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July 28, 2023 10:52 AM IST A notice from the I-T Department doesn't necessarily mean you've done something wrong. It could be a routine communication but it's essential to act promptly.
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July 28, 2023 10:56 AM IST July 31 is the due date for filing returns for the financial year 2022-23 (AY 2023-24). If you miss this deadline, you have some extra time until December 31, 2023, but will end up paying late-filing fees of Rs 5,000 (Rs 1,000 if your income is less than Rs 5,00,000).
- July 27, 2023 05:21 PM IST
Clarity on devolution will help the states to better plan their capex spending and also better assess their borrowing needs for the last two quarters of this fiscal
- July 27, 2023 03:26 PM IST
Volkswagen reaffirmed its financial outlook for the year and said it was taking steps to strengthen its business in China, where it has seen sales decline in the face of stronger local competition.
- July 27, 2023 06:31 AM IST
The Annual Information Statement is a critical document that provides a complete overview of an individual’s transactions during a financial year. It helps in identifying discrepancies in income or deductions, allowing taxpayers to rectify them before filing their income tax returns.
- July 26, 2023 12:30 PM IST
Inoperative PANs have been giving a headache to non-resident Indians. Unresponsive jurisdictional assessment officers, lack of online facility to contact them to update residential status and non-receipt of e-verification codes continue to impede smooth filing of NRI tax returns.
- July 27, 2023 09:12 AM IST
You can now select between the old and new income tax regimes at the time of filing your tax returns, irrespective of which option you had gone in for at the start of the calendar year with your employer. Salaried individuals can do this every year. But for professionals, the option to switch regimes is available only once.
- July 26, 2023 08:21 AM IST
The portal is designed to provide seamless and intuitive user experience and offers a dashboard displaying all interactions, uploads or pending actions.
- July 27, 2023 11:40 AM IST
Flood-affected regions such as Delhi, Uttarakhand, Himachal Pradesh and even parts of Gujarat deserve an extension, but it is unlikely that others will get any leeway, say chartered accountants.
- July 25, 2023 05:06 PM IST
The last date to file income-tax returns is July 31. But don’t worry if you make a mistake in the returns when filing. Or forgot to mention any income if filed already. The income-tax department allows you to revise returns up to three months before the end of the assessment year. The question is: what if the I-T department has already given you a tax refund?
- July 25, 2023 09:50 AM IST
Contractual IT professionals, tuition teachers (academic, dance, or drawing), or those providing professional services from home can also opt for filing tax returns under the presumptive taxation scheme (PTS) if they have not maintained proper books of accounts, under Section 44ADA.
- July 24, 2023 11:06 AM IST
ITR-4 Filing: For individuals and businesses with a specific income profile ITR-4 serves as the appropriate form.
- July 25, 2023 09:54 AM IST
ITR for Crypto Gains: If you have dabbled in cryptocurrency, you will have to make detailed disclosures in the newly-introduced VDA schedule while filing returns before July 31, 2023. In crypto, setting off of losses against capital gains elsewhere — be it in mutual funds or other crypto assets — is not allowed.
- July 21, 2023 10:29 PM IST
During the meeting with the Revenue Secretary on July 15, online gaming companies raised concerns about repeat taxation on online gaming platforms and players if GST is levied on the full value of bets.
- July 21, 2023 02:29 PM IST
This issue revolving around tax payments by casinos is generated by the very lack of clarity in the tax law.
- July 20, 2023 02:52 PM IST
The form is for individuals and HUFs with income from profits and gains of business or profession. However, it is also possible for individuals and HUFs to file ITR-3 if they have income from other sources, such as salary, pension, or capital gains.
- July 20, 2023 09:25 AM IST
Failure to disclose crypto gains, income and foreign stock holdings, interest income or any other source of income could lead to notices for non-disclosure from the income tax department. To know more about the mistakes that could land you in a soup, Moneycontrol spoke to Mayank Mohanka, Partner, SM Mohanka and Associates. Listen in
- July 19, 2023 06:39 AM IST
Employers’ contribution to corporate NPS of up to 10 percent of your basic salary can fetch you tax benefits under both the old and new tax regimes.
- July 19, 2023 08:14 AM IST
If you're a salaried individual, a pensioner, or have income from multiple houses, capital gains, foreign assets/income, agricultural income exceeding Rs 5,000 per annum, or income from other sources, then ITR-2 is the form for you.
- July 18, 2023 11:35 AM IST
Interest income from bank deposits, dividends from shares and mutual funds, gifts, lottery winnings, and prize money — all need to be disclosed under the head “Income from other sources” while filing your income tax return.
- July 18, 2023 02:05 PM IST
ITR-1, also known as Sahaj, is the most commonly used form. It is applicable for individuals who are residents other than not ordinarily resident (ROR) having an income of up to Rs 50 lakh per annum.
- July 18, 2023 06:46 AM IST
Since July, NRIs have faced difficulty in processing mutual fund systematic investment plans (SIPs) and in filing their IT returns and claiming tax refunds.
- July 17, 2023 11:16 PM IST
ITR filing: If you are a salaried individual, you should file the tax return within the due date even though tax has been deducted at source by the employer.
- July 17, 2023 04:15 PM IST
According to tax experts, Public Provident Funds (PPF) and tax-saving Fixed Deposits (FD) are considered favorable choices for both tax-saving and long-term investing, depending on an individual's investment objectives. PPFs provide a variable interest rate determined by the Finance Ministry, while FDs offer a fixed interest rate for a predetermined duration.
It is important for individuals to understand the distinctions between these account types, as they offer tax benefits and opportunities to earn interest on investments. Numerous taxpayers opt for PPFs as a preferred option for long-term goals like retirement, as it provides a stable source of fixed income while also offering tax-saving benefits. Watch here to know more-
- July 16, 2023 12:56 PM IST
ITR filing: Make sure that you file the income tax returns on time to escape penalty. The deadline for filing ITR is July 31
