ITR filing: The Income Tax department has informed that more than 5 crore ITRs had been filed by July 26, 2024, which is more than 8.5% more than the last year. It is to be noted that the last date to file your income tax returns “We express our gratitude to the taxpayers & tax professionals … Read more
Income tax returns: The recently announced Union Budget 2024 has introduced significant amendments to the capital gains tax structure, affecting both short-term and long-term investors. Capital gains tax pertains to the tax imposed on profits generated from the sale of capital assets such as stocks, mutual funds, real estate, and gold. The taxation rate varies … Read more
A recent update to the income tax filing utility has left many taxpayers in a bind, forcing them to forego a valid tax rebate of up to Rs 25,000 under the new tax regime. This issue, arising from an error in the utility, contradicts the Income Tax Act, 1961, and is creating confusion and financial … Read more
ITR filing: The Income Tax return filing deadline is July 31, 2024. With the deadline just two weeks away, the rush to file ITRs has increased multifold. Many taxpayers have reported constant delays due to snags with the e-filing portal. Due to this, the Income Tax Department has started receiving requests from individual taxpayers and tax … Read more
Are you dreading tax season? There’s a faster, more convenient way to settle your dues: your credit card! While you typically use credit for bills and earn reward points, you should know that it can also be used to pay taxes. This guide will help you understand how to pay your income tax online using … Read more
ITR filing: The deadline to file the Income Tax Return (ITR) for the financial year 2023-24 (assessment year 2024-25) is just three weeks away. 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. … Read more
It appears to be the season of tax notices. Recently, Indian tax authorities have been actively collaborating with various government agencies to obtain financial information about individuals, and are closely monitoring high-value transactions. Income Tax Notice Spree How much tax do I have to pay? Calculate now Predictably, this has led to a surge in … Read more
ITR filing: The Income Tax Department has brought in some updates in the Annual Information Statement (AIS). As per the updated details, now AIS have to report the financial transactions in a given financial year. Banks have been asked to separately report total foreign exchange (forex) spends, including all transactions made using credit, debit, or … Read more
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
ITR filing 2024: Filing the Income Tax Return (ITR) is an important annual responsibility for taxpayers in India. It goes beyond legal requirements as fulfilling your tax obligations can offer various benefits. These include providing crucial proof of income that may be necessary for activities such as securing loans, applying for visas, or participating in … Read more