TAX AUDIT
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 ...
06 Jul, 2024, 05.22 PM ISTITR filing for FY2023-24: Latest full list of authorised banks for tax payments available at e-Pay Tax service Taxpayers are offered wide range of modes for payment, including Net Banking, Debit card, Pay at Bank Counter. List of banks for tax payments available at e-Pay Tax service, as per the Income Tax Department’s website:
02 Jul, 2024, 02.35 PM ISTHow 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 s...
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02 Jul, 2024, 09.09 AM ISTPenalty 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...
29 Jun, 2024, 11.39 AM ISTITR 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 porta...
28 Jun, 2024, 11.18 AM ISTShould 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 fili...
18 Jun, 2024, 01.11 PM ISTRBI's special audit over, IIFL Finance appoints team to implement corrective actions IIFL Finance, under scrutiny by the RBI for irregularities in its gold loan portfolio, has taken corrective actions to address concerns. RBI directed the company to halt new gold loans due to supervisory concerns and deviations in gold assessment. T...
16 Jun, 2024, 06.15 PM ISTLast date for filing income tax return (ITR) for FY 2023-24 (AY 2024-25) Due date of income tax return filing: Under the income tax laws, different taxpayers have different due date for filing ITR. It is important to file the tax return on or before the deadline to avoid certain penal consequences. This includes payment ...
12 Jun, 2024, 12.31 PM ISTITR 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 correc...
10 Jun, 2024, 02.41 PM ISTCentral Excise Bill may be introduced in budget session The Centre is set to introduce the Central Excise Bill, 2024 to replace the outdated Central Excise Act, 1944 and align excise law with GST and customs. The bill aims to reduce compliance burden, enhance transparency, and address excise duty exempti...
08 Jun, 2024, 12.30 AM ISTMoonlighting 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.
07 Jun, 2024, 10.40 AM ISTDonald Trump may owe $100 million from double-dip tax breaks, audit shows The New York Times and ProPublica revealed that Donald Trump employed a questionable accounting tactic to claim improper tax breaks on his Chicago tower, facing a potential $100 million+ tax bill. In recent months, Trump has also been ordered to pay...
12 May, 2024, 08.00 AM ISTIncome 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 de...
11 May, 2024, 03.46 PM ISTCorporate affairs ministry bats for effective cost audits to curb corporate frauds Corporate Affairs Ministry highlights the importance of cost audits in preventing manipulation by companies, such as misleading banks and evading taxes like GST. Compliance with the Companies Act, 2013 is crucial for monitoring cost records.
03 May, 2024, 11.55 PM ISTRecord GST mop-up reflects robust eco, audit efficacy; raises hope for further reforms: Experts Tax experts hailed the record-breaking GST collection of Rs 2.10 lakh crore in April, attributing it to a robust economy and effective audit and scrutiny by the tax department. They anticipate this achievement to pave the way for further tax reforms...
02 May, 2024, 11.39 AM ISTCentral & state GST officials to conduct joint audits of firms As per industry estimates, there are about 11,000 such cases of dual investigation by both the central and state authorities or under litigation. Several central GST zonal heads have sent an internal communique to officials, asking them to invite st...
09 Apr, 2024, 02.06 PM ISTIncome Tax dept is calculating your advance tax liability by tracking these financial transactions: Here's how to check on compliance portal The Income Tax Department said, "The Income Tax Department receives information of specified financial transactions of taxpayers from various sources. This information is reflected in the Annual Information Statement (AIS) module and is available to...
20 Mar, 2024, 10.57 AM ISTTax-saving ideas: How to restructure your salary to reduce income tax outgo by more than Rs 1 lakh Taxpayers can reduce their tax significantly by reformatting their salary. If companies restructure their compensation packages by replacing taxable emoluments with some tax-free perks, they can lower the tax liability of their employees. There are ...
19 Mar, 2024, 01.08 PM ISTI-T dept gives trusts, institutions time till March 31 to file audit reports in correct form Income of any fund or institution or trust or any university or other educational institution or any hospital is exempt from income tax subject to fulfilment of certain conditions. One of the conditions required to be fulfilled by the trust or insti...
05 Mar, 2024, 10.23 PM IST