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
Not only will this amount to significant savings when buying foreign currencies for overseas travel, it will also make spending towards fees or investments abroad a much smoother process. That said, the money parked in Gift City foreign currency accounts can only be used for purposes permitted in the Liberalised Remittance Scheme. LRS allows resident … Read more
Investing in overseas markets is a great way of diversifying your portfolio. By spreading investments across countries, you can mitigate risks associated with domestic market concentration and benefit from growth opportunities in different regions. It also allows you to tap sectors and industries that may not be well-represented in India, making for a more balanced … 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
If you have not received your income tax refund so far, there is good news for you. The Income Tax (I-T) Department has set April 30 as the deadline for approving pending refunds, reported Business Line The department has prepared an interim action plan for tax refunds in this fiscal and set a timeline for various actions related … Read more