tax returns

I-T dept to limit access to digital, social media accounts only for specific search, survey; common taxpayers unaffected: Report

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I-T dept to limit access to digital, social media accounts only for specific search, survey; common taxpayers unaffected: Report

The Income Tax Department has reaffirmed that its access to digital and social media accounts is restricted to specific search and survey operations, safeguarding the online privacy of common taxpayers. This enforcement measure, affecting only a small portion of the approximately 8.79 crore income-tax returns filed annually, is targeted solely at cases with significant suspicions … 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

Donald Trump may owe $100 million from double-dip tax breaks, audit shows

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Donald Trump may owe 0 million from double-dip tax breaks, audit shows

Former President Donald Trump used a dubious accounting maneuver to claim improper tax breaks from his troubled Chicago tower, according to an IRS inquiry uncovered by The New York Times and ProPublica. Losing a yearslong audit battle over the claim could mean a tax bill of more than $100 million. The 92-story, glass-sheathed skyscraper along … Read more

Income tax return filing for FY23-24: Check details of Form 16 issue date, ITR forms

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Income tax return filing for FY23-24: Check details of Form 16 issue date, ITR forms

All salaried individuals need to wait at least more than two months to file income tax returns (ITR) for the financial year 2023-24. As per the usual schedule, employers issue Form 16 around mid-June, i.e before June 15. For FY 2023-24 (assessment year 2024-25), Form 16 should be issued by June 15, 2024. Form 16 … Read more

ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here

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ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here

The income tax return forms, ITR-1, ITR-2 and ITR-4, for FY 2023-24 (AY 2024-25) are now available for e-filing on the Income Tax department portal. The online ITR forms were made available from April 1, 2024. Taxpayers eligible to file their tax returns can now login and fill their ITRs for FY 2023-24 using these … Read more

Income Tax Returns: What are the tax implications for NRIs in FY24? Check details here

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Income Tax Returns: What are the tax implications for NRIs in FY24? Check details here

Income Tax Returns FY24: The Income Tax department has asked non-resident Indians (NRIs) to give sworn statements on the exact number of days spent in India, a report said on Tuesday.  This comes after the department recently sent numerous advisories to NRIs asking them to verify high-value transactions made in 2022-23 and to address any … Read more

NRIs in tax haven data told to prove residency status

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NRIs in tax haven data told to prove residency status

MUMBAI: The income-tax department has asked several individuals to prove their non-resident status for assessment years 2013-14 to 2017-18. While filing their tax returns for the years in question, these persons had not disclosed their foreign assets by virtue of being non-resident. Unlike residents whose global income is taxed, foreign earnings of non-residents are not … Read more

Hours before debate, Joe Biden releases tax returns and urges Donald Trump to do so, too

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Hours before debate, Joe Biden releases tax returns and urges Donald Trump to do so, too

Hours before his first debate with President Donald Trump, Democratic presidential nominee Joe Biden on Tuesday released his 2019 tax returns and his campaign called on Trump, who has come under fire for not releasing his returns, to do the same. Biden, due to share the stage with Trump on Tuesday evening in Cleveland, took … Read more

US House Speaker Pelosi says Trump’s reported debts are a national security issue

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US House Speaker Pelosi says Trump’s reported debts are a national security issue

U.S. President Donald Trump‘s debts reported by the New York on Sunday raised national security issues, U.S. House Speaker Nancy Pelosi said on Monday, adding that the public deserves to know to whom he owes money. Pelosi, in an interview with MSNBC, said it was not clear who held the debts and if it involved … Read more