ITR filing

What is Form 26AS? Why should a taxpayer know details about this form while filing an income tax return?

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What is Form 26AS? Why should a taxpayer know details about this form while filing an income tax return?

Form 26AS is the annual tax statement that provides taxpayers access to the tax deduction/tax collection details and income. It contains comprehensive information related to salary income, business and professional receipts, interest income earned on bank deposits, etc along with the respective tax deduction/collection details. These details are generated based on returns of tax deductions/collected … Read more

Income tax returns: 3 important things to keep in mind for maximizing your tax savings

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Income tax returns: 3 important things to keep in mind for maximizing your tax savings

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

Income tax returns: Report capital gains, don’t wait till July 31. Mistakes to avoid this tax season

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Income tax returns: Report capital gains, don’t wait till July 31. Mistakes to avoid this tax season

Filing your Income Tax Return (ITR) might seem daunting, but with a bit of preparation, you can make the process smoother. Here’s a concise guide to help you avoid common mistakes and ensure a hassle-free tax season for the financial year 2023-24 (assessment year 2024-25). 1. Verify Form 16 and Form 26AS DataBefore you start, … Read more

Income tax returns: What makes Form 26AS crucial & what not to miss to ensure your filing is stress-free

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Income tax returns: What makes Form 26AS crucial & what not to miss to ensure your filing is stress-free

One of the most important digital initiatives of tax authorities has been providing Form 26AS to each taxpayer. Known as the Annual Tax Statement, Form 26AS combines all incomes and corresponding taxes for the taxpayer for a given financial year (FY), as reported to tax authorities. Alok R Agrawal, Partner at Deloitte India, says, “Form … Read more

Income Tax Returns: How senior citizens can save capital gains tax during filing their ITR

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Income Tax Returns: How senior citizens can save capital gains tax during filing their ITR

Investments yielding returns over an extended period, specifically a minimum of one to three years, are categorised as long-term capital gains (LTCG). This classification encompasses returns from various investment vehicles such as real estate, stocks, mutual funds and zero-coupon government bonds. Senior citizens intending to liquidate assets such as real estate, stocks, mutual funds, bonds, … Read more

Income Tax returns: 5 crucial steps to follow as soon as salaried employees get their Form 16 this month

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Income Tax returns: 5 crucial steps to follow as soon as salaried employees get their Form 16 this month

Income Tax Return: This month, employers are scheduled to issue the Form 16 every year on or before June 15. Following this, salaried individuals can expedite the income tax return filing process. Form 16 is one of the several  Form 16 is a crucial document that plays an instrumental role in filing income-tax returns (ITR), especially … Read more

Income Tax Returns FY24: How to properly report P2P lending income while filing your ITR. Check details

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Income Tax Returns FY24: How to properly report P2P lending income while filing your ITR. Check details

ITR FY2024: P2P Lending or Peer-to-Peer Lending is one of the upcoming and somewhat most trusted ideas to earn passive income. P2P lending, also known as social lending, is an innovative financial model that has seen considerable growth in recent years. This approach provides individuals with an alternative means of securing funds without the need … Read more

ITR filing: I-T dept introduces 3 utilities for filing ITR form 3 for AY 2024-25. Check details.

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ITR filing: I-T dept introduces 3 utilities for filing ITR form 3 for AY 2024-25. Check details.

Income Tax filing 2024: The Income Tax Department has released offline, online, and Excel utilities for ITR-3 for taxpayers for FY 2023-24 (AY 2024-25). To file the returns this year, individuals who need to file ITR-3 can now use one of utilities — offline (Java), online or Excel-based.  The three utilities are now available for … Read more