Articles for Income Taxpayers

ITR deadline: Has income tax return deadline for audit cases been extended?
1 month, 1 week ago

ITR deadline: Has income tax return deadline for audit cases been extended?

Hindustan Times  

The Income Tax Department has not extended the November 15, 2024 deadline for filing income tax returns by taxpayers subject to audit and also for other designated ones, The Economic Times reported. The Income Tax Department has not extended the November 15, 2024 deadline for filing income tax returns by taxpayers subject to audit and also for other designated ones …

Audit Filing Itr Deadline Income Taxpayers
ITR filing: Deadline to file tax returns for corporates, some taxpayers is November 15; Check penalty and other details
1 month, 1 week ago

ITR filing: Deadline to file tax returns for corporates, some taxpayers is November 15; Check penalty and other details

Live Mint  

The deadline to file income tax returns by corporates and individuals requiring audit for the financial year 2024-25 is November 15, 2024. Types of taxpayers to file returns by Nov 15: As per an Economic Times report citing Prakash Hegde, a chartered accountant, there are three types of taxpayers who have to file ITR by November 15, for the financial …

Tax Audit Report File Itr Deadline Tax Returns
The rationale for the tax proposals
5 months ago

The rationale for the tax proposals

The Hindu  

The 2024-25 Budget is not just an account of receipts and expenditures for the financial year; it also sets the stage for several years in terms of expectations. Budget 2024 |Middle class discontented, real estate sector applauds tax reforms Regarding the general proposals, two sets pique interest — first, those relating to capital markets and second, those relating to the …

Finance India Tax Budget Capital Markets Income Capital
Income Tax Returns, Budget 2024: Taxpayers must show home rent income under ‘income from house property’
5 months ago

Income Tax Returns, Budget 2024: Taxpayers must show home rent income under ‘income from house property’

The Hindu  

All rental income of individual taxpayers from residential properties will be charged under the head 'income from house property' and not as income from business or profession, according to the Budget document. "It is proposed that income from letting out of a house or part of the house by the owner, shall not be charged under the head 'profits and …

Business Tax Property Budget Income House Head
Income tax returns: False HRA while filing ITR could cost you this much
6 months ago

Income tax returns: False HRA while filing ITR could cost you this much

Hindustan Times  

House Rent Allowance is deducted by employers from salaries and can be seen in part B of Form 16 while you are filing an Income Tax Return. ITR filing: Here’s how to claim HRA correctly during tax filing in order to maximize your tax savings Claiming HRA correctly is a legal requirement as well as a valuable tax-saving tool for …

Tax Itr Rent False Hra Hra Claim
ITR Filing for 2023-24: Key documents required for income tax returns
6 months, 1 week ago

ITR Filing for 2023-24: Key documents required for income tax returns

Hindustan Times  

As the income tax return filing season has set in, these are the key documents which taxpayers should possess for duly furnishing their tax returns, as said by Dr. Suresh Surana, Founder of RSM India to the Financial Express. Individual taxpayers who are not required to audit their financials, need to take note of the following documents that they may …

Tax Documents Income Pan Return Details Taxpayer
Income Tax Return filing: 60 days to go! A lowdown on the tax forms you can opt for
6 months, 3 weeks ago

Income Tax Return filing: 60 days to go! A lowdown on the tax forms you can opt for

Live Mint  

As the deadline of July 31 to file income tax return for FY 24 draws closer, taxpayers are expected to scurry through their files and folders to arrange the documents they require. Most documents are generally available online, so are the income tax return filing forms on income tax e-filing portal. Income Tax return filing forms to choose from: ITR-1: …

Income Tax Income Filing Itr Return This Form Income Tax Return
Income tax refunds: Taxpayers to get pending refunds for FY2020-21 by April 30. Check your email
9 months, 1 week ago

Income tax refunds: Taxpayers to get pending refunds for FY2020-21 by April 30. Check your email

Hindustan Times  

Income Tax: The Income Tax Department said that taxpayers who are still waiting for their tax refunds of FY2020-21 will get their payments by April 30. Income tax refunds: The Income-Tax department issues an intimation notice under Section 143 of Income-tax Act, 1961. Following a return request at the Centralised Processing Centre by a taxpayer within a specified period, the …

Tax Income Return Refund Intimation Notice
What Happens If I Miss Deadline to File Income Tax Returns?
1 year, 4 months ago

What Happens If I Miss Deadline to File Income Tax Returns?

Deccan Chronicle  

July 31, Monday, marks the final day for taxpayers to file their Income Tax Returns for the financial year 2022-23. The Income Tax Department has been closely monitoring the situation and informed that its helpdesk is functioning 24x7 to provide additional support to handle the anticipated influx of taxpayers seeking assistance in the eleventh hour. The Income Tax Department has …

Income Department File Deadline Tax Returns Taxpayers Itr Filing
Missed your ITR ever before? ITR-U is here to help
1 year, 7 months ago

Missed your ITR ever before? ITR-U is here to help

Live Mint  

Are you one of those taxpayers who missed the income tax filing deadline this year? In this article, we'll discuss everything you need to know about filing overdue income tax returns using ITR-U. The Income tax section 139 allows taxpayers a chance to update their ITR within two years from the end of the year in which the original return …

Tax Income Filing File Itr Return Returns
Is the New Tax Regime beneficial to individual taxpayers in real sense?
1 year, 11 months ago

Is the New Tax Regime beneficial to individual taxpayers in real sense?

