Quoting an incorrect PAN during property registration can invite penalties and prosecution.
rediffGURU T S Khurana answers readers' personal income tax queries.
Cross-check key documents, maximise your deductions, avoid errors, and ensure you get your refund smoothly.
The platform recorded a peak rate of 917 filings per second on July 17 and 9,367 filings per minute on July 31.
'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.'
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
It is advisable to file your ITR right away and not rely on potential extensions.
Income Tax department have released different tools to help you file your ITR-3 form easily.
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
More than 8 crore income tax returns for assessment year 2024-25 have been filed this year, of which 74 per cent taxpayers have opted for new tax regime, a source said. Also, around 75 lakh updated ITRs have been filed this year in high garnered additional taxes of Rs 8,000 crore.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
Taxpayers have been advised to file accurate particulars of their income and contact details, and not to fall prey to agents or intermediaries promising undue refunds.
The new Income Tax Bill, passed by Lok Sabha on Monday, has retained the provisions regarding ITR filing for TDS claims and tax exemptions for anonymous donations made to all religious-cum-charitable trusts, as in the existing tax laws. The original Income Tax Bill, which was brought in Parliament in February, had done away with this exemption and the ITR filing flexibility for claiming TDS refunds.
The Income Tax department is working on simplified I-T forms and aims to notify new rules by December-end to give effect to the new I-T Act, which will come into force from April 1 next year, a senior tax official said on Monday.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The income-tax department is set to launch a screen-based automated reconciliation system for plugging mismatches between returns filed by taxpayers and information processed by the department.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Besides wrong selection of ITR form, many professionals claim deductions they are ineligible for.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Form 16 contains details of salary income, deductions, and exemptions.
Deductions missed in Form 16 can still be claimed while filing ITR.
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.
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.
'Most tax notices arise not from wrongdoing, but from unintentional mismatch or ignorance.'
rediffGURU Samkit Maniar answers readers' personal income tax queries.
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
rediffGURU T S Khurana answers readers' personal income tax queries.
If you have not yet filed an ITR for the 2022-2023 financial year, you can file a belated return.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
ITRs with zero tax liability have increased to 55.7 million in FY25.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Non-compliance can also result in legal complications and disputes with the tax authorities.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Through a revised return, you can make changes to your ITR and even end up paying lower tax.
Missing the deadline for filing Income Tax returns can lead to consequences.
In September last year, India received financial information from over 108 countries regarding foreign accounts and income in the form of interest and dividend earned outside India.
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