ITR

Income tax: Scores of taxpayers get I-T notices under section 148; can be challenged, says ICAI ex-chief Ved Jain

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Income tax: Scores of taxpayers get I-T notices under section 148; can be challenged, says ICAI ex-chief Ved Jain

Some income taxpayers have reportedly received notices under section 148, which is related to the reopening of assessments for the assessment years 2014-15, 2015-16, 2016-17 and 2017-18. A former president of the Institute of Chartered Accountants of India ((ICAI), the chartered accountants’ professional body, believes that these tax notices are wrongly sent since the limitation … Read more

Personal Loans: From eligibility, interest rates to the application process; all you want to know about them

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Personal Loans: From eligibility, interest rates to the application process; all you want to know about them

Have you ever wondered what is the way out when your demands or desires outstrip your economic potential? For example, you may want to go to a European destination with your partner for a week-long trip, but do not have the adequate money in your bank, or want to add a small extension to your new … Read more

Income Tax: Is your refund being held up over defective I-T return? This is what you should do

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Income Tax: Is your refund being held up over defective I-T return? This is what you should do

The deadline to file an income tax return (ITR) passed on July 31, 2024, following which eligible taxpayers received either a refund or an income tax (I-T) notice intimating them that there was something amiss in their income tax return (ITR). It could be because of a defective I-T return or a pending assessment. Let … Read more

ITR refund scam: Income tax department warns taxpayers on fake messages, mails

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ITR refund scam: Income tax department warns taxpayers on fake messages, mails

ITR refund scam: The Income Tax Department (IT) has cautioned taxpayers to beware of scams. According to the IT department advisory, taxpayers should stay vigilant against online scams such as fake calls and pop-up notifications stating that they can avail of tax refunds. ऑनलाइन धोखाधड़ी से सावधान रहें pic.twitter.com/UtGD7QAWLG — Income Tax Mumbai (@IncomeTaxMum) August … Read more

What are the tax implications of receiving a gift?

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What are the tax implications of receiving a gift?

No, you aren’t. However, if the gift were from a non-relative, let’s say a friend, you would’ve needed to pay taxes to be on the right side of the law. When it comesto the tax treatment of gifts, the rules are pretty specific. Gifts received from relatives are fully exempt. Gifts from non-relatives up to … Read more

ITR filing: How can taxpayers check their income tax refund status online? A step-by-step guide

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ITR filing: How can taxpayers check their income tax refund status online? A step-by-step guide

Now that you have filed your income tax returns, you must be wondering when you will receive your income tax (I-T) refund. And if you have not yet filed your return, you can still file a belated return before December 31, 2024, by paying a penalty. For more details about filing a belated return, you … Read more

Is new income tax regime on way to make the old tax regime irrelevant? What ITR filing 2024 data reveals

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Is new income tax regime on way to make the old tax regime irrelevant? What ITR filing 2024 data reveals

With a notable increase in taxpayers opting for the new tax regime while filing their income tax returns (ITR) for FY 2024, experts predict the Finance Ministry may consider phasing out the old tax regime within the next year or two. The key question is: When will the government officially end the old tax regime? … Read more

ITR filing: When will you get income tax refund? Key questions answered

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ITR filing: When will you get income tax refund? Key questions answered

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

Have you missed ITR filing deadline? You can still file belated income tax return. Check details

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Have you missed ITR filing deadline? You can still file belated income tax return. Check details

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

Income Tax: As the ITR filing deadline for FY24 ends tonight, be aware of these key points

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Income Tax: As the ITR filing deadline for FY24 ends tonight, be aware of these key points

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