INCOME TAX FORM

Reporting foreign income in income tax return: How to report foreign income, equity share in ITR form

Reporting foreign income in ITR: Individuals who have assets and income from overseas sources are mandated to utilize either ITR 2 or ITR 3 forms when filing their tax returns. This is because Schedule FA, which is specifically designed for reporting foreign assets and income, can be found in these forms.

How to report foreign income in ITR: Types of foreign income you need to report in ITR, which ITR form to use

Individuals with foreign assets and income must file their tax returns using either ITR 2 or ITR 3 forms, as Schedule FA is available in these forms. ITR Forms 2 and 3 include Schedule FA, which reports foreign assets, income, and beneficial ownership. This particular section is widely known for being quite complex and challenging to fill out in the ITR form. (Text by Naveen Wadhwa Vice-President, Taxmann; CA Manila Mehta Assistant Manager at Taxmann/ET Contributor)

How to file ITR-2 form: 10 documents you need to file ITR-2

How to file ITR-2 form: ITR-2 can be filed using the income tax department's Excel or Java programs, or online through the e-filing portal. Let's look closer at who should file ITR-2 and the important documentation required for filing.

How to file ITR-2 online with salary, capital gains and other incomes for FY 2023-24 (AY 2024-25)?

ITR-2 can be filed using the Excel or Java utilities provided by the income tax department, or online directly through the e-filing portal. This guide outlines the most effective way to file ITR-2 online, including examples of reporting salary, capital gains, and other incomes in the tax return form.

What is the difference between ITR-1 and ITR-2 forms?

ITR forms to use: When you file your income tax return, it is imperative to select either ITR 1 or ITR 2, based on your income sources for the fiscal year. Utilizing an incorrect form may prompt correspondence from the tax authority, necessitating rectification. Therefore, it is crucial to use the appropriate form to avert this situation.

ITR filing deadline should be permanently extended beyond July 31: Salaried get only 45 days to file tax returns

ITR filing deadline extension: The due date to file income tax return by a salaried individual is July 31, 2024 for FY 2023-24 (AY 2024-25). However, in reality salaried taxpayers get only 45 days to file their income tax return. Here are some reasons and why there is a need for permanent ITR filing deadline extension.

ITR filing 2023-24: Types of income not part of ITR-1 form

Individual taxpayers must file different income tax returns (ITR) based on their source of income and residence status. From AY 2024-25, the new tax regime will be the default option. Every year, you must select between the old and new tax regimes for that particular assessment year. Here is a look at a few important FAQs regarding ITR-1 form available on the Income Tax Department’s website.

TDS deduction from salary not enough: Salaried employees must file ITR despite tax deducted by employer

Income tax return for salaried: You need to file your income tax return even if you do not need to pay any income tax due to section 87A tax rebate. Also if you think that since TDS has been deducted from your income, you need not file ITR, then this notion is wrong.

Income Tax Return Filing 2024: Steps to file ITR without form 16

ITR filing: Some employees who receive a salary and self-employed individuals may not get Form 16. This can cause confusion when filing their Income Tax Return (ITR) because Form 16 is an essential document for this process.

ITR-1 (Sahaj) can be filed if your income is below Rs 50 lakh; Check if you are eligible or not

ITR filing: As per CA Shreya Jaiswal you can file ITR-1 only if your total income does not exceed Rs 50 lakh during FY 2023-24 (AY 2024-25) and provided you have satisfied certain other conditions as prescribed. However if you even have Re 1 of capital gains or loss you won't be able to file ITR-1

ITR filing: How to calculate taxable income for salaried, professional, freelancers and others

ITR filing: If you are a salaried individual then you need to know how to calculate taxable income for salary, professional, capital gains and other incomes. Once you have calculated the gross total income from various heads of income, you can claim deductions to reduce your net tax payable. Read here to know more.

ITR filing FY23-24: Want to reduce tax outgo? Know which deductions you can claim in old and new tax regime

Income tax return: While filing ITR you can claim certain tax deductions to reduce your total income tax outgo and increase the tax refund amount. According to CA Shreya Jaisal, "You can still claim additional deductions in your ITR even if they are not appearing in your Form 16, provided you have legitimate proof for it."

What is Form 16? How to download Form 16 to file income tax return (ITR)

How to download Form 16: The Form 16 is an important document that is provided by the employer to the employee annually, after the end of the financial year. It contains comprehensive details of the salary paid to the employee, including allowances, deductions, and net income. Additionally, it provides information on the taxes deducted at the source, such as TDS (Tax Deducted at Source). This certificate is essential for filing income tax returns as it provides a comprehensive summary of the TDS for the financial year, aiding in the accurate calculation of tax liability and ensuring compliance with tax regulations.

Got Form 16 from your employer? Check these points before filing ITR

Form 16 has all the essential information to file your income tax return easily. It's crucial to double-check that the information in Form 16 is accurate. The income tax department currently provides pre-filled ITR forms on its e-filing website. These pre-filled forms make it easier to compare the information with Form 16.

What is AIS, how to download it and how it helps taxpayers in ITR filing?

What is AIS, how to download AIS: Annual Information Statement (AIS) is a statement introduced by the income tax department in 2021. This statement is a comprehensive which help individuals and other taxpayers to get access of most of their financial transactions done in a financial year. It also helps in the knowing different sources of income.

Makeover likely to give faceless I-T assessment a friendlier face

"It is being reviewed to assess effectiveness," said an official, adding that there is a line of thinking that it should be made optional for taxpayers. Another official said the idea is to address challenges in its implementation to ease compliance further for taxpayers. A final call will be taken shortly, the official said. The scheme was introduced on April 1, 2021, to reduce the human interface in tax disputes and assessments.

ITR-1, ITR-2, ITR-3 or ITR 7: Which form to use to file income tax return this year

Documents required for ITR filing: 10 documents you need to file income tax return

Documents required for ITR filing: An individual should collect all the required documents such as Form 16, bank account statements, capital gains statement, depending on the incomes they have to make the ITR filing process easier. Here is the list of 10 documents that a taxpayer might need to file their income tax return this year.

What is Form 26AS? How to download Form 26AS to file Income Tax Return (ITR)

ITR filing for FY2023-24: Form 26AS is an important document for filing your income tax return (ITR). It shows the dates and amounts of advance tax payments and consolidates all your financial transactions.

Form 16 due date: When will you get TDS certificate from your employer?

Last date to get Form 16: Salaried individuals need Form 16 to make the ITR filing process easier for them. It is a TDS certificate showing all the taxes deducted during the financial year as well as total income paid by an employer during the financial year. Read on to know the deadline for employer to issue Form 16.

ITR filing forms for FY 2023-24 (AY 2024-25): Which income tax return form applies to you?

ITR forms: The important part of ITR filing process is to identify the correct the income tax return form applicable to their incomes. Filing income tax return using wrong ITR form will make the filed ITR as defective ITR. Read on to know the correct tax return form applicable to your incomes.

Moonlighting and ITR filing: Why moonlighters should file income tax return, form to use, other details

Moonlighting, driven by side hustles and remote work opportunities post Covid-19, requires moonlighters to carefully choose the right ITR form, consider the presumptive tax regime, and submit Form 10-IEA online for tax benefits under the old regime.

Salaried individual filing ITR? Advisable to wait till June 15

ITR filing for salaried individuals: The last date to file income tax returns for salaried and other taxpayers (whose accounts are not required to be audited) is July 31 every year. However, it is advisable for salaried individuals to start the process of filing their tax returns after June 15 due to following reasons.