NEW DELHI: The number of individuals disclosing over Rs 1 crore taxable income in their returns soared five times from 44,078 in assessment year (AY) 2013-14 (financial year 2012-13) to just under 2.3 lakh in AY2023-24 (FY2022-23), which may be a pointer to higher incomes and improved compliance. During the period, the number of tax…
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?…
New Versus Old Tax Regime: Salaried taxpayers have a crucial decision to make in the next 10 days regarding their income tax regime for the current financial year 2024-25. Companies are urging employees to choose the tax structure for 2024-25 at the beginning of the new financial year.This choice is a one-time decision for taxpayers,…
