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
With Central Board of Direct Taxes (CBDT) awarding Taxnet 2.0 project to Bharti-Airtel, tax department’s network system is likely to undergo a facelift. For the uninitiated, CBDT is the top governing body that heads the income tax department. The Sunil Mittal-led telecom company will be responsible for a slew of services to be provided to … Read more
The idea is to use it as a tax book while filing returns. However, instead of easing compliance, it has often increased the burden on taxpayers mostly because details related to equity transactions in the statement are inaccurate. To make matters worse, the onus of fixing the errors lies with the taxpayers. Experts said the … Read more
Taxpayers are entitled to claim a rebate under section 87A of the Income Tax (I-T) Act, 1961, which enables them to pay ‘nil’ tax when their income is up to ₹5 lakh in the old tax regime and ₹7 lakh in the new tax regime. However, a number of taxpayers and chartered accountants have expressed … 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
Although a range of tax-related changes are introduced every year for taxpayers, a few key changes are ‘radical’ and occur only once every three or five years. The introduction of the ‘new tax regime’ is undoubtedly one such key change that is substantive, and will transform the way income tax is calculated and deductions allowed. … 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
Every tax season brings with it a plethora of usually complicated tax calculations. Figuring out how much taxes to pay, and how many deductions you can claim can be a chore. But apart from that, you can also save some money by the means of how you pay your taxes. This tax filing season, we … 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
When filing your income tax return (ITR), you should declare the income that accrues in India and the income that grows abroad. The income Tax department on the X platform posted that you are meant to fill the foreign asset schedule as a resident income taxpayer if you own an asset abroad or have a … Read more