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Choose correct ITR to report foreign assets; 2 lakh such returns filed: CBDT official
1 month ago

Choose correct ITR to report foreign assets; 2 lakh such returns filed: CBDT official

Deccan Chronicle  

New Delhi: As many as two lakh Income Tax Returns containing details of foreign assets and income have been filed during the current assessment year till now, according to the tax department which urged Indian residents for tax purposes to ensure they file the right form and revise their returns if they submitted the wrong form. The shares obtained and …

Indian Assets Income Tax Report Department Foreign Officer
ITR filing: Who is responsible for paying taxes on minor's earnings?
5 months ago

ITR filing: Who is responsible for paying taxes on minor's earnings?

Business Standard  

India is increasingly seeing a surge in young entrepreneurs, child actors, and social media influencers, many of whom are under the age of 18. Under the Indian Income Tax Act, any income earned by minors is taxable, but the obligation to file and pay taxes generally lies with the parents or guardians. This is mainly governed by Section 64 of …

India Parents Tax Child Income Act Earned
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
Do You Own An Electric Vehicle? It Can Save You Taxes, Here's How
7 months, 2 weeks ago

Do You Own An Electric Vehicle? It Can Save You Taxes, Here's How

News 18  

Tax Benefits on Electric Vehicles in India: The Indian government is pushing for a greener future, and electric vehicles are a key part of the plan. But did you know there’s a hidden income tax deduction specifically for the interest paid on loans taken to purchase EVs? Here’s the deal: Under Section 80EEB of the Income Tax Act, individual taxpayers …

Income Tax Loan Electric Itr Deduction Rs 1 Lakh Interest Paid
ITR filing for FY 2022-23: How to correct any mistakes made while filing ITR
1 year, 6 months ago

ITR filing for FY 2022-23: How to correct any mistakes made while filing ITR

India Today  

While filing an income tax return, it is common to make small errors. Section 139 of the Income-Tax Act, 1961 enables taxpayers to correct errors in their original tax returns by filing a revised return. It's important to understand that filing a revised ITR means submitting a new return that includes the necessary corrections under Section 139 of the Income …

Tax Income Return Itr Filing Revised Itr
Are retirement benefits taxable? How retired employees can file ITR in FY24?
1 year, 8 months ago

Are retirement benefits taxable? How retired employees can file ITR in FY24?

Live Mint  

Retirement benefits are cash advantages received by retired people in their golden years. Common retirement benefits such as a pension, gratuity, Voluntary Retirement Schemes, leave encashment, and National Pension Scheme are taxed based on income tax slab rates and other applicable provisions of the law. Akhil Chandna, Partner, Tax, Grant Thornton Bharat Retirement benefits includes various options such as pension, …

India Salary Benefits Tax Gratuity Retirement Benefits Income
Income tax guide on pension: How to file pension income in ITR?
1 year, 8 months ago

Income tax guide on pension: How to file pension income in ITR?

Live Mint  

Pension income is considered "Salary Income" and is taxed at the taxpayer's appropriate slab rates. Pension income is taxable for senior citizens and super senior citizens depending on whether it is received from a former employer or from the government. CA Arpit Jain, Joint MD, Arihant Capital If you receive retirement benefits in the form of a pension the amount …

Family Pension Interest Income Senior Citizens Citizens Senior Tds Ita
How to file income tax return: Step-by-step guide, documents needed
2 years, 9 months ago

How to file income tax return: Step-by-step guide, documents needed

Hindustan Times  

Here is everything you need to know about filing ITRs. Resident individuals, for example, with less than ₹50 lakh in annual income, no more than one house owned and minimal agricultural income must file ITR 1. Form 26AS - this is an annual statement that includes details of TDS Step-by-step guide to filing Income Tax Return Log on to the …

Tax Income Filing File Account Itr Return
Income Tax Rule Change Budget 2022: You can Update ITR Within 2 Years, What it Means
2 years, 10 months ago

Income Tax Rule Change Budget 2022: You can Update ITR Within 2 Years, What it Means

News 18  

Budget 2022 has tightened the income tax filing norms for regular taxpayers. They can update their income tax returns within two years from the end of relevant assessment year by paying an additional tax. New ITR Rule: What Changes after Budget 2022 According to the current income tax laws, an individual taxpayer gets time till December 31 of relevant financial …

Tax Budget Income Filing 2022 Two Years Return
Belated Returns: How to file ITR after due date
2 years, 11 months ago

Belated Returns: How to file ITR after due date

India Today  

The general due date for filing the Income Tax Return by Assesse was December 31, 2022, but the finance ministry has extended till March 31, 2022. Here is how to file an Income Tax Return after the due date: The process of filing a belated return is the same as filing the return on or before the due date. If …

Tax Income Date Filing File Itr Return
The complex task of reporting foreign income
3 years ago

The complex task of reporting foreign income

Live Mint  

The enactment of the Black Money Act in 2015 instituted a notable makeover in income tax returns to envelop extensive disclosures capturing details of foreign assets and income, making the intent loud and clear. A resident taxpayer holding foreign assets or foreign interest at any time during the relevant accounting period needs to necessarily disclose the same in the ITR …

Tax Assets Income Schedule Foreign Form Itr
Forgot to File Your Income-Tax Returns? Here's What You Can Do
3 years, 8 months ago

Forgot to File Your Income-Tax Returns? Here's What You Can Do

News 18  

Have you filed your Income Tax Return for the financial year 2019-20? The deadline for Financial Year 2019-20 was earlier extended from July 31 to November 30, 2020 and then to December 31, 2020 and finally to March 31, 2021 in the wake of the coronavirus pandemic. Starting Assessment Year 2018-19 a penalty is applicable under Section 234F of the …

Income Tax File Itr Return
Can I claim LTC while filing tax return? My company not accepting documents now
3 years, 9 months ago

Can I claim LTC while filing tax return? My company not accepting documents now

Live Mint  

I could not submit the relevant documents for availing LTC in time and therefore the employer will treat this allowance as taxable for the limited purpose of tax deduction and deduct tax on it. While determining the tax liability of an employee, the employer is required to take into account all the exemption and deduction which an employee is entitled …

Tax Documents Employee Itr Claim Employer Allowance
ITR 2019-20: Govt extends deadline till 10 Jan; individuals, firms requiring audit can file income tax return by 15 Feb
3 years, 11 months ago

ITR 2019-20: Govt extends deadline till 10 Jan; individuals, firms requiring audit can file income tax return by 15 Feb

Firstpost  

The govt has also extended the due date for filing declaration under the direct tax dispute resolution scheme Vivad Se Vishwas by a month till 31 January while the deadline for filing GST annual return for FY2019-20 has been extended by two months till 28 February, 2021 The government on Wednesday extended the deadline to file income tax returns for …

Income Tax Filing Jan File Pan Itr Return
Refund can be claimed only if you file ITR
4 years ago

Refund can be claimed only if you file ITR

Live Mint  

My daughter was abroad in FY19 and FY20. Does she need to file income tax return in India for assessment year 2019-20 and AY21? A person, who is resident in India for income tax purposes, must report her entire global income in the tax return for India. If the gross total income of your daughter in any year exceeds ₹2.5 …

India Tax Income Itr