Taxpayers required to file ITR-2 or ITR-3 can now download the Excel utilities from the I-T department's e-filing portal, fill in their details offline.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Until now, salaried individuals having income under the head LTCG were required to file Form ITR-2.
Think again. Not filing could cost you. Here's who must file, who should, and why it matters. What's more, the deadline to file your ITR has been extended till September 15, 2025
The return filed could be treated as defective, invalid, or even be considered as not filed at all.
The Income Tax department on Friday said it has made available the excel utility for ITR-1 and ITR-4 for AY 2025-26, which will enable taxpayers to file their income tax returns. "The Excel Utility for ITR-1 and ITR-4 for AY 2025-26 has been enabled and is now available for taxpayers," the Income Tax department said in a post on X.
The income tax department has notified ITR forms 1 and 4 for assessment year (AY) 2025-26 that are to be filed by individuals and entities with total income of up to Rs 50 lakh a year. Now individuals having long-term capital gains of up to Rs 1.25 lakh in a fiscal year can also file ITR-1.
Master the online ITR filing process and then learn the differences between the old and new tax regimes to pick your best option.
The income tax department has notified all seven income tax return forms for assessment year 2025-26. While ITR forms 1 and 4, which are filed by small and medium taxpayers, were notified on April 29; ITR-7, filed by trusts and charitable institutions, was notified on May 11.
The Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Prasanna D Zore/Rediff.com reports on the chaos facing taxpayers with the income tax department making changes to ITR 2 and 3 forms just before tax-filing deadline.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
The platform recorded a peak rate of 917 filings per second on July 17 and 9,367 filings per minute on July 31.
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
The Income Tax department on Friday said it has notified I-T return forms 2, 3 and 5 for filing tax returns for assessment year 2024-25. The ITR-1, which is filed by individuals having a total income of up to Rs 50 lakh, and ITR-6 for companies were notified earlier in December 2023, and January 2024, respectively.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
rediffGURU Vivek Lala answers your income tax and personal finance queries.
rediffGURUS Hardik Parikh, Tejas Chokshi, Mihir Tanna and Sanjeev Govila answer your tax related queries.
The Income Tax department has enabled online filing of income tax returns (ITRs) 1 and 4, filed by individuals, professionals and small businesses, for 2022-23 fiscal. In a tweet, the income tax department said, the software/utilities for preparing other ITRs/ Forms will be enabled shortly.
rediffGURU Samkit Maniar answers readers' personal income tax queries
If an assessee misses the December 31 deadline, s/he can file a belated tax return by paying a late filing fee. 'This must be done within three months from the original filing date.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Failure to disclose any income can lead to penalties and legal issues.
No need to pay tax on a share of property from your parents, says tax expert Vikas Gandhi.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The Central Board of Direct Taxes (CBDT) has proposed a new common income-tax return (ITR), with greater focus on disclosing income from virtual digital assets or crypto assets and foreign equity and debt instruments held by resident Indians. For non-resident Indians, the draft ITR seeks exhaustive details ranging from nature of business, permanent establishment (PE), business connection, whether the entity has significant economic presence (SEP) in India, along with the number of users in India. The ITR protocol for NRIs could widen the scope of the SEP principle that was introduced in the Finance Bill 2018-19, and the explicitly defined 'business connection' to include provision of download of data or software, if aggregate payments from such transactions exceed a prescribed amount, or if a multinational's interaction is with a prescribed number of users.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
It also said that over 1.38 crore entities have already filed their income-tax returns till now.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Many salaried taxpayers hold the misconception that they don't need to disclose any other income since TDS is deducted from their salary.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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