If you have yet to file your income tax return (ITR) for FY2023-24, be sure to do so before the deadline, which expires on July 31. And even if you don’t have Form 16 in your possession, fret not! You can still file the return by using information available in other relevant documents, say experts. … Read more
The finance ministry plans to impose higher taxes on futures & options (F&O) transactions in the upcoming Union Budget, as per recent reports. Proposed changes include reclassifying these transactions as ‘speculative income’ from ‘non-speculative business income’ and potentially introducing TDS on them. This news has unsettled the trader community. Let us understand why. Derivatives are … 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
I live in Australia with my family. Somewhere in mid-2020, I had invested in some liquid mutual funds, which I redeemed in March this year to book profits. TDS (tax deducted at source) has been deducted upon redemption. I have read that NRIs (non-resident Indians) in the UAE do not have to pay capital gains … 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
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
Selecting the incorrect form: One of the most common mistakes people make is choosing the incorrect form to file their taxes. Each form is tailored to a certain sort of income and taxpayer profile, and using the incorrect form might result in mistakes and processing delays. CA expert advises taxpayers to thoroughly analyse the qualifying … Read more
The Income Tax (I-T) Department has received as many as 6 lakh returns in the first month of Assessment Year 2024-25 (FY25). Significantly, nearly two-thirds of the verified returns have already been processed, reported Business Line. Over 5.92 lakh returns were filed by April 29. Out of these, over 5.38 lakh had been verified and … 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