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6 days, 2 hours ago

CBDT launches campaign to intimate taxpayers on mismatch in ITR filed and AIS

The income tax department on Tuesday said it is sending SMS and emails to taxpayers and non-filers where it has identified mismatch between transactions reported in Annual Information Statement and income disclosed in ITRs for the financial years 2023-24 and 2021-22. In a statement, the Central Board of Direct Taxes said it has launched an electronic campaign to assist taxpayers …

Information Campaign Income Reported Itr This Campaign Cbdt

1 week ago

Personal loan for self-employed: How can one raise money based on ITR. Details here

Live Mint

Self-employed individuals can avail of personal loans by providing their Income Tax Return documents as proof of income. Banks typically assess their income tax returns to assess their financial stability, repayment capacity, and eligibility. If you want to procure a personal loan, you need to gather an income tax return for the past 2 to 3 financial years. Typically range …

Personal Bank Loan Personal Loan Income Banks Itr

1 week, 1 day ago

ITR advance tax deadline today: Who all should pay these taxes? All you need to know

Live Mint

As the third installment of advance tax is due on December 15, taxpayers are reminded of the importance of adhering to this deadline to stay compliant and avoid penalties. Advance tax, often referred to as the "pay-as-you-earn" tax, is a requirement for individuals and businesses whose tax liability for the financial year exceeds ₹10,000. Salaried individuals are also required to …

Income Liability Advance Tax Deadline 15 Taxpayers

1 week, 1 day ago

ITR Advance Tax Deadline Today: Know how to pay tax before due date to avoid penalty

India TV News

The advance tax deadline is nearing and taxpayers with an income tax liability exceeding Rs 10,000 must pay advance tax by December 15. According to Section 208 of the Income Tax Act, 1961, taxpayers with an estimated tax liability of over ₹10,000 in a year, are required to pay tax in installments in the form of advance tax. As per …

Tax Pay Liability Advance

1 month ago

Failure to disclose foreign assets, income to invite ₹10 lakh penalty: I-T dept

The Hindu

The Income-Tax Department on Sunday cautioned taxpayers that failure to disclose assets held abroad or income earned in foreign shores in the ITR can attract a penalty of ₹10 lakh under the anti-black money law. The advisory specified that foreign asset, for a tax resident of India in the previous year, includes bank accounts, cash value insurance contracts or annuity …

Tax Assets Income Foreign Itr Asset Foreign Asset

1 month, 1 week ago

Taxpayers Alert: CBDT’s new campaign helps you accurately report foreign assets and income for AY 2024-25

Live Mint

The Central Board of Direct Taxes has started a Compliance-Cum-Awareness Campaign for Assessment Year 2024-25 to assist taxpayers in correctly completing the Schedule overseas assets and appropriately reporting income from overseas sources in their income tax returns. The purpose is to remind and guide those who may not have fully completed Schedule Foreign Assets in their submitted ITR for AY …

Tax Assets Income Foreign Itr Cbdt Taxpayers

1 month, 1 week ago

State of income tax in India: Rich pay more, middle class less

Firstpost

Income tax liability on salaried individuals earning less than Rs 20 lakh a year, broadly described as middle class, has fell sharply during the 10 years of Prime Minister Narendra Modi-led government. Also, the income tax liability of those earning more than Rs 50 lakh has increased 3.2 times or 282 per cent, from Rs 2.52 lakh crore in 2014, …

Tax Income Tax Pay Income Middle Class Liability Middle

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

2 months, 3 weeks ago

Credit Card: HDFC updates eligibility for Infinia and Diners Club Black cards. Details here

Live Mint

Credit Card: HDFC Bank has revised eligibility for its premium credit cards. HDFC Bank has upgraded the eligibility criteria for its super premium credit cards such as ‘Infinia’ and ‘Diners Club Black’. Similarly, the salary limit for those employed in the private sector has been set at ₹2.5 lakh per month for ‘Diners Club Black’ and ₹1.75 lakh per month …

