As the last date to file the income tax return (ITR) looms closer and you have not yet filed the return, it is imperative to first decide the tax regime you plan to opt for. One should file their ITR by July 31 of a financial year to avoid penalties. It is noteworthy to mention … Read more
If you have invested in cryptocurrencies in the financial year 2023-2024, then the chances are that you earned significant profits in the year gone by. Most top crypto currencies reported noticeable jump in their prices in the past few months. Bitcoin rose nearly 108 percent in the past one year, while ether rose nearly 80 … Read more
The Indian Income Tax Department provides various income tax return (ITR) forms tailored to different taxpayer scenarios. Selecting the appropriate form ensures precise and streamlined reporting of your income. The Central Board of Direct Taxes (CBDT) released seven ITR forms for FY 2023-24 (AY 2024-25). The determination of which ITR form to use depends on … Read more
With the dawn of Modi 3.0, all eyes are eagerly set on the upcoming Union Budget of 2024, slated for presentation in July. Anticipation runs high among industries, farmers, taxpayers, and the middle class alike, as they await potential boosts and tax reliefs from Finance Minister Nirmala Sitharaman. As the first budget of this new … Read more
Schedule AL was introduced in 2016 after the discontinuation of the wealth tax. Prakash Hegde, chartered accountant at Acer Tax & Corporate Services LLP, explains, “The government wanted a monitoring system to check if the value of a taxpayer’s assets corresponds to the income earned by them. Thus, Schedule AL was introduced.” To help taxpayers … Read more
July 31, 2024, is the deadline for submitting Income Tax Returns (ITRs) for the Assessment Year (AY) 2024–2025. Before submitting their ITRs, salaried employees wait to receive Form 16 from their employers. Pay information, Tax Deducted at Source (TDS) that the employer has deposited, and other data needed to correctly file the ITR are all … Read more
Availing of necessary deductions and exemptions Taxpayers should use all available deductions and exemptions to reduce their tax liability. Examining the Income Tax Act is essential for comprehending the deductions and exemptions accessible to you while filing your Income Tax Return (ITR) in India. The deductions and exemptions vary based on your category whether you … Read more
If you are a salaried income tax payer, the process to file income tax return is quite simple, to say the least. You only need to file your return via form 1 i.e., ITR-1. The income tax return form number -1 can be filed by a resident individual whose income does not exceed ₹50 lakh … Read more
As the deadline of July 31 to file income tax return (ITR) for FY 24 draws closer, taxpayers are expected to scurry through their files and folders to arrange the documents they require. Most documents are generally available online, so are the income tax return filing forms on income tax e-filing portal. Taxpayers are expected … Read more
With the deadline of July 31 to file income tax return (ITR) approaching fast, taxpayers are expected to be scurrying around to arrange the information required to for the return. Although it is advisable to file your tax return as soon as possible, it is not recommended to do it sans proper home work. For … Read more