Income Tax : Discover who must file an ITR even with income below the exemption limit. Understand key scenarios and benefits to stay compliant ...
Income Tax : Discover hassle-free tips for filing your Income Tax Return (ITR) before the July 31, 2024 deadline. Learn about necessary documen...
Income Tax : Discover the benefits of filing Income Tax Returns (ITR), including compliance with tax laws, improving credit score, visa applica...
Income Tax : Get answers to common ITR issues and FAQs for filing your tax return for AY 2024-25. Resolve filing errors and understand tax regi...
Income Tax : Stay updated with key changes and precautions in filing your Income Tax Return for FY 2023-24 to avoid penalties and ensure accura...
Corporate Law : A record 7.28 crore ITRs filed for AY 2024-25, with 5.27 crore in the New Tax Regime. Over 69.92 lakh ITRs were filed on 31st July...
Income Tax : Explore Income Tax Day 2024s history, significance, and key updates from Budget 2024-25, including enhanced deductions and revised...
Income Tax : Learn about the rise in tax returns filed in India, targeted campaigns encouraging filings, and steps taken by the government for ...
Income Tax : Discover comprehensive FAQs on filing ITR-4 (Sugam) for AY 2024-25. Learn eligibility criteria, tax regime options, documents need...
Income Tax : Learn who can file ITR-1, who cannot, necessary documents, and precautions. Understand the process of filing ITR-1 (Sahaj) online ...
Income Tax : Rajasthan High Court dismisses IT Department's appeal, upholding Jaipur Development Authority's exemption under Section 11 of the ...
Income Tax : ITAT Bangalore rules that issuing a notice under Section 143(2) of the Income Tax Act is mandatory for valid assessment after reop...
Income Tax : Detailed analysis of ITAT's decision to delete the Section 69C addition for capital introduced by a partner in the Shivam Develope...
Income Tax : Assessee can't be obstructed from availing of the benefits of the Direct Tax Vivad se Vishwas Act, 2020 (DTVSV Act) even where the...
Income Tax : Navigate complexities of personal income tax in India for FY 2023-2024. Learn about filing returns, responding to notices, and opt...
Income Tax : CBDT notifies ITR-7 [For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 13...
Income Tax : Stay updated on Income Tax rules with CBTD Notification No. 19/2024. Explore amendments effective from April 1, 2024, impacting ru...
Income Tax : CBDT notifies ITR-6 form for AY 2024-25. Companies who don't have income from property held for charitable or religious purposes c...
Income Tax : CBDT notifies ITR 1 and ITR 4 for Assessment Year (AY) 2024-25 / Financial Year (FY) 2023-24 vide Notification No. 105/2023-Incom...
Income Tax : Explore the key amendments in Income Tax Rules, 1962, effective from April 2023. Detailed analysis of ITR-7 Forms modifications an...
Generally you have to give details of income from various sources earned by you during the financial year to your consultant / Chartered Accountant so that they can compute your correct Income and tax thereon on the basis of correct information.
Learn how to easily enroll for a Digital Signature and use it to file your Income Tax Return online. Make the process hassle-free and secure.
The new Annual Information Statement (AIS) on the Compliance Portal provides a comprehensive view of information to a taxpayer with a facility to capture online feedback. With its launch, the Department is expanding the list of high-value transactions covered till now under Form 26AS.
What is an Income Tax Return? Income Tax Return is a form in which the taxpayer files information about the income earned and tax payable on such income to the Income Tax Department. Which Income Tax Returns are applicable to an individual? There are 7 forms notified by the department and ITR – 1,2,3,4 are […]
EXTENSION OF DUE DATES Central Board of Direct Taxes (CBDT), through its Circular No. 17/2021, dated September 9, 2021, has extended the due date for filing Income Tax Returns (ITRs) for Assessment Year 2021-2022 (Financial Year 2020-2021). The said extension of time lines for income tax returns and audit reports (wherever applicable) have been summarized […]
Raman Krishna Kumar Vs DCIT (Madras High Court) Conclusion: Since assessee had not filed the Income Tax Return instead of receiving substantial income in the form of salary and had also indulged in high end transactions with respect to purchase and sale of mutual funds and with respect to credit card transactions, therefore, High Court […]
Filling of Income Tax Return is mandatory in following cases: ♣ The exemption limit for a normal taxpayer is ₹ 2.5 lakhs, ₹ 3 lakhs for senior citizens, and ₹ 5 lakhs for super senior citizens. Filling of ITR is mandatory, if taxable income exceeding the exemption limit. ♣ Individual owning assets outside India and […]
Who should file Income Tax Return and what are the advantages of filing an Income Tax Return? Any person as described under to section 2(31) of Income tax act are required to file Income tax return if their total net income falls under the taxable category. Person includes (i) Individuals (ii) Partnership Firms (iii) HUF […]
What is an Income Tax Return? or famously known as ITR. Income Tax Return is when a person is supposed to submit to the Income-tax Department of our nation. It withholds the information of a person’s income and the taxes that are to be paid during the year.
Over 2 crore Income Tax Returns filed on the e-Filing portal of the Income Tax Department The e-filing portal of the Income Tax Department (www.incometax.gov.in) has marked receipt of more than 2 crore Income Tax returns as on 13th October 2021. The new portal was launched on 7th June, 2021 and in the initial period taxpayers had reported glitches and difficulties […]