Credit Bank Credit Card Eligibility Income Credit Cards Month

4 months, 2 weeks ago

A Tough Life With Little Earnings, India's Gig Delivery Workers Lack Financial Literacy: Report

News 18

Borzo, a global delivery company, conducted a study to delve into the financial literacy of gig delivery workers by understanding their awareness and comprehension of savings tools, taxation and slabs, income, etc. Here are the key insights from the report: Survey Findings: Income Range: A significant majority of gig delivery workers reported annual incomes less than Rs 2,50,000. The data …

India Financial Tax Financial Literacy Delivery Workers Pay

4 months, 3 weeks ago

ITR filing: 'Over 5 crore returns filed so far this fiscal year', says Income Tax Department

India TV News

The Income Tax Department on Saturday revealed that more than 5 crore Income Tax Returns have been filed on the e-filing portal so far this fiscal year. In a post on social media platform X, the IT Department said, "More than 5 crore ITRs for AY 2024-25 have already been received on the e-filing portal of the Income Tax Department …

Tax Income Department Filing File Itr Tax Department

5 months, 2 weeks ago

ITR filing 2024: How to choose right Income Tax return form? Check types of forms

India TV News

Income Tax Return Filing: Whether you are employed or have your own business, as an individual taxpayer, you need to file your Income Tax Return by July 31. Check types of forms and know its uses Form ITR 1 Form ITR 1 is for resident individuals whose total income does not exceed Rs 50 lakh during the financial year. Form …

Tax Income Form File Itr Return Income Tax Return

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

6 months ago

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?

Hindustan Times

If your gross taxable income exceeds basic exemption limit, it is mandatory for you to file an income tax return. But this does not mean you have to pay income tax as there is a tax rebate under section 87A of the Income tax Act, 1961 owing to which you are eligible if your net taxable income does not exceed …

Income Tax Lakh Regime Itr

6 months, 1 week ago

ITR Filing: Income tax slab rates and deductions for old and new tax regimes

Hindustan Times

With the Income Tax filing deadline coming up on July 31, 2024, one should be aware that there are two types of tax regimes: The old tax regime and new tax regime with different slab rates. Representational The Government implemented the new tax regime as an optional alternative to the old tax system from the financial year 2020-21. New tax …

Tax Income Old Regime Itr 15 Lakh

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

7 months, 2 weeks ago

ITR Filing AY 2024-25: Boost Your Tax Refund By Claiming THESE 5 Lesser-Known Deductions

News 18

Tax Deductions You Can Claim To Save On Your Taxes? Here are a few deductions that may not be popular, but could offer potential tax savings: National Pension Scheme: Contribution to NPS Tier 1 account is eligible for an additional deduction of Rs 50,000 under section 80CCD. Medical expenditure incurred for senior citizen parents: While many taxpayers are familiar with …

Tax Income Itr Claim Paid Rent Deductions

8 months, 2 weeks ago

What Will Happen If You Do Not File Your ITR Before The Deadline

News 18

March has ended, and with the income tax filing season in full swing, individuals are busy ensuring they meet their tax obligations. Missing this deadline can impact your ability to choose between the old and new tax regimes. Filing before this deadline allows taxpayers to select between the old and new tax regimes. In contrast, the old tax regime offers …

Tax Income Old Regime Itr Deadline

9 months, 1 week ago

Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax

Hindustan Times

The deadline for submitting an updated income tax return for the financial year 2020-21 is on March 31. The provision allows taxpayers who missed filing their return for the said financial year or failed to report any income to file an updated ITR. There is no financial imposition on individuals wishing to furnish an updated return but they have to …

Income Tax File Itr Return Additional 31 Updated Updated Itr

10 months, 2 weeks ago

CBDT notifies new ITR forms for Assessment Year 2024-25. Which one is for you?

