SAHAJ

Health insurance premium shot up over 25% last year for 52% policyholders, finds survey; here's how the impact can be reduced

Health insurance: Premiums of health insurance policies went up by more than 25% for 52% policyholders in India over the last 12 months. In this article we tell you how this will impact senior citizens and others and how you can take steps to reduce its impact if you are a new health insurance policy buyer.

Rich taxpayers will now need to give more details, ITR-2, ITR-3 for FY 2023-24 notified by CBDT

Taxpayers earning over Rs 50 lakh or owning multiple houses must provide additional information when filing income tax returns (ITR). The Central Board of Direct Taxes (CBDT) has released ITR-2 and ITR-3 forms for the FY 2023-24 (AY 2024-25), with a deadline of July 31, 2024. ITR-2 and ITR-3: Income tax return (ITR) forms have been notified by the central board of direct taxes (CBDT) via an notification in e-gazette. ITR-2 is to be filed by those who have capital gains income and are ineligible to file ITR-1. Do note that ITR-3 is to be filed by those entities who have income from business or profession.

New ITR forms: Taxpayers will have to disclose cash receipts, all bank accounts

New ITR forms: Resident individuals with income up to Rs 50 lakh, deriving earnings from salary, a single house property, other sources (interest), and agricultural income up to Rs 5,000, can file ITR 1, or Sahaj. In this filing, individuals will be required to furnish details of all Indian bank accounts active in the previous financial year, specifying the type of account.

What is agriculture income, different types of Agriculture Income?

Although agricultural income is exempt from tax under the Income-tax Act, it continues to be taxed in some specific states as per the respective state's laws. But some income derived from allied agricultural activities like poultry farming, etc is not considered as agricultural income hence taxed under the Income-tax Act.

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.

What is the difference between ITR 1 and ITR 2?

It's important to note that ITR-2 is much more complex form then ITR-1; ITR-1 is also known as Sahaj because it is a simple ITR form that does not require much information as compared to ITR-2. Do note that if the income tax return is filed using the incorrect ITR form, then income tax department will ask you to file ITR using the correct form.

How to calculate deemed rental income from vacant house properties

If someone has more than two house properties and the additional properties are vacant, then the provisions of deemed rental will apply on those additional vacant properties. Read on to find out how this deemed rent is calculated and what are the things you should know.

Who cannot use ITR-1 form to file income tax return

ITR filing: Online ITR2 form for FY2022-23 (AY 2023-24) available on income tax department’s e-filing portal

Unlike in online, the Excel utility (offline) requires the taxpayer to download the form, fill it out with the necessary information, and then upload it to the website for electronic filing.

Parineeti Chopra engagement: Menu will include kebabs & vegetarian dishes

Parineeti Chopra will get engaged to her politician beau on Saturday (May 13). Priyanka Chopra will reportedly attend the event.

Is India Inc ready for a new norm, one where one employee's salary is decided by all?

The process of performance evaluation remains similar across companies throughout India, a centralised process wherein the managers get to decide what the employee's wage bill hikes perhaps once or twice a year. However, some companies are breaking the norm, with a dynamic appraisal process to an open compensation system coming to the fore.

CBDT releases ITR forms for FY 2022-23 (AY 2023-24)

There are no major changes in the ITR forms notified by the government. The income tax return forms will differ for taxpayers depending on their source of income. This year, the government notified the forms almost two months earlier than usual. Usually, the forms are notified at the end of March or the beginning of April. Do note that government has notified separate ITR forms for FY 2022-23 (AY 2023-24) instead of common ITR form which was expected.

Early availability of ITR forms will improve ease of filing returns, says CBDT

​It can be attributed to facilitate taxpayers and to improve the ease of filing. As per the dept, no significant changes have been made to the ITR forms in comparison to the last year's ITR Forms. Only bare minimum changes necessitated due to amendments in the Income-Tax Act, 1961, have been made, it added.

Who cannot file income tax return using ITR-1 form for FY 2021-22?

The ITR-1 form is also known Sahaj, is one of the most used income tax return forms. However, not all individual can file their tax returns using ITR1. Only individuals having income from limited number of sources can use ITR-1 form. Read on to know who can use ITR-1 and who cannot use ITR-1 to file ITR for FY 2021-22 (AY 2022-23).

CBDT notifies ITR, seeks details of income from overseas retirement benefit accounts

The government has notified ITR forms for FY 2021-22 which has ended on March 31, 2022.

Over 6.2 crore ITRs, 21 lakh audit reports filed on new e-filing portal

More than 6.2 crore Income Tax Returns (ITRs) and about 21 lakh major Tax Audit Reports (TARs) have been filed on the new e-Filing portal of the Income Tax Department as on 10th February 2022," the tax department said.

NCLAT stays insolvency proceedings against HCL Technologies

NCLAT issues notice to Sahaj Bharti Travels, which had claimed a default of Rs 3.54 crore by HCL Technologies, to file its reply within two weeks, grants one week to the IT firm to file a rejoinder.

Over 4.67 cr ITRs filed so far, 15.49 lakh alone in single day

Over 4.67 crore Income Tax Returns have been filed including over 15.49 lakh ITRs filed on December 27 alone, the I-T department said on Tuesday. The last date for filing ITRs for 2020-21 fiscal ended March 31, 2021, by individual taxpayers is December 31, extended from the original date of July 31, 2021.

Over 4.43 cr income tax returns filed till Dec 25 for FY'21

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler Forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by an individual having income up to Rs 50 lakh and who receives income from salary, one house property / other sources (interest etc).

Rs 3.03 lakh crore power reforms scheme cleared by Cabinet

As per the five-year programme, reforms-based, result-linked scheme for financial assistance to discoms if a utility is found ineligible any year, then the gap in funding to complete its projects will have to be met by the discom or its state government, a senior government official said.

How to e-file ITR 1

As the financial year ends, you need to collect proofs of income, investments, bank statements and expenses to file your income tax return.

How to fill the new details required in ITR-1

Unlike last year, this year's form requires taxpayers to provide break-up of their salary income like taxable allowances and income from house property.

How to prepare to file ITR 1 for FY2017-18

Before you start filing ITR, you need to know all the income sources in FY 2017-18 and choose the correct ITR form to file your return.