PERSONAL INCOME TAX
Penalty for missing ITR filing last date: Who has to pay and who doesn't
Penalty for late filing ITR: Under the Income-tax Act, 1961, a penalty or a late filing fee is levied when a taxpayer misses the last date to file income tax return. The late filing fee must be paid or else final submission of income tax return form cannot happen. However, not all taxpayers are required to pay penalty for filing belated ITR.
US inflation cools in May, boosting hopes of Fed rate cut
May's stable inflation, influenced by service costs and goods prices, sets the stage for potential Federal Reserve interest rate changes. The report highlights slight consumer spending growth and hints at the Fed's aim for a controlled economic slowdown through core inflation moderation.
Budget 2024 Section 80D Exemption: Why govt should increase Section 80D tax exemption limit for health insurance under old tax regime
Budget 2024 Section 80D Exemption: Taxpayers who have opted for the old tax regime are hoping for an increase in the limit under section 80D in the upcoming July 2024 budget, considering the significant rise in healthcare costs.
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.
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.
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.
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Budget should double standard deduction, raise basic exemption to Rs 3.5 lakh under new tax regime: EY
EY recommends significant tax reforms in the upcoming Budget, urging the government to double the standard deduction under the new concessional tax regime to Rs 1 lakh or increase the basic exemption limit to Rs 3.5 lakh. Key suggestions include maintaining corporate tax stability, rationalizing TDS provisions, and improving dispute resolution mechanisms.
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.
Union Budget: India mulls income tax cuts in Budget as part of $6 billion consumer boost
India Budget Tax Expectations: India's government under Prime Minister Narendra Modi is considering measures worth over 500 billion rupees to boost consumption in the upcoming budget. This includes tax cuts for lower income individuals for the first time in seven years. The plan aims to target consumers with high propensity to spend amidst economic challenges.
Who needs to file income tax return (ITR) in India for FY 2023-24
Who is required to file ITR mandatorily: The Income-tax Act, 1961 defines the situations where income tax return filing is mandatory for individuals. Under the income tax laws, ITR filing is mandatory if total taxable income exceeds the basic exemption limit. There are other provisions in the income tax laws which make ITR filing mandatory.
Have income above Rs 3 lakh? Pay zero tax if your income is up to this limit, thanks to rebate under section 87A
Income tax rebate: Under section 87A you can get a maximum tax rebate of Rs 12,500 under the old tax regime and up to Rs 25,000 under the new tax regime. However this rebate is only available if your income is upto a specified limit. Read to find out more about income tax rebate.
April-June direct tax mopup rises 21% to Rs 4.62 lakh cr
The Indian government's direct tax collection increased by 20.99% YoY to ₹4.62 lakh crore from April 1-June 17, boosted by a 27.34% increase in advance tax collection. The gross direct tax collection was ₹5.15 lakh crore, up 22.19% from the previous year. The income tax department issued refunds totaling ₹53,322 crore, 33.70% higher than the previous year.
CII pitches for marginal tax relief for individuals, higher wages under MNREGA in Budget
CII also suggested that the government may use a part of the Rs 2.11 lakh crore RBI dividend to boost capital spending by 25 per cent in FY25. This will help to maintain the upward trajectory of public capex and crowd-in-private capex by reinvigorating economic activities and creating demand.
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.
Advance tax numbers bring cheer to the economy
Advance tax collection in FY till June 15 surged 27.6% to ₹1.48 lakh crore, with ₹1.14 lakh crore as corporate tax and ₹34,362 crore as personal income tax, indicating a strong economy and corporate performance.
Budget 2024: Fin Min considering income tax rate cuts to boost consumption
BUDGET expectations: The Indian government is exploring personal tax cuts for individuals earning over ₹1.5 million annually to boost consumption and savings. This move, considered for the July budget after the BJP’s electoral setback, aims to address inflation and unemployment concerns. These adjustments may modify the existing 2020 tax scheme, potentially lowering the 30% top tax rate.
ITR portal profile update: How to update your personal, contact details on income tax website
When filing your income tax, you must keep all of your personal information on the tax filing site up to date. You may have changed your name, address, or cellphone number. You must update this information to ensure that critical tax-related communications reach you on time.
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.
Paying rent in cash without a rent receipt? Know why your HRA claim may be rejected, and you may get an income tax notice
House rent allowance: Tenants will get into trouble with the income tax department if they are paying rent in cash and the landlord does not offer it for income tax. For every claim of HRA there should be a corresponding income offerred for tax. Read here to know how a tenant got into trouble because of this.
ITR filing deadlines for different categories of taxpayers for FY2023-24 (AY 2024-25)
It is crucial to file your income tax return (ITR) on time. The taxpayer's income type will determine the ITR filing deadline. The deadlines remain the same every year unless the government grants an extension. A significant penalty must be paid if the ITR filing deadline is missed. Here are the ITR filing deadlines that different categories of taxpayers should not miss for the financial year 2023-23 (AY 2024-25).
Dividend income fuels surge in personal income tax: Motilal Oswal report
The transition from corporation-based dividend taxes to personal income taxes has been a major driver of the increased PIT in recent years. This shift has not only changed the tax dynamics but also underscored the substantial contribution of high-income earners to the tax pool through their dividend receipts.
How NPS, other perks can save Rs.1 lakh income tax
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
Fake 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. Read here to know more about real income tax notices.
Mandatory scrutiny of ITR: Income tax dept reveals the criteria how the ITRs will be selected for the scrutiny
Income tax return: The tax department has released a circular which outlines the criterias and procedure to be followed if a particular income tax return (ITR) is to be selected for scrutiny. These guidelines also includes the procedure and criteria to be followed for section 142 (1) income tax notice.
Net direct tax collections surge 17.7% YoY to Rs 19.58L cr in FY24
India's FY 2023-24 net direct tax collections of ₹19.58 lakh crore exceeded estimates, aiding fiscal deficit target achievement. Corporate and personal income tax growth contributed to the positive outcome.
Indian government meets revised tax collection targets for fiscal 2024: Official
The Indian government has met the tax collection target for 2023-24 of over Rs 34.37 lakh crore, driven by strong economic activity and improved compliance. Direct tax target was set at Rs 19.45 lakh crore, while GST collections hit record highs. India's robust growth projected at 7.6%-8%.
I-T recovers ₹73,500 cr in pending bills
The income tax department has recovered ₹73,500 crore of pending dues in the current financial year up to March 15, with corporate tax dues amounting to ₹56,000 crore, personal income tax at ₹16,500 crore, and undisclosed income from foreign assets at ₹50 crore. The recovery is part of a targeted plan to increase collection of outstanding tax arrears. The department has seen an improvement in recovery efficiency, with efforts including using technology to track defaulters and setting zone-wise targets for field formations.
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