IPL Auction 2025: The IPL is widely regarded as the most lucrative domestic T20 cricket league in the world, attracting top talent with whopping salaries. With significant sponsorships and broadcast deals, IPL franchises spare no expense in securing the services of top players. Two days back, Rishabh Pant made history by becoming the most expensive … Read more
Declaration of foreign assets: If foreign assets were not declared in the original Income Tax Return (ITR) filed for AY 2024-25, a revised return must be filed by December 31, 2024. Failure to do so could result in a penalty of up to Rs 10 lakh, according to a recent advisory from the Income-Tax Department. … Read more
Filing income tax returns (ITR) in time is crucial for taxpayers to not miss out on any benefits, but sometimes individuals miss the deadline for filing their returns. According to Section 139 (4) of the Income Tax Act, any ITR filed after this due date is referred to as a belated return. While this provision … 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
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
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
The tax filing season is upon us. Before you file your return, make sure to pick the right form. Using the wrong form means your return will be marked as defective. For most salaried people, the basic form is ITR-1. This form is for individuals with a total income up to Rs 50 lakh from … Read more
Fiscal year 2024-25 has just commenced and most employees would now be required to submit their tax declarations on employer payroll portals that will determine which regime would be applied for tax withholding and how much tax would be withheld from their salary on a monthly basis. While this is an annual exercise, if done … Read more
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