ITR filing: Filing income tax return is a must for all Indian taxpayers. Even individuals who have passed away and whose income exceeds the basic exemption limit are required to file income taxes. In the absence of the deceased taxpayer, it is the legal representative of the individual who assumes responsibility for fulfilling their tax obligations. … 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
ITR filing AY 2024-25: The Income Tax department time to time introduces changes in tax return forms seeking some additional details from taxpayers. Like in December 2023, the Income Tax department tweaked ITR forms 1 and 4 notified for Assessment Year 2024-25. The Central Board of Direct Taxes (CBDT) has introduced many additional reporting requirements and … Read more
ITR filing in July: As per the provisions outlined in the Income Tax Act of 1961, it is clarified that no tax liability is incurred upon the inheritance of assets, be they movable or immovable in nature. Nonetheless, a tax obligation arises should the subsequent owner opt to sell the property. When an individual dies, … Read more
A non-resident Indian, similar to a resident taxpayer, is obligated to pay tax in India on their Indian income. Many NRIs possess income or assets in India, which may include bank deposits, shares of listed companies, immovable properties, jewellery, and business ventures. Consequently, the presence of such income or assets results in tax filing obligations … Read more
Income Tax return: Tax season is upon us, and many people wonder if they must file returns if their income is below the taxable limit. Filing an Income Tax return (ITR) is a compulsory requirement if your total income surpasses the basic exemption threshold. In cases where the income falls below this limit, specific types … 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
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
As tax season approaches, Form 16 becomes an indispensable tool for the salaried, ensuring they have all the necessary details for tax filing. A certificate issued under Section 203 of the Income tax Act for tax deducted at source (TDS) from salary income, employers and firms issue Form 16 after deducting tax from an employee’s salary … Read more
ITR filing 2024: The deadline for individuals to submit their Income Tax Returns (ITR) is July 31, 2024, which is just a little over a month. It is essential to compile and organise pertinent documents such as salary or income records, bank statements, and previous tax returns in preparation for filing. When filing taxes, it … Read more