It is advisable to file your ITR right away and not rely on potential extensions.
rediffGURU T S Khurana answers readers' personal income tax queries.
As the Northeast monsoon intensified across Tamil Nadu, the regional weather office issued heavy rainfall alert to a number of districts. Chief Minister M K Stalin reviewed the situation and directed precautionary measures.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
ITRs with zero tax liability have increased to 55.7 million in FY25.
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
It is important to have the necessary documents on hand to verify the information in the form.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Information technology major Tata Consultancy Services (TCS) on Friday termed the tax demand notices received by several of its employees a "discrepancy," and the tax department will be reprocessing the returns. "We understand that the tax authorities will be reprocessing the returns, post which TDS shall be in sync with Form 26AS issued by the Income Tax Department, and Form 16 Part A issued by TCS. Associates that received the notice will receive a rectification intimation in due course and are not required to pay any demand amount.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Now, more pieces of information about your transactions and income, such as remittances received from overseas, will be uploaded in Form 26AS by the income-tax (I-T) department. This will help the taxpayer file I-T return (ITR) correctly and assist the department in detecting discrepancies, if any, in the ITR. Besides foreign remittances, these new items are interest on I-T refund, dividend from mutual funds (MFs), and purchase of MFs, among others.
Sciver-Brunt smashed a 39-ball 57, her second consecutive half-century, after taking two wickets for 26, as MI first bowled out GG for a modest 120 and then chased down the target, scoring 122 for 5 with 3.5 overs to spare.
A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
Farmer leader Balbir Singh Rajewal appealed to people to raise black flags at their houses, vehicles and shops on May 26 to protest against the contentious farm legislations.
Can't believe you can file your income tax return without Form 16? Read this...
Missing the deadline for filing Income Tax returns can lead to consequences.
Incomes such as dividend, interest on tax-free bonds, eligible gifts, etc should also be reported even though they are tax exempt, suggests Sanjay Kumar Singh.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
Have you planned to file your income tax return? But, did you check Form 26AS before tax filing? If you haven't verified it, you could be looking at trouble
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
A spectacular seven-wicket haul by Mitchell Santner helped New Zealand dismiss India for 156 before the tourists reached 198-5 at stumps on day two of the second test in Pune on Friday to tighten their grip on the three-match series.
Failure to disclose any income can lead to penalties and legal issues.
You need not worry even if there is a mismatch between your income and deduction in Form 16/16A and Form 26AS, says Ashley Coutinho
The new AIS is expected to make the taxpayer's task of filing ITR easier and faster, points out Bindisha Sarang.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
'Your activities are not in the interest of the nation. Being a public institution, TISS cannot permit or tolerate its students indulging in such activities which are anti-national and bring a bad name to the nation. Hence all such activities fall under the category of serious criminal offence'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
In the era of e-filing, small mistakes lead either to delayed or complete denial of income tax refunds. So, avoid these 5 common mistakes that could lead to delay in refunds.
Filing your tax returns may seem like a lot of paperwork, but it is swift and smooth once you start with a clear plan, says Anil Rego.
Income-tax payers fear they will receive notices from the government because the annual information statement (AIS) provided by the I-T department in many cases is showing incomes in excess of their earnings. The Central Board of Direct Taxes (CBDT) has dismissed these fears as unfounded. The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on July 31.
Many salaried taxpayers hold the misconception that they don't need to disclose any other income since TDS is deducted from their salary.
Income tax collection, by way of advance tax and TDS, in the April-June quarter was about 80 per cent of what was collected in the same period last year.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Vote for the best bowling performances in the Punjab Kings vs Delhi Capitals match.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
