Tax return filing: Income Tax dept to kick off drive to reach out to 15.2 mn required to file ITRs

Tax return filing: Income Tax dept to kick off drive to reach out to 15.2 mn required to file ITRs

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

Income Tax returns FY24: CBDT says functionalities to file return enabled, 23,000 ITRs filed since Apr 1

Income Tax returns FY24: CBDT says functionalities to file return enabled, 23,000 ITRs filed since Apr 1

The Central Board of Direct Taxes (CBDT) on Thursday said it has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25, i.e. FY2023-24) from April 1, 2024. The ITRs, i.e. ITR-1, ITR-2 and ITR-4, which are the most commonly used by taxpayers, are now available on the e-filing portal. Taxpayers … Read more

Public provident fund, Senior Citizens Savings Scheme to National Pension Scheme: Best tax saving instruments for senior citizens

Public provident fund, Senior Citizens Savings Scheme to National Pension Scheme: Best tax saving instruments for senior citizens

Income Tax 2024 for senior citizens: When talking about investment options for senior citizens, the first thing that comes to your mind is safe investment schemes with zero risks. There are many government-backed schemes that offer decent returns to senior and super-senior citizens. Some of the prominent ones are Senior Citizens Savings Scheme, National Pension … Read more

Income Tax 2024: Old Tax Regime slabs vs New Tax Regime slabs explained for senior citizens

Income Tax 2024: Old Tax Regime slabs vs New Tax Regime slabs explained for senior citizens

Old Tax Regime slabs vs New Tax Regime slabs for senior citizens: Income Tax return filing is a mandatory exercise for all Indian citizens, salaried, non-salaried, senior citizens. According to the Income Tax department, an individual resident who is 60 years or above in age but is less than 80 years at any time during … Read more

Income tax returns 2024: Top 5 points to note while selecting New Tax Regime for FY2024-25

Income tax returns 2024: Top 5 points to note while selecting New Tax Regime for FY2024-25

New Tax regime in ITR 2024: In the Union Budget 2023, Finance Minister Nirmala Sitharaman declared that the new income tax regime will be the default one starting from April 1, 2023. However, the minister said that taxpayers can still avail of the old regime. The new tax regime, which was introduced in the Union … Read more

Income tax returns 2024: How retirement, employee provident fund benefits are taxed

Income tax returns 2024: How retirement, employee provident fund benefits are taxed

Income tax returns 2024: Filing annual income tax returns are must for all Indian citizens. Employees while retiring have to pay taxes on pension, gratuity and employee provident fund.  In India, employers provide various retirement benefits to employees. The most common retirement benefits offered by employers in India include pension, the Employee Provident Fund (EPF) … Read more

CBDT processed 88% ITR, refunds over Rs 2.45 crore issued till September 5

CBDT processed 88% ITR, refunds over Rs 2.45 crore issued till September 5

The Income Tax Department has processed refunds of over Rs 2.45 lakh crore for 6.84 crore verified Income tax returns (ITRs), bringing down the average processing time to 10 days for the assessment year 2023-24. Total 6.98 crore ITR were filed for the Assessment Year 2023-24. “More than 6 crore ITRs of AY 2023-24 have … Read more

Over 3 crore income tax returns for FY21 have been filed so far: Finance Ministry

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The finance ministry on Sunday said over three crore income tax returns have been filed for the financial year 2020-21 so far and advised taxpayers who are yet to file their return to do so at the earliest. The number of ITRs filed per day is over four lakh and increasing every day as the … Read more