Income Tax

• Ease the Burden: A User's Manual for the Income Tax Calculator New Regime

  Staying informed about the continuous change in taxation is very important. The introduction of the Income Tax Calculator New Regime has garnered attention for its potential to simplify tax calculations and reduce the burden on taxpayers.…

• Income Tax Act 1961 Benefits for Senior Citizens and Super Senior Citizens

  Senior citizens in India enjoy higher income tax exemption limits, medical insurance deductions, and relaxed filing requirements, making their tax experience more favourable.…

• ITR Refund Delayed? You May Fall Under These Two Categories As Per The Income Tax Department

  The Income Tax Department may not process ITR refunds to people who fall under the following categories. Check the list below!…

• e-Verify Return: No ITR Refund; Here's How to e-Verify Your Tax Returns

  No ITR refund will be made to taxpayers if they have not verified their ITR. So, here are the methods to verify ITR.…

• ITR Refund: Here Is How To Check ITR Refund Status

  Know the ITR refund status if you have filed the Income Tax Return within the date scheduled by the Government of India. Follow the below steps.…

• ITR Filing: Navigating Foreign Assets in a Tricky Terrain

  In the past, and even at present, a significant number of individuals remain unaware of the consequences of failing to disclose vested but unexercised overseas stock options, ongoing retirement schemes such as the US 401(k), and beneficial interests held in offshore companies.…

• File ITR at Earliest as Government Not Contemplating Extension of July 31 Deadline: Revenue Secretary

  Revenue Secretary Sanjay Malhotra urges early tax return submissions, with no deadline extension plans, as he expects filing numbers to exceed the previous year; tax mobilization targets set in line with growth rates; government aims for gross tax receipts of Rs 33.61 lakh crore in…

• Farmer-Directors of FPOs Outraged by IT Notice

  Farmers serving as directors of farmer producer organizations (FPOs) are upset over receiving income tax notices despite their earnings being below the taxation threshold, as it deprives them of social welfare benefits, leading to grievances.…

• ITR Filing 2023: Here’s a Checklist of Deductions Under the Old Income Tax Regime

  Taxpayers who wish to opt for the old tax regime to retain their tax benefits must make a declaration regarding it.…

• HRA Calculation: How to Calculate House Rent Allowance & Claim Income Tax Exemption

  HRA calculation: Here we have discussed the steps to calculate House Rent Allowance and claim Income Tax Regime. Also, know the HRA online calculator.…

• Salaried Individuals Alert! File Your ITR Before This Date or Face Penalty

  e-filing ITR start date 2023 (AY 2023-24): The Income Tax Return (ITR) e-filing for Assessment Year 2023-24 (FY 2022-23) is expected to start soon.…

• Income Tax: Filing ITR? Here’s What Senior and Super Senior Citizens Need to Know

  The key difference between the income tax advantages for senior citizens and super senior citizens for the fiscal year 2023–24 is the higher basic exemption limit.…

• Income Tax Returns: Here’s How Freelancers and Self-Employed Individuals Can File ITR For FY 2023-24

  Self-employed taxpayers and freelancers in India are subject to taxation under the "Profits and gains from business and profession" category, with the option to choose between deducting authorized expenses or opting for presumed taxation.…

• Income Tax Savings: Here’s How You Can Claim Rs 50,000 Standard Deduction as a Salaried Employee

  Taxpayers can claim the benefit of standard deduction while furnishing their tax return in ITR 1/ ITR 2.…

• 10 Income Tax Rule Changes That Could Affect Your Finances in 2023

  The Indian Income Tax Department has announced 10 major income tax rule changes, effective from 1 April 2023. These include a new default tax regime, increased tax rebate limit, revised income tax slabs, benefits for senior citizens, and changes to taxation on life insurance and…

• Income Tax Returns 2023: Last Date for Filing ITR On July 31st, Know Which ITR You Need to Fill

  The Income Tax Department of India offers six forms for individuals and businesses to file their income tax returns (ITR) based on their income and taxpayer classification. It's essential to select the correct form to avoid any errors or confusion. Taxpayers must carefully evaluate their…

• Income Tax Return: Everything You Need to Know About ITR-1 or Sahaj!

