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
As the Financial Year (“FY”) draws to a close, it is time for taxpayers across the country to initiate their annual ritual of filing their income tax returns (“ITR”). As per reports, the total number of income tax returns filed during the Assessment Year (“AY”) 2022-23 reached 7.51 crores, which is a significant increase from … Read more
As an Indian taxpayer, it’s imperative to file your Income Tax Returns (ITR) annually. The ITR encompasses details of your annual income and the corresponding tax payable to the government for that year. Individuals continually seek effective methods to minimize their tax liabilities. Through prudent tax planning, you can achieve substantial long-term savings. Smart tax … Read more
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
The Income Tax Department on Tuesday issued a fresh notification to taxpayers to link their Permanent Account Number (PAN) with Aadhaar by May 31, which is this Friday. Posting on X (formerly Twitter), the IT department said that meeting this deadline is important in order to avoid higher tax deductions at source (TDS). The Income … Read more
The Income Tax department will start a drive in this financial year to track individuals and entities who are required to file tax returns but have failed to do so or evaded taxes. The Income Tax department has already identified 15.2 million such individual taxpayers who have income or have had tax deducted at source … Read more
A total of 81.8 million income tax returns have been filed for the assessment year 2023-24 up to December 31, 2023, which was the last date for filing belated returns for the current assessment year. Up on e-verifying or manual verification by sending its acknowledgement to the CPC Bengaluru, the Income-tax department in its endeavour … Read more
The total number of persons filing Income tax increased to 74 million in the assessment year 2022-23 (AY23) from 70 million in AY22, State Bank of India researchers said in a new report released Friday. Recently, the income tax department provided a breakdown of the individual taxpayers’ returns filed across different categories of gross total … Read more
The Income Tax Department on Friday said over 8 crore income tax returns were filed for assessment year 2023-24 till date. In a post on X, I-T deparment said: “Unique landmark for the Income-tax Department! Over 8 crore ITRs filed for the AY 2023-24 till date,” the income tax department said in a post on … Read more
Sometimes, individuals might be unaware of the deadline for various reasons, such as not receiving notifications, overlooking communications, or assuming incorrect deadlines.- Besides, it may happen that financial hardships or difficulties hinder someone from gathering the necessary funds to pay for professional tax assistance or to cover potential tax liabilities, leading to delays. However, missing … Read more