Old Tax Regime vs New Ta Regime: Taxpayers often find themselves in a quandary when it comes to selecting the most suitable income tax regime. The Income Tax Department allows individuals to choose their preferred income tax regime for a particular financial year, with the frequency of switches permitted based on one’s profession or specific criteria … Read more
Filing an Income Tax Return (ITR) is straightforward for taxpayers with a single source of income. For example, if your income is solely from a salary, you can easily file returns yourself using the e-filing portal of the Income Tax Department or through various private tax filing platforms. However, many individuals have income from multiple … Read more
Are you dreading tax season? There’s a faster, more convenient way to settle your dues: your credit card! While you typically use credit for bills and earn reward points, you should know that it can also be used to pay taxes. This guide will help you understand how to pay your income tax online using … Read more
One of the most important digital initiatives of tax authorities has been providing Form 26AS to each taxpayer. Known as the Annual Tax Statement, Form 26AS combines all incomes and corresponding taxes for the taxpayer for a given financial year (FY), as reported to tax authorities. Alok R Agrawal, Partner at Deloitte India, says, “Form … Read more
All salaried individuals need to wait at least more than two months to file income tax returns (ITR) for the financial year 2023-24. As per the usual schedule, employers issue Form 16 around mid-June, i.e before June 15. For FY 2023-24 (assessment year 2024-25), Form 16 should be issued by June 15, 2024. Form 16 … Read more
Mumbai: The Delhi Tax Tribunal said that the tax deduction or benefits of investment-linked deductions were not available if the taxpayer hasn’t submitted the audit report along with the income tax return filing. The Indian Tax Laws provide for various investment-linked deductions subject to compliance of various conditions. These deductions are condition-ridden and one such … Read more
The government has extended various income tax-related deadlines to provide relief to individual taxpayers impacted by the novel coronavirus pandemic. Some of these deadlines include filing of belated income tax return (ITR) for FY 2018-19, verification of old ITRs etc. Here is a look at three such tax-related deadlines that fall on September 30, 2020. … Read more