The last date to file an income tax return (ITR) ended on July 31, 2024, and taxpayers are now awaiting the refund of excess tax paid. The income tax (I-T) department’s latest data reveals that more than 7.28 crore ITRs were filed till July 31, 2024, 7.5 per cent higher than the 6.77 crore ITRs … Read more
Budget 2024 introduces much-needed relief for taxpayers by easing the rules for initiating prosecution proceedings in cases of TDS defaults. This move aims to streamline tax laws and reduce the litigation burden on taxpayers. Currently, tax laws consider delays in the payment of taxes deducted at source as a criminal offence if not paid or … Read more
Although more than seven crore income tax returns (ITR) were filed until 7 pm on July 31, 2024, there would still be hundreds of thousands of taxpayers who have yet not filed their income tax returns. Such taxpayers who missed filing their income tax returns on time, i.e., before the July 31 deadline, can file … Read more
The budget has brought in some major changes in taxation which would impact individuals. People may make some knee-jerk decisions as a quick reaction to the tax announcements and this article tends to suggest the do’s and don’ts to help people to avoid unwise actions. Before even getting into any specifics, regardless of changes in … Read more
And while the economy is galloping, there are pain points that are beginning to hurt. India has emerged as the fastest growing large economy with an enviable gross domestic product (GDP) growth of over 8%. However, the economic expansion has been uneven. The rural economy, particularly, has been sluggish and there simply aren’t enough jobs … Read more
Since the deadline to file income tax return (ITR) did not get any extension beyond July 31, the last date to file the return for financial year 2023-24 is set to end tonight. Meanwhile, a PIB Fact Check clarified that the due date for filing ITR is July 31, and it has not been extended, … 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
The changes in the capital gains tax announced in the Union budget for FY25 are rational decisions that will benefit people in most scenarios, and it is for the government to decide on the suggestions that come up, Central Board of Direct Taxes chairperson Ravi Agarwal said in an interview. “We feel that this … Read more
The Union government clarified on Sunday that tax clearance certificates would be mandatory only for those accused of financial irregularities or who have substantial tax arrears. The clarification comes after a Budget 2024 proposal that would have made them mandatory for all overseas travellers sparked outrage on social media. In the Finance Bill 2024, the … Read more
On July 23, 2024, Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in the Parliament, announcing modifications to direct taxes. One notable highlight of the Union Budget 2024-25 is the 50% rise in the standard deduction, now up to ₹75,000. This is a beneficial move for salaried taxpayers, particularly those choosing the new tax … Read more