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
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
As May approaches, it brings with it a series of important dates and deadlines for taxpayers to remember. From depositing taxes deducted or collected to issuing TDS certificates and filing various statements, May is a crucial month in the income tax calendar. To help you stay on top of your tax obligations, here’s a comprehensive … Read more
ITR filing: When filing your income tax return (ITR), it’s important to pick an investment plan that can save you money on taxes. So, while aiming for investment returns, don’t forget about potential tax savings. Understanding the tax implications of stock market investments is crucial for optimising returns. According to experts, individuals investing in the … Read more