Live Mint  

Union Budget 2020 introduced the concessional/New Tax Regime under section 115BAC of the Income-tax Act, 1961 providing individuals andHUFtaxpayers an option to pay income tax at lower rates; subject to forgoing certain exemptions and deductions. Under the NTR, salaried individuals must forgo exemptions like House Rent Allowance, Leave Travel Allowance and deductions for prescribed investments/expenses which are otherwise available under …

Income Ntr Regime Deduction Taxpayers Salaried Taxpayers Otr
What is co-browsing feature on Income Tax e-filing website? Check advantages here
2 years, 1 month ago

What is co-browsing feature on Income Tax e-filing website? Check advantages here

Firstpost  

The Income Tax Department has introduced a new feature of co-browsing on the website for e-filing. The ability to remotely assist clients with ITR filing and other procedures on the e-filing website will now be easier for the helpdesk as well. As stated on the Income Tax website, the co-browsing option will enable tax agents to assist taxpayers with real-time …

Tax Itr Taxpayer
Income tax return update: Check ITR filing last date
2 years, 5 months ago

Income tax return update: Check ITR filing last date

India Today  

It's that time of the year when taxpayers are gearing up to file an income tax return to the income tax department. While filing income tax returns, one must be careful about picking the right ITR forms. ITR FILING LAST DATE The last date of filing ITR changes for different taxpayers. ITR FILING LATE FEE According to income tax laws, …

Tax Income Date Filing Itr Last Date Itr Filing
Income tax rebate to PPF, top 5 budget 2022 announcements expected
2 years, 10 months ago

Income tax rebate to PPF, top 5 budget 2022 announcements expected

Live Mint  

Budget 2022 expectations: After Economic Survey painting India in an optimistic light with good macro-stability indicators, earning individuals and taxpayers are expecting some relief form Nirmala Sitharaman when she presents her fourth general budget today. From raise in annual limit of Section 80C of the Income Tax Act to PPF deposit limit, taxpayers are expecting some relief in income tax …

Lakh Annual Limit Nirmala Sitharaman Icai Expecting Ppf
I-T department relaxes time till February 2022 for taxpayers to complete verification of FY'20 ITRs
2 years, 11 months ago

I-T department relaxes time till February 2022 for taxpayers to complete verification of FY'20 ITRs

The Hindu  

Taxpayers who have not e-verified their ITRs for 2019-20 fiscal can complete the verification process by February 28, 2022, as the Income Tax department has given a one-time relaxation to assessees. As per law, an income tax return, filed electronically without a digital signature, has to be verified electronically through Aadhaar OTP, or net-banking, or code sent through demat account, …

Bengaluru Tax Verification Process Cpc Itr Return
New income tax portal: This is why you need to re-register digital signature certificate
3 years, 6 months ago

New income tax portal: This is why you need to re-register digital signature certificate

Live Mint  

The income tax department has informed taxpayers to re-register their digital signature certificate once again on the newly launched I-T website. On Monday, the income tax department launched a new portal e-filing 2.0, which will make the online filing of returns and tax payment easier. The income tax department also asked taxpayers to re-register their DSC, update personal mobile number …

Tax Digital Dsc Itr Signature Portal Digital Signature Certificate
Budget 2021: Are you expecting big income tax relief this year? ’You will be disappointed’
3 years, 10 months ago

Budget 2021: Are you expecting big income tax relief this year? ’You will be disappointed’

Live Mint  

Finance minister Nirmala Sitharaman has promised a Union Budget like "never before" in 2021. In the view of rising inflation, the salaried Indian middle class taxpayers are expecting some relief from Union Budget 2021 amid COVID-19 pandemic. "The salaried class could be disappointed if it’s expecting for reduction in tax rates," said Divakar Vijayasarathy, founder & managing partner, DVS Advisors …

Gupta Income Taxpayers Budget 2021
Parliament Passes Bill Providing Relief to Taxpayers on Compliance Front Amid Covid-19
4 years, 3 months ago

Parliament Passes Bill Providing Relief to Taxpayers on Compliance Front Amid Covid-19

News 18  

Parliament on Tuesday gave its approval to a taxation bill that seeks to provide various reliefs in terms of compliance requirements for taxpayers amid the coronavirus pandemic. The Taxation and Other Laws Bill, 2020, which seeks to replace an ordinance and make few other changes in direct and indirect tax laws, was returned by a voice vote in Rajya Sabha. …

Tax Bill Pan
What is ‘faceless’ tax assessment? All you need to know
4 years, 4 months ago

What is ‘faceless’ tax assessment? All you need to know

Hindustan Times  

While launching a new tax scheme on Thursday to honour and encourage honest taxpayers, Prime Minister Narendra Modi said the platform for “Transparent Taxation – Honoring the Honest” offers big reforms such as faceless assessment, faceless appeal, and taxpayers charter. “Faceless assessment and taxpayers charter come in force from today, whereas faceless appeal service will be available from September 25,” …

Tax Assessment Officer Modi Pm Modi System Taxpayer