Dahiya, Director of ALL India ITR, says, “While the core filing process might seem familiar, even minor adjustments in regulations can significantly … Read more
The tax filing season is upon us. Before you file your return, make sure to pick the right form. Using the wrong form means your return will be marked as defective. For most salaried people, the basic form is ITR-1. This form is for individuals with a total income up to Rs 50 lakh from … Read more