Hindustan Times

The Income Tax department has officially notified income tax return forms 2, 3, and 5 for the assessment year 2024-25. ‘Average processing time of ITR reduced in 10 years’: FM Sitharaman Union finance minister Nirmala Sitharaman, while presenting interim Union Budget, on Thursday lauded the ‘transformative shift in tax assessment methodologies over the past five years’. Budget 2024 Highlights: Rooftop …

Tax Income Itr Tax Returns

1 year, 2 months ago

Taxpayers might not get an income tax refund if the tax department has sent this notice. Details here

Live Mint

If the Income Tax Department has issued a tax notice under Section 245 of the Income Tax Act, 1961, an individual may not receive the income tax refund they requested when filing their income tax returns, reported Economic Times. The Department may issue a Section 245 notice when the current year's income tax refund is being used to offset the …

Income Tax Notice Department Cpc Itr Previous Years Refund

1 year, 2 months ago

Income Tax Return: Failure to declare foreign shares, investments, or assets can lead to a penalty of Rs 10 lakh

Live Mint

Failing to disclose foreign shares and other overseas assets in your income tax return can have significant financial consequences. According to the report, a Mumbai Income Tax Appellate Tribunal imposed a penalty of Rs 10 lakh for each year in which foreign shares and other assets were not disclosed in the “Schedule FA” of the individual’s ITR. Under Section 43 …

India Tax Penalty Indian Assets Income Schedule

1 year, 4 months ago

1.69 lakh individuals reported annual income of over ₹1 crore in ITR

Hindustan Times

Individuals reporting annual total income of over ₹one crore have doubled to 1.69 lakh in the two-year period ending March 2022, the income tax department data showed. During AY 2022-23, over 2.69 lakh entities, including individuals, companies, firms and trusts, have shown total income of above ₹ 1 crore. As per the tax return data filed in assessment year 2022-23, …

Crore Lakh Filed Itr Individuals Total Income

1 year, 4 months ago

ITR last date today: Over 6 crore returns filed. Support available 24x7, says IT dept

Hindustan Times

ITR Filing 2023 LIVE Updates: July 31, the last date to file income tax returns for the financial year 2022-23, has arrived, and there is no hint or indication yet from the government on whether there will be an extension to the deadline. There is no hint from the govt yet on whether the deadline will be extended On Sunday, …

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Articles for Itr, search results for individuals

CBDT launches campaign to intimate taxpayers on mismatch in ITR filed and AIS

Personal loan for self-employed: How can one raise money based on ITR. Details here

ITR advance tax deadline today: Who all should pay these taxes? All you need to know

ITR Advance Tax Deadline Today: Know how to pay tax before due date to avoid penalty

Failure to disclose foreign assets, income to invite ₹10 lakh penalty: I-T dept

Taxpayers Alert: CBDT’s new campaign helps you accurately report foreign assets and income for AY 2024-25

State of income tax in India: Rich pay more, middle class less

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

Credit Card: HDFC updates eligibility for Infinia and Diners Club Black cards. Details here

A Tough Life With Little Earnings, India's Gig Delivery Workers Lack Financial Literacy: Report

ITR filing: 'Over 5 crore returns filed so far this fiscal year', says Income Tax Department

ITR filing 2024: How to choose right Income Tax return form? Check types of forms

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

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?

ITR Filing: Income tax slab rates and deductions for old and new tax regimes

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

ITR Filing AY 2024-25: Boost Your Tax Refund By Claiming THESE 5 Lesser-Known Deductions

What Will Happen If You Do Not File Your ITR Before The Deadline

Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax

CBDT notifies new ITR forms for Assessment Year 2024-25. Which one is for you?

Taxpayers might not get an income tax refund if the tax department has sent this notice. Details here

Income Tax Return: Failure to declare foreign shares, investments, or assets can lead to a penalty of Rs 10 lakh

1.69 lakh individuals reported annual income of over ₹1 crore in ITR

ITR last date today: Over 6 crore returns filed. Support available 24x7, says IT dept