ITR PROCESSING
Last date to file ITR is July 31; Taxpayers take to social media to complain about issues with e-filing portal
Glitches on e-filing ITR portal: It's important to keep in mind that if you wait until closer to the deadline to file, you may experience technical difficulties on the e-filing portal and encounter other issues. Therefore, it's advisable to complete your filing well before the due date to avoid potential problems.
Annual Information Statement password: What is the password to open AIS to file ITR
Taxpayers can provide feedback on information displayed in AIS. AIS shows both reported value and modified value (i.e. value after considering taxpayer feedback) under each section. Note that the AIS PDF will be password-protected when you download it.
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.
Last date for filing income tax return (ITR) for FY 2023-24 (AY 2024-25)
ITR filing last date: According to the tax laws, different taxpayers have varying due dates for filing their income tax returns. It is crucial to ensure the return is filed by the deadline to prevent potential penalties, such as late filing fees and the inability to choose the old tax regime.
How HNIs can save tax by choosing new tax regime while filing ITR for FY 2023-24 (AY 2024-25)
The Union Budget 2023 reduced the maximum surcharge rate from 37% to 25% for taxpayers who choose the new tax system. This change lowered the maximum marginal rate to 39% from 42.744%. As a result, high net worth individuals (HNIs) will see significant tax savings due to this amendment.
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ITR filing: How to check income tax refund status online
Income tax refund status: If you've overpaid taxes for a financial year, you can claim an income tax refund after filing your income tax return (ITR). The refund is issued after your ITR is processed and confirmed via an intimation notice under section 143(1) of the Income-tax Act, 1961. The deadline for filing returns for FY 2023-24 (AY 2023-24) is July 31, 2024.
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.
How to file ITR for FY23-24: Claim deductions, exemptions carefully while filing income tax return or you may end up in jail
Two out of three respondents in our survey believed honest people pay more tax, while one out of five respondents felt that the tax authorities were lenient with dishonest people. “Taxpayers feel they are not getting anything in return for the tax paid. They use this belief as a justification for evading tax,” says Kaushik of TaxSpanner.com. Be careful while fining income tax return for the financial year 2024-25 or assessment year 2024-25.
You won’t get any income tax refund unless you verify your ITR; here’s how to verify ITR online, offline
Income tax return verification: You filed income tax return will be cancelled if you don't verify it within 30 days of filing of ITR. There are multiple ways to verify an filed ITR including a offline process. Read below to find out various ways of verifying a income tax return (ITR) online and offline.
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."
Income tax return processing status: How much time it takes for tax department to process ITR
Processing of ITR: The income tax return (ITR) filing deadline for for the financial year 2023-24 (assessment year 2023-24) is July 31, 2024. It's crucial to file the ITR by the specified deadline to avoid penalties and late fees. Additionally, it's important to ensure that the Income Tax Department promptly processes the filed ITR.
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.
How to file ITR-1 with salary, income from house property and other sources for FY 2023-24 (AY 2024-25)
File ITR-1 online: Here is a step by step guide on how salaried individuals can file their income tax return using ITR-1 form easily on the income tax department's e-filing website. ITR-1 form is also known as Sahaj. Individuals having income from salary, house property, interest and dividend incomes can use ITR-1 to file income tax return.
How to claim income tax refund online when filing ITR for FY 2023-24
How to claim income tax refund online: You may be eligible for a tax refund if you have paid more taxes than you owe. You can claim the refund when filing your income tax return (ITR) by the deadline of July 31, 2024 for FY 2023-24 (AY 2024-25).
ITR e-verification: How to e-verify ITR, timelimit, other important FAQs
The ITR is deemed invalid or will not be regarded as filed if the assessee does not validate it within the allotted period. e-Verification is the most convenient and instant way to verify your ITR.
ITR filing: Comparison of ITR filing charges across different websites: Cleartax, TaxBuddy, Tax2Win, KoinX, TaxNodes, TaxSpanner
ITR filing charges: This article compares the price of filing ITR across different third party websites like Clear, TaxBuddy, Tax2Win, KoinX, TaxNodes, Quicko and others. Filing of ITR is always free on the income tax department's e-filing ITR portal, however if you need any specialised assitance then you either need to hire a CA or use any of the third party websites.
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.
ITR filing FY2023-24: How to register online on e-filing portal to file income tax return; a step-by-step guide
How to register on e-filing portal to file ITR: To file your income tax return online, new taxpayers must first sign up online. Signing up on the e-Filing website enables you to utilize the various features and tax services offered by the portal. Below is a detailed guide to registering online on the e-filing portal for the purpose of filing income tax returns.
Error in AIS: How to correct errors in Annual Information Statement to file ITR
ITR filing: The Annual Information Statement (AIS) is comprehensive view of information for a taxpayer displayed in Form 26AS. Taxpayers can provide feedback on information displayed in AIS.
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.
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.
CBDT 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 source took any action at all. CBDT says this makes the system more transparent.
Income 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 department has launched online, offline using Java and Excel based utilities. But which one is better?
Dealing 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 changes implemented in the e-filing portal, taxpayers who have multiple tax proceedings would benefit.
Does choosing old tax regime for TDS on salary lead to smoother ITR processing, income tax refund claims?
Income tax regime, ITR processing: The income tax laws allow switching of tax regime from old to new or vice-versa at the time of filing income tax return. Any tax regime can be chosen irrespective of what was chosen for tax to be deducted from salary by employer. However, does switching of tax regime impact how your income tax return is processed by tax department.
Pending income tax refunds relating to AY 2021-22 would be processed by this date; check email for confirmation
Income tax refund: The Central Board of Direct Taxes (CBDT) has said that individuals who are still waiting to get their tax refund for FY 2020-21 (AY 2021-22) may get it by April 30, 2024. If you are eligible for receiving this tax refund a email from the tax department would come intimating the amount of refund. Check your inbox now.
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