With a notable increase in taxpayers opting for the new tax regime while filing their income tax returns (ITR) for FY 2024, experts predict the Finance Ministry may consider phasing out the old tax regime within the next year or two. The key question is: When will the government officially end the old tax regime? … Read more
The Income Tax Department on Monday cautioned against a news clipping of Sandesh news being circulated on social media claiming ‘extension in deadline’ for the ITR filing 2024. The I-T department informed that no such extension has been granted and suggested that tax payers follow updates from the official website or portal of Income Tax … Read more
Income Tax Return (ITR) filing on WhatsApp: Now income tax returns can be filed via WhatsApp. ClearTax has started this facility. Archit Gupta, founder and CEO of ClearTax, emphasized, “We’re not just simplifying tax filing; we’re democratising financial empowerment. By bringing this service to WhatsApp, we’re meeting people where they are, eliminating technological barriers, and … Read more
Filing an income tax return is easier for individuals who have only one source of income, particularly if it is from salary. Chances are, you’ll qualify to use the ITR-1 form, renowned for its straightforward filing process. Additionally, as a salaried individual, your employer should furnish you with Form 16, which includes most of the … 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
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
Verify your AIS and Form 26AS For quite some time, the Income Tax Department has been making your form No. 26AS available, containing details about Tax Deducted at Source (TDS) from incomes like various income like interest, dividends, salaries, etc., paid to you as well as Tax Collected at Source on payments made by you … Read more
Your tax bill may increase if you receive arrears or additional payments, which would put you in a higher tax bracket. In addition to pay, arrears may involve other sources of income. A comprehensive list of what qualifies as arrears for tax purposes is provided below: Any unpaid bonuses, allowances, or back pay are included in … Read more
The interest certificate received from the bank for Fixed deposits indicates interest in two categories for the Financial Year 2023-24. Interest credited to the savings account during F. Y. 2023-24 and Accrued interest on FD but not credited to savings account since FD is not matured in a subject financial year. Till last year F. … Read more