ITR-1

Confused between which ITR form to choose this year for tax return filing? Here’s some details

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Confused between which ITR form to choose this year for tax return filing? Here’s some details

ITR filing 2025-26: The commencement of the new financial year marks the official beginning of the filing of Income Tax Returns (ITRs) for the Assessment Year 2025-26. As in previous years, taxpayers have the option to file their tax returns through both online and offline channels. An Income Tax Return (ITR) is a document used … Read more

No relief to middle class taxpayers as compared to corporates? FM Sitharaman counters Opposition

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No relief to middle class taxpayers as compared to corporates? FM Sitharaman counters Opposition

Finance Bill 2024: Union Finance Minister Nirmala Sitharaman on Wednesday said that the government has successfully brought in a simplified tax structure. While replying to the discussion on the Finance Bill in Lok Sabha, FM Sitharaman said that the claim that corporate taxes are lower than the individual taxes claim is not well founded. While replying … Read more

ITR filing: If you miss filing returns by July 31, you will be shifted to new tax regime. Check details

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ITR filing: If you miss filing returns by July 31, you will be shifted to new tax regime. Check details

ITR filing: As the deadline to file Income Tax returns (ITR) approaches, those who are still waiting to collect details about how to file their returns should note that missing the deadline can have serious consequences.  The deadline for submitting income tax returns for the financial year 2023-2024 (Assessment Year 2024-2025) is July 31, 2024. This … Read more

Don’t forget to fill out this form if you are opting for old tax regime while filing ITR

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Don’t forget to fill out this form if you are opting for old tax regime while filing ITR

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: What happens when you file wrong ITR form. Check important points 

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ITR filing: What happens when you file wrong ITR form. Check important points 

ITR Filing AY 2024-25: The Income Tax Department issues different tax return forms for different section of taxpayers. Income Tax Return (ITR) is a crucial document where taxpayers provide details regarding their income and applicable taxes to the income tax department. As of now, the I-T department has introduced a total of 7 forms, namely … Read more

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

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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

Income tax return filing for FY23-24: Check details of Form 16 issue date, ITR forms

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Income tax return filing for FY23-24: Check details of Form 16 issue date, ITR forms

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