I own a house which is self-occupied. My wife is a homemaker and stays with me with no income except interest on bank deposits. She also owns a small house in a town about 50 km away from where we stay. It has been lying vacant for the full previous year. Can she claim her … Read more
Even after filing your tax returns on time, receiving a notice or intimation from the income tax department can be confusing and unsettling. It’s essential to address these notices promptly and accurately. Start by carefully reading the notice to understand its purpose. Typical issues may include reported income discrepancies, TDS information mismatches, or incomplete details. … Read more
For individuals who have filed their income tax return (ITR) and are expecting a refund, it’s crucial to know that the income tax department will not process your refund until your return is e-verified. You can e-verify your return using options on the e-filing portal, such as Aadhaar OTP, net banking, or sending a signed … Read more
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
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
With the revision of tax rates in the new tax regime (NTR) announced in Budget 2024, some taxpayers are in a dilemma about the rates at which they have to calculate their income tax liability while filing their income tax returns ahead of the July 31 deadline. In Budget 2024, Finance Minister Nirmala Sitharaman announced … Read more
The Income Tax Department on Monday cautioned against a news clipping of Sandesh news being circulated on social media claiming ‘extension in deadline’ for the ITR filing 2024. The I-T department informed that no such extension has been granted and suggested that tax payers follow updates from the official website or portal of Income Tax … 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
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