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
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 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
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
ITR filing: The income tax department wants certain taxpayers to report various assets and liabilities to detect cases of disproportionate assets owned by a taxpayer compared to his known sources of income. The report can be divided into two parts: first, those taxpayers with incomes over 50 lakh rupees, and second, foreign assets owned by … Read more
The deadline for filing income tax returns (ITRs) is July 31. Most individuals have likely received their Form-16 by now. Experts advise taxpayers to avoid last-minute filing to minimise errors. How to file ITR You can file your ITR through e-filing portals, apps, or with the assistance of chartered accountants. If filing independently, you’ll typically … 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
Aadhaar-PAN link: The Income Tax Department has recently issued a detailed guide outlining step-by-step instructions on how individuals can link their Aadhaar number with their Permanent Account Number (PAN). This initiative aims to facilitate the process for taxpayers and prevent the deduction of higher Tax Deducted at Source (TDS) rates. By linking Aadhaar and PAN, … Read more
The interest certificate received from the bank for Fixed deposits indicates interest in two categories for the Financial Year 2023-24. Interest credited to the savings account during F. Y. 2023-24 and Accrued interest on FD but not credited to savings account since FD is not matured in a subject financial year. Till last year F. … Read more