  ITR filing is the process by which a taxpayer records his or her total income earned during the fiscal year. Individuals can file their taxes through the official portal of the Income Tax Department.…

• Income Tax 2023: 6 Tax Saving Tips Taxpayers Should Use Before FY 2022-23 Ends

  Investing in ELSS, PPF, NPS, EPF, tax-saving fixed deposits, and other instruments are some useful ways to reduce tax. Read more to find out more.…

• Bengal Govt Announces No Income Tax on Agri Products for Next 2 Years

  The state government, according to official sources, has also decided to fill thousands of openings in numerous departments, including agriculture…

• Old vs New ITR Forms! Know About All the Latest Changes Here

  This year, the CBDT has released tax return forms for the Fiscal Year 2022-23 well in advance. In this article, we have listed all the new changes in ITR forms.…

• CBDT Issues New Income Tax Return Forms for AY 2023-24, ITR Form Details Inside

  New ITR forms for AY 2023-24: New Income Tax Return (ITR) filing forms for individuals and businesses for AY 2023-24 have been notified by the Income Tax Department.…

• Why This Indian State is Exempted from Income Tax?

  On February 1, 2023, while presenting her fifth national budget, Finance Minister Nirmala Sitharaman captured the nation's interest. She recently changed the tax structure, going from six to five tax levels. However, this state's tax laws have not changed.…

• Budget 2023: No Tax on Income up to Rs 7 lakhs in New Tax Regime

  Income Tax Returns Reduced from 93 Days to 16 Days: FM Sitharaman…

• Income Tax 2023-24: Easy Steps to Calculate Your Personal Income Tax for Next Financial Year

  We are providing you with some easy steps to check your personal income tax. Scroll down for the direct link and steps to calculate Income Tax.…

• New Income Tax Rule Decriminalizes Punishable Offenses

  Central Board of Direct Taxes released updated rules for compounding several Income Tax Act of 1961 offenses.…

• Income Tax Returns: Not Getting Your Refund? Know Why and How to Fix the Issue

  Generally speaking, tax refunds are credited to the assessment bank account a few weeks after the ITR is filed, although there may be delays in some circumstances. Here's how you can get your income tax returns.…

• ITR Filing FY 2021-22: Here’s What You Can Do If You Receive Notice From Income Tax On Claiming Refund

  A notification may be issued if multiple claims are submitted simultaneously under different aspects of the Income Tax Act. The taxpayer in this situation must check or make changes to the ITR.…

• Now You Can Track Income Tax Return Status Online; Read How

  Through the Income Tax Department's official website, incometaxindiaefiling.gov.in, taxpayers can check the status of their refund online. To learn the whole process, check this step by step guide.…

• Income Tax Return Updates: Deadline, Eligibility to File ITR & Other Latest Details

  A taxpayer can amend their income tax return in accordance with the revised income tax rules under Section 139(5) of the Income Tax Act of 1961. Continue reading to learn more.…

• Tax Payers Alert! ITR e-verification Time Limit Reduced to 30 Days; Details Inside

  Starting on August 1, the I-T department has cut the time frame for e-verification or hard copy submission of the ITR-V, after the filing of returns by taxpayers, from the previous 120 days to 30 days.…

• File Your ITR Before 31st July to Avoid These Penalties, Fines and Legal Action

  Due to COVID, the government has delayed the deadline for the past two years. However, the center has emphasized the significance of submitting your tax return by the deadline.…

• What is the Income Tax Intimation Letter? Know Details Here

  The notice describes whether the Department's calculation and the taxpayer's income tax calculation in the ITR agree or disagree with each other.…

• How to File Income Tax Return: A Step-by-Step Guide

  As per the rules and regulations of the government of India, every citizen has to pay taxes imposed on them. According to income tax laws, whether you are an individual, organization, or a local authority, your income is taxed every financial year.…

• Why You Should Double-Check Pre-Filled Information While Filing Income Tax Return

  In her budget address, Finance Minister Nirmala Sitharaman stated that we would soon have pre-filled data in income-tax return (ITR) forms. It should be noted that for the 2019-20 fiscal year, the ITR-1 and ITR-4 forms already feature pre-filled information about the assessee.…

