CBDT asks self-reporting orgs to file details of high-value transactions by June 30

CBDT asks self-reporting orgs to file details of high-value transactions by June 30

The Central Board of Direct Taxes (CBDT) has asked SROs or self-reporting organisations to file details of all high-value transactions that were carried out in 2022-23 by June 30. The SROs include organisations such as banks, post offices, co-operatives, fintechs and mutual fund houses. Any transaction over Rs 50 lakh, share sale and purchase of … Read more

ITR Filing 2024: Do you need Form 26AS? Know how to download & why it is mandatory for you

ITR Filing 2024: Do you need Form 26AS? Know how to download & why it is mandatory for you

ITR Filing 2024: The Income Tax return filing season has started. Along with the tax filing procedure, salaried individuals and taxpayers are also planning their taxes, and investments for this financial year. Basically, every taxpayer aims to look for ways to reduce their tax liability in a given financial year. Before filing income tax returns, … Read more

Income tax return filing: Assessment Year 2024 may see a projected 20% decrease in late-filed ITR, says SBI report

Income tax return filing: Assessment Year 2024 may see a projected 20% decrease in late-filed ITR, says SBI report

The total number of persons filing Income tax increased to 74 million in the assessment year 2022-23 (AY23) from 70 million in AY22, State Bank of India researchers said in a new report released Friday.  Recently, the income tax department provided a breakdown of the individual taxpayers’ returns filed across different categories of gross total … Read more

ITR Filing: Over 8 crore income tax returns submitted for AY 2023-24, says IT department

ITR Filing: Over 8 crore income tax returns submitted for AY 2023-24, says IT department

The Income Tax Department on Friday said over 8 crore income tax returns were filed for assessment year 2023-24 till date. In a post on X, I-T deparment said: “Unique landmark for the Income-tax Department! Over 8 crore ITRs filed for the AY 2023-24 till date,” the income tax department said in a post on … Read more

Public provident fund, Senior Citizens Savings Scheme to National Pension Scheme: Best tax saving instruments for senior citizens

Public provident fund, Senior Citizens Savings Scheme to National Pension Scheme: Best tax saving instruments for senior citizens

Income Tax 2024 for senior citizens: When talking about investment options for senior citizens, the first thing that comes to your mind is safe investment schemes with zero risks. There are many government-backed schemes that offer decent returns to senior and super-senior citizens. Some of the prominent ones are Senior Citizens Savings Scheme, National Pension … Read more

Income Tax 2024: Old Tax Regime slabs vs New Tax Regime slabs explained for senior citizens

Income Tax 2024: Old Tax Regime slabs vs New Tax Regime slabs explained for senior citizens

Old Tax Regime slabs vs New Tax Regime slabs for senior citizens: Income Tax return filing is a mandatory exercise for all Indian citizens, salaried, non-salaried, senior citizens. According to the Income Tax department, an individual resident who is 60 years or above in age but is less than 80 years at any time during … Read more

Income tax returns 2024: Top 5 points to note while selecting New Tax Regime for FY2024-25

Income tax returns 2024: Top 5 points to note while selecting New Tax Regime for FY2024-25

New Tax regime in ITR 2024: In the Union Budget 2023, Finance Minister Nirmala Sitharaman declared that the new income tax regime will be the default one starting from April 1, 2023. However, the minister said that taxpayers can still avail of the old regime. The new tax regime, which was introduced in the Union … Read more

Income tax returns 2024: How retirement, employee provident fund benefits are taxed

Income tax returns 2024: How retirement, employee provident fund benefits are taxed

Income tax returns 2024: Filing annual income tax returns are must for all Indian citizens. Employees while retiring have to pay taxes on pension, gratuity and employee provident fund.  In India, employers provide various retirement benefits to employees. The most common retirement benefits offered by employers in India include pension, the Employee Provident Fund (EPF) … Read more

ITR filing: What are the consequences of missing December 31 income tax return filing deadline?

ITR filing: What are the consequences of missing December 31 income tax return filing deadline?

Sometimes, individuals might be unaware of the deadline for various reasons, such as not receiving notifications, overlooking communications, or assuming incorrect deadlines.- Besides, it may happen that financial hardships or difficulties hinder someone from gathering the necessary funds to pay for professional tax assistance or to cover potential tax liabilities, leading to delays. However, missing … Read more