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
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
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
Union Budget: There is a considerable amount of anticipation and speculation surrounding the potential benefits that various sectors are expecting from the Finance Minister. Union Finance Minister Nirmala Sitharaman is scheduled to present the Budget for the fiscal year 2024-2025 in the third week of July. The Budget is expected to include a breakdown of … 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
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
As tax costs are eating into the earnings of every household, there is always a search to reduce the tax incidence within the four corners of the law. The Income-tax Act (‘the Act’) provides certain deductions from taxable income, the policies for which are based upon larger socio-economic parameters. With the new tax regime seeking … Read more
I have taken a home loan for a residential property. To make the down payment, I have borrowed money from my parents to whom I am paying interest. What certificate would I need to show to my company so that they consider interest payment to my parents eligible for deduction u/s 24 (b)? Can … 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