Tax savings under Old Tax Regime: Taxpayers seeking to optimise their savings for the fiscal year 2024-25 still have opportunities available. One such option is utilising Section 80G of the Income Tax Act to claim deductions for donations made to government-approved trusts. It is important to note that not all charitable contributions automatically qualify for … Read more
From April 1, 2025, the new income tax return filing season will start for AY2025 -26. For salaried taxpayers, their employer will provide a Form 16 containing all income tax details for the fiscal year 2024-25 (or assessment year 2025-26). Form 16 is a crucial document for salaried employees in India, particularly as the income … Read more
The Income Tax Department has introduced a new feature on its e-filing portal that allows taxpayers to submit rectification requests online, even if their Income Tax Returns (ITRs) are currently being reviewed by the Assessing Officer (AO). This enhancement streamlines the process of error correction and eliminates the need for manual submissions. Taxpayers should be … Read more
ITR filing: The Income Tax Department has provided a significant update by allowing taxpayers who qualify for the section 87A tax rebate for the financial year 2023-24 to claim it now. In a notification issued on December 31, 2024, the tax department stated that eligible taxpayers will soon be able to submit a revised or … Read more
Tax query: I am 28 years old and still unemployed. My mom gives me Rs 30,000 as pocket money every month. Will I have to pay taxes? I am going to file my ITR nevertheless but not sure if I have to pay any taxes on the money that is credited into my account. My … Read more
With the tax season for the Assessment Year 2024-25 closing, many taxpayers are eagerly awaiting their income tax refunds. However, there are a few reasons why your refund might be delayed, one of which is the issue of a defective Income Tax Return (ITR). Over 7 crore ITRs were filed before the deadline on July … Read more
Defective ITR: If your income tax return is found defective, the Income Tax Department will notify you of the defect through a notice issued under section 139(9) of the Income Tax Act. This notice will be sent to your registered email address or by post. You can access and view the notice by logging into the … Read more
ITR filing deadline: The deadline for filing of income tax returns, July 31, is unlikely to be extended. Taxpayers would need to file ITR for the Assessment Year 2024-25 or the financial year 2023-24 by the end of the day today. While many have urged the finance ministry as well as Finance Minister Nirmala Sitharaman … Read more
ITR refund 2024: After filing income tax returns, many taxpayers are now waiting for their refund. It is important for individuals who have paid excess tax for the financial year to remember that they are eligible to receive an Income Tax refund upon submitting the ITR form. For the processing of an Income Tax Return refund, … Read more
As the July 31 deadline to file income tax returns (ITR) for financial year 2023-24 nears, taxpayers find themselves in a bind. Despite the chatter and hopes for an extension, it is highly unlikely that the deadline will be pushed forward –similar to what happened last year when many were left scrambling when the extension never … Read more