Income Tax Return filing: Salaried individuals need to be aware of these 5 key points

Income Tax Return filing: Salaried individuals need to be aware of these 5 key points

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

Income Tax Return filing: 60 days to go! A lowdown on the tax forms you can opt for

Income Tax Return filing: 60 days to go! A lowdown on the tax forms you can opt for

As the deadline of July 31 to file income tax return (ITR) for FY 24 draws closer, taxpayers are expected to scurry through their files and folders to arrange the documents they require.  Most documents are generally available online, so are the income tax return filing forms on income tax e-filing portal. Taxpayers are expected … Read more

ITR Filing FY24: 6 key points taxpayers must know as July 31 deadline looms large

ITR Filing FY24: 6 key points taxpayers must know as July 31 deadline looms large

With the deadline of July 31 to file income tax return (ITR) approaching fast, taxpayers are expected to be scurrying around to arrange the information required to for the return.  Although it is advisable to file your tax return as soon as possible, it is not recommended to do it sans proper home work. For … Read more

ITR Filing 2024: How can you get relief under Section 89(1) for arrear money? A step-by-step guide

ITR Filing 2024: How can you get relief under Section 89(1) for arrear money? A step-by-step guide

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

Income Tax: Make note of these 5 key points if you are a salaried taxpayer

Income Tax: Make note of these 5 key points if you are a salaried taxpayer

As the deadline of July 31 to file income tax (I-T) returns is approaching fast, taxpayers must be scouting for documents, forms and necessary information to be able to file their tax return as soon as they can. Before filing your tax return, make sure that you have linked your aadhaar with your PAN. The bank account … Read more

Tax time tactics: Reporting Reits, Invits, and RSUs

Tax time tactics: Reporting Reits, Invits, and RSUs

How can we report income from real estate investment trusts (Reits) and infrastructure investment trusts (Invits) in the income tax return (ITR)? Also, how do we fill up Schedule FA (foreign assets) for Restricted Stock Units (RSUs) of the same company (as in the case of Amazon) awarded over multiple years? Should they be aggregated … Read more

Income Tax: As ITR forms enabled to file returns, check here which form you would require

Income Tax: As ITR forms enabled to file returns, check here which form you would require

No sooner had the new financial year started than the income tax return (ITR) filing process commenced for FY 2024.      The income tax department (ITD) has already enabled all the return filing forms – ITR-1, ITR-2, ITR-4 and ITR-6 — for filing the returns at the e-filing portal.  The department has released the excel utility of … Read more

Income tax: Close to 6 lakh IT returns filed within 30 days of portal’s opening, two-thirds processed, says report

Income tax: Close to 6 lakh IT returns filed within 30 days of portal’s opening, two-thirds processed, says report

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

Income tax calendar for May 2024; check all important deadlines that you should not miss this month

Income tax calendar for May 2024; check all important deadlines that you should not miss this month

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

I-T department sets April 30 deadline for approving refunds: Report

I-T department sets April 30 deadline for approving refunds: Report

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

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