Income Tax Department on Wednesday said more than 7 crore ITRs (income tax returns) have been filed till 7 pm on 31 July. Out of this number more than 50 lakh ITRs were filed on Wednesday till 7 pm, said the tax department. Urging all those taxpayers who have not filed ITR for financial year … Read more
The Income Tax Department’s repeated reminders about the July 31 income tax returns (ITR) filing deadline are important. With more than four crore ITRs already submitted for AY 2024-25, it’s evident that many taxpayers are attentive to their tax responsibilities. To check the status of your income tax refund online using only your PAN card, … Read more
Amid concerns about the removal of the indexation benefit for property sales under the Long Term Capital Gains (LTCG) tax, there will be no reconsideration of the changes made in the Union Budget, according to news agency ANI. “There will be no rethink on LTCG provisions made in the budget as it is beneficial for … Read more
The Income Tax Department has asked all citizen filing income tax returns to not make bogus claims for expenses, under-report their income or exaggerate deductions, this is a punishable offence causing delays in the issuance of refunds, reported PTI on Sunday, July 28. The income tax return (ITR) filing session for the assessment year 2024-25 … Read more
My relative was diagnosed with a rare form of cancer requiring treatment of several lakhs. To support him, a few extended family members plan to create a corpus of ₹20 lakh to ensure a regular income stream to meet his basic expenses. Against this backdrop, kindly advise on the following: 1. Will the corpus we … Read more
Filing the Income Tax Return (ITR) marks only the initial phase. The ITR must be verified within a designated timeframe (typically 30 days) to be deemed valid. Verification can be done through methods such as Aadhaar OTP, net banking, or by submitting a physical ITR-V form. Following verification, the Income Tax Department reviews the return. … Read more
ITR filing: The income tax department wants certain taxpayers to report various assets and liabilities to detect cases of disproportionate assets owned by a taxpayer compared to his known sources of income. The report can be divided into two parts: first, those taxpayers with incomes over 50 lakh rupees, and second, foreign assets owned by … Read more
The deadline for filing income tax returns (ITRs) is July 31. Most individuals have likely received their Form-16 by now. Experts advise taxpayers to avoid last-minute filing to minimise errors. How to file ITR You can file your ITR through e-filing portals, apps, or with the assistance of chartered accountants. If filing independently, you’ll typically … Read more
For the buyer, this meant stamp duty savings on the ₹16 lakh portion. It seemed like a win-win until the NRI tried transferring the sale amount to his US bank account. When an NRI wants to remit money abroad, they must obtain certificate 15CB from a chartered accountant (CA) to prove the source of funds; … Read more
Aadhaar-PAN link: The Income Tax Department has recently issued a detailed guide outlining step-by-step instructions on how individuals can link their Aadhaar number with their Permanent Account Number (PAN). This initiative aims to facilitate the process for taxpayers and prevent the deduction of higher Tax Deducted at Source (TDS) rates. By linking Aadhaar and PAN, … Read more