Tue, Aug 29, 2023
As per the Income Tax Act 1961, pension is also considered as a source of income and thus becomes taxable as per the taxpayer’s respective tax slabs.
Wed, Aug 23, 2023
Individuals may receive a notice from the Income Tax Department if they have concealed their income, claimed incorrect deductions or have any other discrepancies in their ITR.
Wed, Aug 16, 2023
The Income Tax Department allows taxpayers who missed the July 31 deadline to file a belated return. In such cases the taxpayers will have to pay a fine for late filing of ITR.
Thu, Aug 10, 2023
The window to file the revised ITR for FY 2022-23 will remain open for all taxpayers till December 31, 2023. Taxpayers can visit the Income Tax Department's web portal to avail the facility.
Tue, Aug 08, 2023
If you have claimed substantial losses in return without the necessary supporting documents, this might trigger an investigation by the tax department, So it's important to submit all necessary documents on losses and deductions claimed in ITR filing.
Mon, Aug 07, 2023
ITR filing: The number of income tax returns filed between April-June 2023 nearly doubled to over 1.36 crore over the previous year, indicating early filing by taxpayers to avoid last-minute rush.
Thu, Aug 03, 2023
Income Tax Refund: After ITR filing, taxpayers wait for their returns to be processed and refunds received, and vicious cyber fraudsters seem to be taking advantage of this.
The Income Tax Department allows rectifying the errors in ITR Filing through submission of a "Rectification Request". A revised return can also be filed under Section 139(5) of the Income Tax Act, 1961, for more significant changes like claiming missed tax deductions.
It’s mandatory to verify your income tax return within 30 days of filing. Taxpayers can request for an extension of the verification period to 120 days, though the acceptance of the request is at the discretion of the tax officer.
Tue, Aug 01, 2023
Income Tax Return Filing: The income tax department on Tuesday informed that 53.67 lakh first-time filers filed their Income Tax Return (ITR) till July 31, taking the total number of ITRs filed to a record 6.77 crore for the assessment year 2023-24.
The Income Tax Department imposes an interest rate of 1 per cent per month on the total tax amount if there's a delay in filing the return. You can file the belated return along with the late fee in order to claim the refund.
Mon, Jul 31, 2023
For errors noticed from records or Section 143(1) intimation, you can use the Rectification Request on the e-filing portal. Rectifications are for correcting factual, arithmetic, or clerical errors, not altering tax liability. Always provide correct information to avoid complications.
ITR filing: If you fail to file your ITR using the correct form, your return will not be validated. You will also not be able to claim the deductions. The last date to file the income tax return is today, July 31. Take a look at which ITR form you should use.
Verifying your Income Tax Return (ITR) is a critical step to ensure the validity and processing of your tax return. Failure to verify the ITR within 30 days of e-filing can lead to delays in processing and refunds. The Central Board of Direct Taxes (CBDT) has reduced the e-verification timeline to 30 days for ITRs filed after 1st August 2022.
ITR filing: You can reduce your tax burden by opting for relevant deductions like home rent allowance, standard deduction, home loan interest, PF investments and more. To ensure your ITR filing is complete, you need to verify the tax return within 30 days.
ITR filing: If you are filing your ITR in a hurry, there can be some mistakes. There are some important points you need to keep in mind for an error free filing as there could be a rush to file ITR on the last day, July 31.
Sat, Jul 29, 2023
Two forms are the stars of the show: ITR-2 and ITR-3. ITR-2 is your go-to form if you have made capital gains from cryptocurrency, but don't possess business income. With the last day of the income tax filing deadline today (July 31), also keep points in the mind suggested in the write-up.
To claim HRA by paying rent to relatives, a valid rental agreement, proper payment channels, and property ownership in the name of the rent receiver are crucial. With the income tax return deadline ending today (July 31, 2023), you should know whether incorporating such rent documents in your ITR can benefit you in tax saving.
Fri, Jul 28, 2023
When obtaining a rent receipt, it is crucial to include specific details like the date of payment, the landlord's name and address, the tenant's name, the paid amount, and the rental period. While filing ITR taxpayers need to submit at least four rent receipts, one each from every quarter.
The Income Tax Act, section 139(9), sends a 'defective' notice when there's an issue with your income tax return (ITR). Section 139(9) can be used for many reasons. However, the best way is to cross-check all the details of your ITR before submitting it ahead of the deadline (July 31).
The income tax deadline for 2022-23 is just around the corner, and missing it can lead to trouble! Find out what happens if you don't file your returns on time, including late fees, interest on tax dues, loss of interest on refunds, and more.
According to the Income Tax Department data, more than 6 crore ITRs have been filed by July 30. As already a significant number of ITRs have been filed so far the government is not expected to extend the July 31 deadline. But all have to wait till evening today (July 31), whether the government comes up with a notification to extend the deadline.
Thu, Jul 27, 2023
In addition to the principal repayment, tax deductions are also applicable on the interest paid on your home loan. Section 24 of the Income Tax Act allows for deductions of up to Rs 2 lakh for a self-occupied property on the interest paid for home loan.
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