• Here's How to e-Verify Income Tax Return via Aadhaar OTP

  If the e-verification is not completed within the allotted 120 days, the ITR will become invalid.…

• Income Tax: 3 Main Changes in Income Tax Laws to Start from Today, Details Inside

  A 1% Tax Deduction at Source (TDS) will also be applied to all bitcoin transactions starting in Q2FY23, or right now. In the meantime, starting today, 10% TDS is also applicable to financial benefits obtained from sales promotion on medical professionals and social media influencers.…

• ITR Filing: Check List of Important Documents Required to File Income Tax Return

  Certain papers must be produced and maintained as proof in accordance with the Income Tax Act of 1961 and the Income Tax Rules of 1962.…

• ITR Latest Update: Important Income Tax Return Filing Deadlines for 2021-22

  It is critical that all taxpayers remember the deadline for filing income tax returns. The due date varies according to the taxpayer's category.…

• Income Tax: 5 Reasons Why You Shouldn’t Miss NSP During Tax Planning

  Experts say that tax and investment planning should be done jointly because a penny saved is a penny earned. People spend extensively on tax-saving choices under Section 80C, according to them, when developing an investment plan. There are, however, alternative options to consider.…

• EPFO New Guidelines: How Taxation Will Change For Govt & Non-Govt Employees on PF Contributions Above ₹ 2.50 Lakh

  According to the circular, TDS would be deducted when interest is paid to an EPF account.…

• Rich Farmers To Face Stricter Scrutiny By Income Tax Authorities: Centre

  Super-rich farmers will confront stricter scrutiny from tax authorities, who will brush through specifics of agricultural income, which is tax-free under the law, in jurisdictions in which the income of farmers surpasses a threshold of 10 lakh per year, according to the finance ministry.…

• From Income Tax to Crypto: What are the New Rules Being Implemented in 2022-23? Check Here

  Gains from virtual digital assets (VDAs) such as bitcoin, dogecoin, and other VDAs will be taxed at a fixed rate of 30%. Find other changed rules in this article.…

• Big Alert! Do These 5 Tasks Before March 31, Else Pay Heavy Fines

• ITR Last Date: What Happens If You Do Not File Income Tax Return by March 31? Know Here

  For taxpayers who fail to file their Income Tax Return (ITR) within the due date, which was 31 December 2021 for the current fiscal, the income tax law allows a three-month window to file belated ITR. For the current assessment year (AY 2021-22), 31 March…

• EPFO Update! PF Accounts To Be Split Into Two From April 1; Key Points to Note Down

  Existing provident fund (PF) accounts will most likely be split into two halves on April 1.…

• MP Government Will Soon Impose Surcharge on Alcohol for Conservation of Cows

  A senior finance department official said on Friday that the Madhya Pradesh government is planning to impose a surcharge on products such as liquor and services provided by local bodies to generate 100 crores to cover the costs of running cow shelters in the state,…

• ITR Filing Due Date Extended; Know if Agriculture Income is Taxable?

  The Central board of Direct Taxation has extended the Income Tax Return Filing date of FY 2021-22 for Individuals till 31 December, 2021. If you have Agricultural Income, you can still file for ITR, however as per section 10(1), agriculture income earned by the taxpayer…

• ITR Filling 2019-20: Check Important Update regarding Income Tax Returns for FY 2020

  The usual date for filing ITR for the financial year of 2019-20 would have been July 31, 2020. However, the government has taken note and given some major concessions when it comes to filing your ITR due to the worldwide pandemic.…

• Good News Taxpayers! Relaxations in Income Tax Returns Filing; Check New Rule for Verification of Old ITRs

  The income tax department has given a one-time relaxation to taxpayers who have not yet verified their e-filed tax returns. So, if you have not yet verified your income tax returns (ITR) for assessment years 2015-16 to 2019-20, then you still have time till 30th…

• New Income Tax Regime: These 5 Incomes are Exempted from Paying Income Tax in FY 2020-21

  The new tax regime applicable from 1st April 2020 is optional. A person opting for the new tax regime will have to forego many of the deductions available under the income tax law like Section 80C, 80D, 80TTA for deduction on savings account interest earned…