INCOME TAXPAYERS
Capital gain taxation in Budget 2024: Income tax rate parity, uniform holding period for long-term gain; what taxpayers want Budget 2024 expectations: The present provisions of determining capital gains tax are complex and varied. The government has hinted at simplifying it, and the upcoming budget could be the perfect opportunity to make those changes. Here's how Budget ...
02 Jul, 2024, 02.05 PM ISTIncome tax refund: How to raise refund reissue request; a step-by-step guide Income tax refund: The tax department begins processing refunds after the taxpayer verifies the form electronically. The refund is typically credited to the taxpayer's account in four to five weeks. If your refund has failed, you have to submit a “R...
01 Jul, 2024, 05.35 PM ISTIncome tax Budget 2024 expectations: 10 ways the finance minister can ease income tax and financial burden of senior citizens Income tax Budget 2024 expectations: A notable percentage of taxpayers in India are senior citizens since they receive income, frequently through passive means. ET Wealth Online interviewed three specialists to discuss senior citizens' expectations ...
29 Jun, 2024, 10.29 AM IST- ADVERTISEMENT
Section 80C deduction in Budget 2024: Will the government increase Section 80C limit under the old income tax regime in Budget? Section 80C deduction in Budget 2024: The 80C limit has not increased in line with many people's income and costs. Because of this gap, many taxpayers use the entire 80C limit. This is why many want this limit to be increased.
28 Jun, 2024, 01.15 PM ISTIncome tax relief: Budget 2024 may increase standard deduction under new income tax regime Will Budget 2024 increase standard deduction: The Finance Minister in the 2023 Budget included a standard deduction of Rs 50,000 for salaried taxpayers and individuals getting pensions in the new tax regime. This standard deduction was made the auto...
28 Jun, 2024, 01.14 PM ISTWhat 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 financia...
26 Jun, 2024, 05.20 PM ISTMakeover 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...
26 Jun, 2024, 05.31 AM ISTITR 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 correc...
10 Jun, 2024, 02.41 PM ISTITR filing deadlines for different categories of taxpayers for FY2023-24 (AY 2024-25)03 Jun, 2024, 03.36 PM IST Aadhaar-PAN linking update: Pay penalty for not deducting higher TDS amount if PAN and Aadhaar not linked by this date The Income Tax Department has urged taxpayers to link PAN with Aadhaar by May 31, 2024, to avoid higher tax deducted at source (TDS) or tax collected at source (TCS). The TDS is deducted at a higher rate when a deductee’s (whose tax has been deducte...
28 May, 2024, 02.58 PM ISTI-T dept asks taxpayers to link PAN with Aadhaar by May 31 to avoid higher TDS deduction The income tax department urged taxpayers to link PAN with Aadhaar by May 31 to avoid higher tax deductions, as unlinked PANs incur double TDS rates. A circular allows no penalties for short TDS if linked by the deadline. Reporting entities must als...
28 May, 2024, 01.30 PM ISTIncome Tax department notifies cost inflation index for current fiscal The Income Tax Department has notified the Cost Inflation Index (CII) for the fiscal year 2024-25, set at 363, to calculate long-term capital gains from the sale of assets. The CII reflects economic inflation, with an increase of 15 points from the ...
25 May, 2024, 03.29 PM ISTFake notice from Income Tax Department: Know how to spot a sham notice sent by a scamster Income tax notice: There have been some instances of people receiving a fake income tax. Save yourself from this scam and learn how to spot a fake income tax notice. For example: a real income tax notice will never have a payment link inside it. Rea...
25 May, 2024, 01.09 PM ISTCentral govt employees, private employees can't claim LTA if they don't follow these rules; LTA eligibility, other latest updates LTA for central govt employees: Employers offer Leave Travel Allowance (LTA) to offset travel expenses during leave. It covers airfare, train tickets, or public transport, but reimbursement is capped by employer or tax limits. Confusions arise, espe...
20 May, 2024, 11.54 AM ISTCBDT brings new update in income tax AIS; now you can check the status of correction request; Here's how it works Annual Information Statement (AIS): The Central Board of Direct Taxes (CBDT) has updated the functionality of AIS which can be found on the compliance portal. Now after you put in a correction request, you will be able to see whether the reporting s...
14 May, 2024, 07.09 PM ISTTaxpayer is entitled to claim benefit of exempted income in revised ITR if it is filed within the deadline Income tax return: The Supreme Court of India has refused to accept a petition wherein the tax department's assessing officer (AO) contested that a individual be denied the benefit of exempted income which he claimed by filing a revised ITR. The rea...
14 May, 2024, 03.55 PM ISTNew functionality in AIS rolled out for taxpayers CBDT introduces AIS feature for real-time taxpayer feedback on transactions, enhancing data accuracy, compliance, and taxpayer services, covering tax deductions and financial data sources.
14 May, 2024, 12.24 AM ISTIncome tax filing: 3 updated utilities available for filing this ITR form for AY 2024-25; find out which one works best for you Income tax filing: Are you an individual or Hindu Unidivided Family who have income from business or profession and do not want to opt for presumptive taxation scheme? Then you may need to file ITR-3. To help you file ITR-3 easily, the income tax de...
11 May, 2024, 03.46 PM ISTDealing with income tax notices, intimations or letters? This new feature in ITR portal will make your life easier Income tax e-filing ITR portal: Two new changes were made specifically on the e-Proceedings tab of the e-filing ITR portal. The e-Proceedings tab houses all income tax notice, intimations and letters issued by the income tax department. With these c...
10 May, 2024, 10.23 AM ISTReceived a tax notice seeking more details, or for not filing your ITR? Here's are some key things to know This particular notice, covered under Section 142(1), is sent to taxpayers who fails to file their income tax returns. This is also sent when the taxman feels that more details about a taxpayer is required.
08 May, 2024, 11.58 AM IST