In the chaotic rush to meet the July 31 tax deadline, a Bengaluru-based chartered accountant (CA) gave a witty twist to Infosys founder Narayana Murthy’s advice for young professionals to work 70 hours a week to build the nation. The CA, who goes by the handle @Basappamv, vented his frustration, pointing out that despite their … Read more
A Delhi resident’s tax ordeal has gone viral after he claimed to have paid ₹50,000 to a chartered accountant, only to discover the final amount under dispute was just Re 1. Apoorv Jain took to X to share his frustration, revealing, “Paid 50,000/- fee to CA for an IT notice I received recently wherein the … Read more
Starting from FY2023-24, the new tax regime in India is set to become the default option for taxpayers. But taxpayers who want to avail deductions such as home loan, House Rent Allowance, Public Provident Fund, etc still have the flexibility to opt for the old tax regime if it benefits them financially. For taxpayers who … Read more
ITR Filing 2024-25: NRIs or Non-Resident Indians are required to file income tax returns in India if they have earned income in the country during the financial year. The income taxes of an NRI in India are determined by their residential status for the year in accordance with the Indian Income Tax Act, 1961. If … 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
Income Tax Returns: The Annual Information Statement (AIS) in income tax filing is a detailed financial report issued by the Income Tax Department. It contains comprehensive information on a taxpayer’s financial activities and the corresponding tax deductions made during the year. Recently, the I-T department introduced a new feature in AIS to indicate the status … Read more
ITR filing 2024: The deadline for individuals to submit their Income Tax Returns (ITR) is July 31, 2024, unless an extension is granted by the government. It is essential to compile and organise pertinent documents such as salary or income records, bank statements, and previous tax returns in preparation for filing. The process of filing … Read more
It is important to understand that you are eligible for deduction on interest paid on your home loan under section 24(b) of the Income Tax Act . However, there are specific regulations when and how this deduction can be availed. For instance during the construction phase, the interest paid on a home loan is termed … Read more
Income Tax filing is one of the most important financial exercises in a fiscal year. From April 1, 2024, the Income Tax Department enabled the online income tax return forms, ITR-1, ITR-2 and ITR-4, for FY 2023-24 (AY 2024-25) on the e-filing portal. The tax department had earlier released the offline Excel utilities of ITR-1, … Read more
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