NEW INCOME TAX FORM
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.
Budget 2024 should hike basic income tax exemption limit to Rs 5 lakh in both old and new tax regimes: Deloitte
Finance Minister Nirmala Sitharaman is likely to present Union Budget 2024 this month. Salaried taxpayers are eagerly waiting for some much-needed tax benefits from the upcoming Budget. According to Deloitte, salaried people want Finance Minister to revamp tax slab benefits, adjust HRA rates, incentivise EV sales, and promote affordable housing in Budget.
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.
US Treasury finalises new crypto tax reporting rules
The new tax reporting requirements for crypto brokers aim to improve accuracy, ensuring that crypto owners pay the tax owed on digital asset transactions. The rules will help simplify reporting and may lead to additional IRS regulations for non-custodial brokers in the future.
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Income 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 for the forthcoming Union Budget 2024.
Income 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 automatic choice, unless taxpayers chose not to take it.
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.
New tax regime to old tax regime: How to choose old income tax regime when filing ITR for FY2023-24
New tax regime to old tax regime: Starting from April 1, 2023, if a taxpayer has not opted for the old tax system, their employer will deduct tax from their salary according to the new tax system. This change is because the new tax system will be the automatic choice for the fiscal year 2023-24.
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.
Taxpayers can amend sales return form before GST payment
GST taxpayers can now amend Form GSTR-1 with Form GSTR-1A before tax payment, ensuring accurate GSTR-3B filing. Partners like Abhishek Jain from KPMG appreciate the revision option, anticipating mechanisms like GSTR-2B for credit reconciliation. BDO India's Maulik Manakiwala highlights industry consultation, simplifying GST law and compliance, with exemptions for small taxpayers from GSTR-9/9A filings.
Should you file ITR if your income is less than Rs 7 lakh with nil income tax?
Income tax return: Taxpayers have to file ITR if their income level exceeds the basic exemption limit or they have conducted certain specified transactions. Experts say that most taxpayers have a misunderstanding that if tax is not payable then filing of ITR is not mandatory. However this is not the case always. Read here to know more about ITR filing.
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.
ITR filing: Compare your tax outgo in old and new tax regime before finalising one for FY24
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. TaxSpanner estimates that Vivek Jaiswal can have a surplus of almost Rs.60,000 if his salary is rejigged to include tax-free perks and if he opts for the new tax regime. Here's how
Pakistan and IMF disagree over new income tax rates that will burden salaried class
Pakistan's talks with the IMF ended inconclusively over disagreements on new income tax rates for salaried and non-salaried individuals and the income tax threshold, as reported by the media.
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.
Income tax slab rates for FY 2024-25 (AY 2025-26)
Current Income tax slabs: Here are the income tax slabs for current financial year 2024-25 (assessment year 2025-26). An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. An individual must choose the tax regime which lowers their income tax outgo.
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.
View: Gotta get ready for the AI-ternative
The integration of AI, nano robotics, space tech, and battery tech is transforming industries and reshaping economic models. As digital workers replace human roles in areas like call centers and logistics, governments must address potential job losses. Suggested measures include reskilling programs, focusing on labor-intensive industries, and implementing universal basic income (UBI) to support displaced workers. This proactive approach will help manage the transition and harness the benefits of these groundbreaking technologies.
Income Tax Department seizes record Rs 1100 crore cash and jewellery in Lok Sabha elections 2024
The Model Code of Conduct (MCC) came into force on March 16, the day the Election Commission of India announced the dates for the Lok Sabha elections. Since then, the Income Tax Department has been vigilant in monitoring and seizing unaccounted cash and valuables that could potentially influence voters.
Income tax return: Who is not eligible to file ITR-1 form in AY2024-25
This income tax return (ITR) can be filed by a Resident (other than Not Ordinarily Resident) Individual with total income from any of the following sources up to Rs 50 lakh. Sources Salary / Pension One House Property Other sources (Interest, Family Pension, Dividend etc.) Interest from Savings Accounts; Interest from Deposits (Bank /Post Office / Cooperative Society); Interest from Income Tax Refund; Interest received on Enhanced Compensation; Any other Interest Income
Central 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, especially with air travel. Here's a breakdown: Can you claim LTA with a confirmed flight ticket? Does the booking platform matter? Is family included? What documents are required for flight-based LTA claims?
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.
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