WHEN IS ADVANCE TAX PAID
How to file ITR-2 online with salary, capital gains and other incomes for FY 2023-24 (AY 2024-25)?
ITR-2 can be filed using the Excel or Java utilities provided by the income tax department, or online directly through the e-filing portal. This guide outlines the most effective way to file ITR-2 online, including examples of reporting salary, capital gains, and other incomes in the tax return form.
When the stock market is a one-way street
Post-pandemic central bank policies have spurred a robust, seemingly perpetual equity rally, challenging traditional cycles. Despite economic growth concerns, instability, and geopolitical risks, markets remain resilient due to low interest rates and high liquidity. Household investments and mutual funds, driven by past returns, fuel this illusion of growth, defying expectations of a market correction.
How to claim income tax refund online when filing ITR for FY 2023-24
How to claim income tax refund online: You may be eligible for a tax refund if you have paid more taxes than you owe. You can claim the refund when filing your income tax return (ITR) by the deadline of July 31, 2024 for FY 2023-24 (AY 2024-25).
Income tax refund: How to raise refund reissue request; a step-by-step guide
Income tax refund: The tax department begins processing refunds after the taxpayer verifies the form electronically. The refund is typically credited to the taxpayer's account in four to five weeks. If your refund has failed, you have to submit a “Refund Reissue Request” as applicable.
Israeli tanks advance into areas in north and south Gaza
While the offensive focused on Gaza, in the Israeli-occupied West Bank, one man was killed and five were wounded in an Israeli strike near the city of Tulkarm, according to the Palestinian health ministry. The dead man was a member of militant group Islamic Jihad, the group said. The Israeli military issued no comment. Hours after Netanyahu's comments about Gaza, the armed wing of Hamas released a video purporting to show weapons-making, in a show of defiance.
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.
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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.
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.
Advance tax first instalment payment deadline: Who has to pay, penalty for missing last date
Advance tax payment: Individuals with a net income tax liability exceeding Rs 10,000 in any financial year must make advance tax payments. Net tax liability is the estimated tax amount after deducting the TDS (tax deducted at source) within the financial year. If your total tax liability after considering TDS is more than Rs 10,000, you are expected to pay advance tax.
Income tax saving: Sold land, house or jewellery? Know how indexation benefit can help you lower your long-term capital gains
Capital gains taxation: You can save your net capital gains tax outgo by using indexation benefits allowed by income tax laws. File ITR now and pay a lower amount of capital gains tax. However do note only long term capital gains are eligible for indexation. Short term capital gains are not eligible for indexation.
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.
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.
RBI using forex market tools to ease liquidity tightness
RBI uses forex tools to inject cash into banking system ahead of large outflows due to advance tax payments, keeping borrowing costs low and increasing reserves without impacting inflation-fighting stance.
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.
Indian exports: How Modi 3.0 can navigate the protectionist tides in advanced economies like US and EU
India has transitioned from a decade of single-party rule to a new era of coalition politics, causing concern among stock market investors about potential slowdowns in economic reforms. Rising protectionist measures from advanced economies like the US and EU pose challenges for Indian exporters, with stringent regulations on products ranging from chemicals to food items. The impact of these barriers could disproportionately restrict India's economic objectives and competitiveness, particularly in key sectors like textiles and apparel.
More women made the list of top-paid CEOs in 2023, but their numbers are still small compared to men
Of the 341 CEOs in the AP's 2024 compensation survey, 25 are women, the highest number since the survey began in 2011. Lisa Su of AMD is the highest-paid female CEO, earning $30.3 million. The median pay for female CEOs increased by 21% to $17.6 million, outpacing male CEOs whose median pay rose by 12% to $16.3 million. Despite these gains, the highest-paid male CEOs still earn significantly more, and women often face the "glass cliff," being appointed to leadership roles during company crises.
Latest General Provident Fund rules: Will interest amount be paid if the GPF contribution exceeds Rs 5 lakh? Govt clarifies
General Provident Fund rules: All government employees can open a GPF account and pay a portion of their salaries to the GPF. When they retire, employees receive the entire money accrued in their GPF account over their service tenure.
HRA tax exemption: Are both rent receipts and rent agreement a must as income tax proofs?
Documents for HRA tax exemption: To claim HRA from their employers, many salaried employees usually use either rent receipts or rent agreement as proof of the rent paid in a financial year. However, tax experts point out that assessing officer of the income tax department can reject HRA tax exemption claim if any one of the documentary evidence is missing.
Income 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 the persons/entities for viewing. The value of ‘Significant Transactions’ in the AIS has been used for carrying out this analysis." Read here to know what are these 'specified financial transactions'.
ITR portal shows inflated income to some taxpayers; Rs 450 showed as Rs 45000. Here's what to do if you face similar issue
The Income-tax department said on X said that they have "identified certain inconsistencies in the data of the securities market (SFT-17) provided by one of the Reporting Entities." It appears that due to this the Income-tax department's 'Compliance Portal' showed highly inflated transaction values for some taxpayers in their annual information statement (AIS). Some taxpayers say that their sale consideration of Rs 4 lakh got inflated to Rs 17 crore. There are many taxpayers who complained on X about the 'Compliance Portal' showing inflated transaction values in their AIS.
Check your inbox: Income Tax Dept alerting taxpayers on major transactions made during FY 2023-24
The Income Tax Department receives information of specified financial transactions of taxpayers from various sources. To increase transparency and to promote voluntary tax compliance, this information is reflected in the Annual Information Statement (AIS) module and is available to the persons/entities for viewing.
Have you checked your advance tax liability? Pay by this date to avoid penalties
Advance tax: If your estimated tax liability for any given financial year after subtracting tax deducted at source (TDS) exceeds Rs 10,000 then advance tax needs to be paid following a specified schedule. However eligible senior citizens and other prescribed individuals need not pay advance tax. Read here to know more about advance tax.
Taxman sending mails in cases of advance tax, transactions mismatch
The income tax department is reaching out to assesses whose advance tax payments don't match their financial transactions, urging them to correctly calculate and pay their advance tax by March 15. This initiative aims to ensure tax compliance and enhance taxpayer services. The department uses data from the Annual Information Statement to identify discrepancies and inform taxpayers. Taxpayers can log in to their e-filing accounts to view details of significant transactions and comply with tax regulations.
Check your inbox: Income Tax Dept alerting taxpayers on major transactions made during FY 2023-24
The Income Tax Department has initiated an e-campaign to notify taxpayers whose taxes paid during the current fiscal year do not match their financial transactions. Through emails and SMSs marked as "Advance Tax e-Campaign-Significant Transactions for AY 2024-25," taxpayers are urged to accurately calculate and deposit their advance tax by March 15.
Uddhav Thackeray wades into tax devolution debate, demands return of 50% of tax amount paid by Maharashtra
Thackeray claimed that when Maharashtra sends Re 1 to the Centre as tax, it gets back only seven paise. "What happens to the remaining amount? What kind of revadis (freebies) you distribute?" he asked.
What are the incomes on which advance tax can be paid in the next quarter without penal interest
Income tax rules say that if an individual's estimated tax liability for the financial year after subtracting tax deducted at source (TDS) is over Rs 10,000 then advance tax has to be paid. If this is not done then penalty under section 234C is levied. However there exists certain incomes where this penalty is not applicable.
Advance Tax Payment Due Dates: When do you have to pay it?
Advance Tax Payment: The due date for second quarterly payment of advance tax is September 15 for those individuals who have an estimated net tax liability of Rs 10,000 for the financial year. However not everybody is liable to pay advance tax even if their tax liability is above Rs 10,000 for the financial year.
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