Many employees of Tata Consultancy Services (TCS), India’s largest IT services firm, have recently received demand notices from the income-tax department concerning alleged discrepancies in their tax deduction at source (TDS) claims. These notices request payments ranging from Rs 50,000 to Rs 1.5 lakh, moneycontrol reported. According to the reports, TCS has advised affected employees … Read more
ITR Filing 2024-25: NRIs or Non-Resident Indians are required to file income tax returns in India if they have earned income in the country during the financial year. The income taxes of an NRI in India are determined by their residential status for the year in accordance with the Indian Income Tax Act, 1961. If … Read more
ITR for senior citizens: The time to file Income Tax Returns (ITR) started for many in April 2024 who do not depend on their employers for their Form 16. Filing income tax returns is quite challenging for many, particularly senior citizens, who may encounter difficulties due to prevalent misconceptions. One prevalent misunderstanding is the belief … Read more
Income Tax return: Tax season is upon us, and many people wonder if they must file returns if their income is below the taxable limit. Filing an Income Tax return (ITR) is a compulsory requirement if your total income surpasses the basic exemption threshold. In cases where the income falls below this limit, specific types … Read more
Each year, the government introduces changes to improve compliance, simplify processes, or address economic shifts. Staying informed of these modifications is crucial to ensure accurate tax filings and leverage any potential benefits. Vikas Dahiya, Director of ALL India ITR, says, “While the core filing process might seem familiar, even minor adjustments in regulations can significantly … Read more
ITR filing 2024: The deadline for individuals to submit their Income Tax Returns (ITR) is July 31, 2024, which is just a little over a month. It is essential to compile and organise pertinent documents such as salary or income records, bank statements, and previous tax returns in preparation for filing. When filing taxes, it … Read more
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
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
I generally maintain a balance of around Rs 5-6 lakh in my savings bank account. I have also recently invested in a bank FD for Rs 5 lakh for three years. Please let me know whether my bank FD interest or savings bank interest will attract any TDS provisions. Ankit Reply by Rajiv Bajaj, Chairman … Read more
New Tax rules 2023: The Government of India announced several new rules for the Income Tax in the Union Budget 2023. One of the significant announcements regarding personal taxation was the declaration of the New Income Tax Regime as the default tax regime. In her Budget speech for 2023-24, Union Finance Minister Nirmala Sitharaman said budget … Read more