Tech professional Samir (name changed) was shocked to receive a tax demand of about ₹1.98 lakh related to his income tax return (ITR) filed for the assessment year 2024-25. According to the intimation 143(1) sent to him, the tax deducted at source or TDS on his salary reported in his form 26AS is higher than … Read more
Though income tax laws generally do not differentiate between a resident Individual taxpayer and a non-resident taxpayer, certain tax benefits/concessions are available to a resident individual only and not to a non-resident taxpayer. Let us discuss this in detail. Age-based differentiation A resident taxpayer below 60 years old enjoys total tax exemption for income up … Read more
Individual taxpayers eagerly awaited the Union Budget 2024, anticipating significant tax relief from the Modi 3.0 government. Many expected enhanced deductions or revised tax slabs that would lower overall tax rates. The Reserve Bank of India’s optimistic economic outlook and repeated affirmations of India as the fastest-growing major economy fuelled these expectations. Additionally, the government’s … Read more
Offering a sense of relief to taxpayers, Union Finance and Corporate Affairs Minister Nirmala Sitharaman in Budget 2024 announced a number of key changes with regards to reopening and reassessment of old income tax returns (ITR) filed by taxpayers. In Budget 2024, Finance Minister Nirmala Sitharaman proposed that reopening and reassessment of income tax returns will be allowed in … Read more
Although more than seven crore income tax returns (ITR) were filed until 7 pm on July 31, 2024, there would still be hundreds of thousands of taxpayers who have yet not filed their income tax returns. Such taxpayers who missed filing their income tax returns on time, i.e., before the July 31 deadline, can file … Read more
The budget has brought in some major changes in taxation which would impact individuals. People may make some knee-jerk decisions as a quick reaction to the tax announcements and this article tends to suggest the do’s and don’ts to help people to avoid unwise actions. Before even getting into any specifics, regardless of changes in … 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
Since the deadline to file income tax return (ITR) did not get any extension beyond July 31, the last date to file the return for financial year 2023-24 is set to end tonight. Meanwhile, a PIB Fact Check clarified that the due date for filing ITR is July 31, and it has not been extended, … 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 has asked all citizen filing income tax returns to not make bogus claims for expenses, under-report their income or exaggerate deductions, this is a punishable offence causing delays in the issuance of refunds, reported PTI on Sunday, July 28. The income tax return (ITR) filing session for the assessment year 2024-25 … Read more