Filing income tax returns (ITR) is an essential responsibility for every taxpayer in India. The process begins with selecting the appropriate ITR form, which varies depending on your income sources, residential status, and other financial particulars. Choosing the correct form ensures compliance with tax laws and helps in accurate reporting of income. This article serves … Read more
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
As the last date to file the income tax return (ITR) looms closer and you have not yet filed the return, it is imperative to first decide the tax regime you plan to opt for. One should file their ITR by July 31 of a financial year to avoid penalties. It is noteworthy to mention … Read more
If you have invested in cryptocurrencies in the financial year 2023-2024, then the chances are that you earned significant profits in the year gone by. Most top crypto currencies reported noticeable jump in their prices in the past few months. Bitcoin rose nearly 108 percent in the past one year, while ether rose nearly 80 … Read more
Budget 2024: Tax and consultancy firm EY, as quoted by Moneycontrol, said in a report on June 27 that the government should raise the basic exemption limit under the new tax regime from ₹3 lakh to ₹5 lakh to provide taxpayers with more disposable income. The firm also suggested that the standard deduction should be … Read more
Form 16 holds significant importance for employed individuals in India during the income tax filing process. It includes comprehensive information such as salary details, claimed deductions, and the tax deducted at source (TDS) by the employer throughout the fiscal year. This data automatically populates most sections of your tax return, streamlining the filing process by … Read more
With the dawn of Modi 3.0, all eyes are eagerly set on the upcoming Union Budget of 2024, slated for presentation in July. Anticipation runs high among industries, farmers, taxpayers, and the middle class alike, as they await potential boosts and tax reliefs from Finance Minister Nirmala Sitharaman. As the first budget of this new … Read more
Schedule AL was introduced in 2016 after the discontinuation of the wealth tax. Prakash Hegde, chartered accountant at Acer Tax & Corporate Services LLP, explains, “The government wanted a monitoring system to check if the value of a taxpayer’s assets corresponds to the income earned by them. Thus, Schedule AL was introduced.” To help taxpayers … 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