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...
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 : Discover essential updates on the e-filing portal for ITR 2024-25, including changes in forms, bank validation, refund status, sta...
Income Tax : Learn who can file ITR-7, how to file it, required information, and mandatory schedules. Detailed guide for assessees under variou...
Income Tax : Discover how the Income Tax Department's initiative to open filing on day one of the financial year streamlines processes, boosts ...
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 : Mumbai ITAT's ruling in Vijay Suresh Dave Vs DCIT regarding addition of unexplained cash credit u/s 68. Detailed analysis of the c...
Income Tax : Jharkhand High Court imposes penalty on JBVNL for unjust retention of Rs 2.9 crore, orders refund of TDS. Detailed analysis of Anv...
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...
History reverberates with brazen efforts by crooks to mislead honest & tax paying public. Therefore, recent events in Pune, India with news items of bogus call centres & their attempts to threaten U S tax payers was no surprise.
It was surprisingly a warm day in 2009 in Minnesota, Minneapolis, USA which ranks among the coldest states, when I got a telephone from a young lady, by her talk, I presumed, that her checking account with a local bank in California, USA was frozen by local tax authorities.
A new version of the income distribution data for AY 2012-13 has now been placed in public domain and is available at www.incometaxindia.gov.in. Version 2.0 of the tax return data includes additional tables containing distribution of gross total income in respect of different types of taxpayers e.g. individuals, HUF, firms, companies, association of persons, etc.
Electronic Verification Code (EVC) can be generated by pre-validating your Bank Account on the e-Filing portal. Punjab National Bank and United Bank of India have launched this facility which will facilitate the account holders, who may not have a NetBanking account, to e-verify their return. Other banks are expected to launch this facility.
CBDT extends the ‘due-date’ for filing Returns of Income from 31st July, 2016 to 31st August, 2016, in case of Income-tax assessees in the State of Jammu & Kashmir who are required to file their return under section 139(1) of the Act by the said ‘due date’
Electronic Verification Code (EVC) can be generated through State Bank of India, AXIS bank and Canara bank ATMs. This will facilitate these bank’s customers, who may not have a Net-Banking account, to e-verify their return. Other banks are expected to launch this facility.
In order to facilitate filing of income-tax returns on 30th July & 31st July, 2016 (Sunday), CBDTin exercise of powers , hereby directs that necessary arrangements be made for receiving Income tax returns in all income-tax offices throughout the country on these days, during the normal working hours.
ITR is to be filed by filing the forms provided by Income Tax Department for this purpose. There are currently nine ITR forms provided by the department for different assessees. The different types of ITR forms released are based on different types of persons (Individual, H.U.F., Firm, Company etc.) and the various sources from which income can be earned (Salary, Capital Gains, Business & Profession etc.).
Following are the advantage of E-Filling:- Faster Turn Around Time: By eliminating mailing, handling, and keying in of returns, they are now processed more quickly and retrieved rapidly.
Krishna, July month has started. It is said that income tax return has to be filed in this month. So whoare required to file income tax return before 31st July and what care they should take before filing it? Arjuna, every person whose annual income exceeds the basic exemption limit i.e. exceeds Rs.2.5 lakhs, then he will be required to file income tax return compulsorily. Income tax return of F.Y. 2015-16 shall be filed before 31st July.
