Tax officials are requesting verification of claims submitted in previous Income Tax Returns (ITR). (AI image) Income tax payers claiming House Rent Allowance (HRA) exemptions should take note. The Income Tax Department is issuing notices to individuals who have sought HRA exemptions in their tax filings but have not paid the required Tax Deducted at…
A Tax Saving FD represents a special term deposit that provides tax advantages under Section 80C. (AI image) It’s that time of the year again when you scramble for last minute tax saving investments. Those who systematically arranged their tax-saving investments throughout the year remain at ease, whilst last-minute planners are rushing to maximise deductions…
ITR filing: The zero-tax income threshold has been increased from Rs 7 lakh to Rs 12 lakh. Income Tax Slabs FY 2025-26 after Budget 2025: Finance Minister Nirmala Sitharaman’s big announcement that taxpayers will no longer have to pay tax for income up to Rs 12 lakh from FY 2025-26 onwards has been met with…
If one fails to submit a belated return by December 31, 2024, specific consequences apply. ITR filing deadline: December 31, 2024, marks the final deadline for submitting belated and revised income tax returns for FY 2023-24 (AY 2024-25). Whilst various taxpayer categories have distinct ITR filing deadlines, the final date for belated and revised returns…
The new form will enable employees to provide information about TCS and TDS from other sources. (AI image) TDS for salaried employees: The Central Board of Direct Taxes (CBDT) has introduced a new form, Form 12BAA, to facilitate the implementation of the Budget 2024 announcement regarding the adjustment of TDS and TCS from other sources…
NEW DELHI: The income tax department will deny tax deducted at source (TDS) credit and flag your income tax return (ITR) if it detects any discrepancies between the TDS information reported in the ITR and the data provided by the TDS deductor. When a TDS deductor deducts the tax, they are required to file a…
Income Tax Return (ITR) Filing FY 2023-24: The deadline for filing Income Tax Returns for FY 2023-24 was July 31, 2024. However, if you haven’t been able to file your ITR within the deadline, you can always file a belated ITR. It is important to note that you may face certain penalties or consequences for…
ITR filing FY 2023-24: The Income Tax Return filing deadline for FY 2023-24 is approaching, and if as a salaried taxpayer you are still wondering about the correct ITR form to use for filing return this year, then we have you covered. Salaried taxpayers can often be confused on the right ITR form – should…
Income Tax Return Filing FY 2023-24: For individual taxpayers whose accounts do not need auditing, the last date to file income tax returns (ITRs) for FY 2023–24 (AY 2024–25) is July 31, 2024. Missing this deadline means filing a belated ITR, which comes with penalties and interest. What is the penalty for belated ITR filing?…
MUMBAI: Moonlighters may have a mix of ‘salary’ income and income from gigs, which is shown as ‘income from business and profession’.The income received from consultancy gigs is typically treated as business and professional income, rather than ‘income from other sources’ to enable the individual to claim various expenses, such as stationery, travel and data…
