Finance Ministry notifies final Cost Inflation Index for FY25 at 363: Key Updates for AY 2025-26

Finance Ministry notifies final Cost Inflation Index for FY25 at 363: Key Updates for AY 2025-26

The Ministry of Finance has notified the final Cost Inflation Index (CII) for FY25 (Assessment Year 2025-26) at 363.   The ministry through the Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2024, detailing the Cost Inflation Index (CII) for the financial year 2024-25 i.e. Assessment Year 2025-26.   The notification … Read more

ITR: What are the penalties for late filing of returns? Understand tax extensions and their financial impact

ITR: What are the penalties for late filing of returns? Understand tax extensions and their financial impact

As the Financial Year (“FY”) draws to a close, it is time for taxpayers across the country to initiate their annual ritual of filing their income tax returns (“ITR”). As per reports, the total number of income tax returns filed during the Assessment Year (“AY”) 2022-23 reached 7.51 crores, which is a significant increase from … Read more

Income Tax Return (ITR) filing 2024: All you need to know about Form 16, its issue date and why is it crucial?

Income Tax Return (ITR) filing 2024: All you need to know about Form 16, its issue date and why is it crucial?

Form 16 is a crucial document that is essential when one is filing the income tax return (ITR) of a particular financial year. The document is essential for individuals earning a salary as it gives the whole breakup of Tax Deducted at Source (TDS), providing a comprehensive overview of an employee’s earnings, including salary, allowances, … Read more

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

To beat the last minute rush, some taxpayers start filing ITRs early

To beat the last minute rush, some taxpayers start filing ITRs early

To beat the last minute rush, at least some taxpayers have started filing their income tax returns for assessment year 2024-25 after the Central Board of Direct Taxes (CBDT) enabled functionalities for commonly used income tax returns from April 1 this year. According to data with the income tax department, as many as 119,000 income … Read more

Tax return filing: Income Tax dept to kick off drive to reach out to 15.2 mn required to file ITRs

Tax return filing: Income Tax dept to kick off drive to reach out to 15.2 mn required to file ITRs

The Income Tax department will start a drive in this financial year to track individuals and entities who are required to file tax returns but have failed to do so or evaded taxes. The Income Tax department has already identified 15.2 million such individual taxpayers who have income or have had tax deducted at source … Read more

Income Tax returns FY24: CBDT says functionalities to file return enabled, 23,000 ITRs filed since Apr 1

Income Tax returns FY24: CBDT says functionalities to file return enabled, 23,000 ITRs filed since Apr 1

The Central Board of Direct Taxes (CBDT) on Thursday said it has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25, i.e. FY2023-24) from April 1, 2024. The ITRs, i.e. ITR-1, ITR-2 and ITR-4, which are the most commonly used by taxpayers, are now available on the e-filing portal. Taxpayers … Read more

ITR filed, refund not received yet? Here's how you can keep a track and what to do when it's late

ITR filed, refund not received yet? Here's how you can keep a track and what to do when it's late

A total of 81.8 million income tax returns have been filed for the assessment year 2023-24 up to December 31, 2023, which was the last date for filing belated returns for the current assessment year. Up on e-verifying or manual verification by sending its acknowledgement to the CPC Bengaluru, the Income-tax department in its endeavour … Read more

Income Tax Returns: What are the tax implications for NRIs in FY24? Check details here

Income Tax Returns:  What are the tax implications for NRIs in FY24? Check details here

Income Tax Returns FY24: The Income Tax department has asked non-resident Indians (NRIs) to give sworn statements on the exact number of days spent in India, a report said on Tuesday.  This comes after the department recently sent numerous advisories to NRIs asking them to verify high-value transactions made in 2022-23 and to address any … Read more

Salary to dividends to investment interest: What are the different types of taxable income in India?

Salary to dividends to investment interest: What are the different types of taxable income in India?

Income Tax Returns: Taxable income can be defined as any income you earn during the tax year. Under this, all components of income are included starting from monthly salary, dividends from stocks, other investment income, pensions, capital gains, rental income, business income, hobby income and others. Based on the total income earned by a person … Read more