NON FILING OF ITR
ITR filing: Credit card and forex spend reported separately by banks in AIS, know the impact and what you can do
Income tax return: While filing your ITR make a note that banks are now reporting total forex spends as a separate category in addition to total credit card spends. According to Gopal Bohra, Partner, N.A. Shah Associates, "Transactions through international credit cards are currently exempt from TCS, and accordingly, banks do not collect TCS. However, banks report all remittances under LRS through TCS filing, irrespective of whether TCS is collected or not."
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.
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.
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.
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.
Mother's Day gift: Can credit card be a good gift to your mother especially when she is not earning?
Mother's day: This mother's day give her the gift of financial freedom by by taking out a credit card and giving to her. A credit card will be useful for her in many situations like in case of emergencies, household shopping, etc. A credit card will also help a non-working mother by giving her better autonomy.
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Taxman to reach out to 15.2 m individuals required to file ITRs
Income-tax dept to act against 15.2 million non-filers. CBDT orders outreach from April 15. Focus on bank transactions, penalties for defaulters with high cash deposits.
If you missed filing updated ITR by March 31, can you go to jail?
ITR-U: The deadline to file updated income tax return (ITR-U) for FY 2020-21 (AY 2021-22) was March 31, 2024. However there is no need to worry since an individual cannot be jailed just for not filing ITR-U. But the income tax department can seek imprisonment for those individuals who have escaped paying income tax i.e. tax evaders.
Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
The deadline to file updated income tax return (ITR-U) is March 31, 2024 for FY 2020-21 . In light of this deadline, the tax department is sending intimation to taxpayers urging them to check the AIS/Compliance portal regarding identified specified/high value transactions. If an individual is not being able to explain these transactions or give a satisfactory response, income tax notice will be sent.
Woman gets 6-month jail for not filing ITR; who has to mandatorily file income tax return, consequences of not filing
Who has to file ITR: The decision was made following a complaint from the Income Tax Office (ITO), alleging that Rs. 2 lakh was deducted as TDS (tax deducted at source) from a receipt of Rs. 2 crore received by the accused in the fiscal year 2013-14. Despite this, the accused failed to file an income tax return for the assessment year 2014-15.
Worried about income mismatch in ITR? Here's how the compliance portal can help you fix it with certain income
Income tax mismatch: To help individuals identify the cause of income tax mismatch, the tax department has launched a new scheme called 'E-Verification Scheme 2021'. Under this scheme all information relating to mismatch of income tax data has been displayed. However if an individual cannot fix these mismatches or explain the reason, they may get an income tax notice.
Income tax made easy: NRIs' complete guide to income tax filing
Srishti, an NRI, discovered INR 20,000 TDS on her NRO account. Does she need to pay tax in India? Is filing income tax return mandatory? Explore tax-saving instruments, tax-exempt proceeds, and financial compliance.
Are there any tax exemptions for the treatment of mental health issues?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Interim Budget 2024 could simplify ITR filing process for NRIs
NRI ITR filing: The income tax return filing for non-residents (NRI) is a painful process. This is because they are required to use ITR- to report for simple incomes such as interest income, dividends etc. However, resident individuals can use Simplified ITR-1 or Sahaj to report similar incomes. Union Budget 2024 in February should address this issue.
New tax slabs, no tax on income up to Rs 7 lakh in new tax regime, 13 changes in 2023 that will impact you in 2024
Many changes were announced in the Budget 2023 as well as during the year in 2023 by the Central Board of Direct Taxes (CBDT). These changes not only impacted your 2023 but will also impact your 2024 especially at the time of filing income tax return. Read on to know more about it.
Income tax calendar 2024: Important tax-related dates you need to know
With the start of the new year, it is important to remember important deadlines for the year. Knowing the last dates well ahead of time can help individuals to avoid penalties. Here is the income tax calendar for 2024 telling you all the important last dates between January and December 2024.
