Budget 2024 Expectations Live: With the new government’s full Union Budget 2024 set to be announced on July 23, expectation are soaring. The focus remains on potential tax reforms that could impact individuals and businesses. Key anticipated changes include an increase in the basic exemption limit. There is also speculation about raising the standard deduction … Read more
While sharing his views about expectations from Budget 2024, Hemant Shah, fund manager, Seven Islands PMS, in an email interview with MintGenie, says that the government is likely to put a lot of emphasis on infrastructure development with respect to roads, dams and water. He also hopes that the government could to raise the limit … Read more
Taxpayers are entitled to claim a rebate under section 87A of the Income Tax (I-T) Act, 1961, which enables them to pay ‘nil’ tax when their income is up to ₹5 lakh in the old tax regime and ₹7 lakh in the new tax regime. However, a number of taxpayers and chartered accountants have expressed … Read more
As only two weeks are left before the deadline to file income tax return (ITR) expires on July 31, taxpayers continue to face glitches on the I-T website. As a result of these glitches, a number of taxpayers are requesting the income tax department on social media for the extension of the deadline. One user, Doli … Read more
Although a range of tax-related changes are introduced every year for taxpayers, a few key changes are ‘radical’ and occur only once every three or five years. The introduction of the ‘new tax regime’ is undoubtedly one such key change that is substantive, and will transform the way income tax is calculated and deductions allowed. … 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
Net direct tax collection for FY 2024-25 spiked to ₹5.74 lakh crore till July 11, 2024, witnessing a jump of 19.54 percent over the preceding fiscal, data released by the income tax (I-T) department indicated. The gross collection of direct tax rose to ₹6.45 lakh crore, thus showing a jump of 23.24 percent. Meanwhile, income … Read more
When filing your income tax return (ITR), you should declare the income that accrues in India and the income that grows abroad. The income Tax department on the X platform posted that you are meant to fill the foreign asset schedule as a resident income taxpayer if you own an asset abroad or have a … Read more
This is the last month to file income tax return (ITR) for individual tax payers. If you don’t intend to pay a penalty, then it is imperative to file your ITR before the month ends i.e. before July 31, 2024. No wonder taxpayers and chartered accountants are busy filing income tax returns on the e-filing … Read more
If you have yet to file your income tax return (ITR) for FY2023-24, be sure to do so before the deadline, which expires on July 31. And even if you don’t have Form 16 in your possession, fret not! You can still file the return by using information available in other relevant documents, say experts. … Read more