File belated ITR, sign revised locker agreement, activate UPI: 6 money, tax tasks to complete before December 31
These deadlines include signing a revised bank locker agreement, invest in special FDs with higher interest rates and more.
You can file ITR first, pay income tax later: Here’s how to use this feature on e-filing portal
An individual can take advantage of income tax department's 'pay later' feature to first file his income tax return (ITR) and pay the self-assessment (if any) at a later date. However this option comes with its owk risks like possible consideration of assessee in default, interest, etc.
Indians are becoming more disciplined in filing income tax returns
Delayed tax return filings have fallen sharply in India, dropping from 60% for assessment year 2020 down to 25% for 2023, according to research from the State Bank of India. The report also found that the number of Indians paying tax rose to 78 million in 2023 from 73 million the previous year. Maharashtra had the most taxpayers in 2023, followed by Uttar Pradesh, Gujarat, Rajasthan and West Bengal.
I-T dept says record 6.77 cr ITRs filed for AY 2023-24 till July 31
The income tax department on Monday stated that a record 6.77 crore income tax returns for the assessment year (AY)2023-24 were filed till July 31. The figure also included 53.67 lakh first-time filers."The total number of ITRs for AY 2023-24 filed till 31st July 2023 are more than 6.77 crore, which is 16.1 per cent more than the total ITRs for AY 2022-23 (5.83 crore) filed till 31st July 2022," the tax department said in a statement.
If I buy a third property in my wife’s name, but take loan in my name, can I claim interest paid on the loan in ITR?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
When is the last date to file a belated ITR?
Now that the deadline for income tax return (ITR) filing is over, you can only file a belated ITR by paying a penalty and interest on the income tax due amount. Nonetheless it is better to file a belated ITR than not filing any ITR, despite having a net taxable income.
Is AIS fully reliable for ITR filing? It will not show these interest incomes
AIS or Annual Information Statement (AIS) is a statement launched by income tax department in November 2021. The aim was to provide consolidated view of the financial transactions undertaken by an individual of which tax department has information about. However, for financial transaction to reflect in AIS, the reporting entity must be notified by the income tax department.
How to file ITR-2 online with salary, capital gains and other incomes for FY 2022-23
Read below to find out how income tax return form ITR-2 can be filed online for people with salary, capital gains and other income for FY 2022-23 (AY 2023-24). This form ITR-2 can also be filed using the income tax department's Excel or Java utilities. The e-filing website also allows individual to file ITR-2 completely online
Who can and cannot file income tax return using ITR-1 for FY 2022-23?
Not everybody can file ITR-1 (Sahaj) especially if they have any income from capital gains or income from cryptocurrencies or virtual digital assets (VDA), multiple house property incomes. Apart from this, there are other transactions which might make someone ineligible for filing ITR-1. Read on to find more about this.
ITR filing: Three changes in income tax return forms for FY 2022-23 (AY2023-24)
The income tax return (ITR) forms has been released by the Central Board of Direct Taxes (CBDT). Though there are no major changes in the ITR forms this year, however, certain small changes have been made to incorporate the changes made in the income tax laws in the Budget 2022. Read on to know more about these changes.
How to report your foreign income, share investment while filing ITR form?
Many individuals having investments in foreign shares, or having bank account in foreign country are required to report their foreign assets and incomes in their income tax return form. However, many people are struggling to report these incomes in their tax return form. Here is a step by step guide to report foreign incomes in ITR form.
ITR filing deadline of July 31 should be extended: Why 45 days is not enough to file income tax return
The last date to file income tax return (whose books of accounts are not required to be audited) is July 31 every year. However, there are few compelling reasons to extend this date permanently. Read on to know why there is a need to extend ITR filing deadline permanently from July 31.
Section 87A income tax rebate is not available on these incomes
Section 87A of the Income Tax Act, 1961 allows an income tax rebate of Rs 12,500 (for both old and new tax regime) for FY 2022-23 (AY 2023-24). This tax rebate makes one's income tax liability zero. But certain transactions are taxed at a specific rate and are hence not allowed for section 87A tax rebate.
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