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.
Our income tax department should bring out monthly bulletin as well as annual reports providing insights into the nature of our direct tax segments, points out R Vaidyanathan.
Due date is closing in and taxpayers shall pay tax and file their return well in time to avoid any interest or penalties.
Not doing so might mean a penalty, not being able to revise returns or carry forward losses and forfeiture of interest on refund
'We are not incentivising the old tax scheme. These taxpayers will also shift to the new regime after comparison.'
Concerned over the high outstanding wealth tax and income tax, Finance Minister Jaswant Singh said as against a tax demand of over Rs 70,670 crore, the net collectable demand stood at only 35 per cent of the total amount.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
Besides wrong selection of ITR form, many professionals claim deductions they are ineligible for.
India, the world's fourth largest economy, is set to maintain the 'goldilocks' phase with tailwinds of good growth, low inflation and robust banking performance as well as reform initiatives poised to sustain the economic pace witnessed during 2025.
There are some solid reasons for acquiring a PAN card (if you don't have one) and filing your ITR within the due date, which is 31st July every year.
Income Tax authorities conducted surveys at the offices of Indian Premier League team franchises Pune Warriors in Pune and Mumbai and Royal Challengers Bangalore offices in the southern city as part of their probe into alleged tax evasion.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
While EPF rewards patience and compounds your money, inflation decides how far your money really goes.
The time taken by the income-tax department to process refunds has dropped sharply from 93 days in 2013.
The 52-year-old, who started as a helper, has been in the business for the last 35 years. Today, assisted by his wife and a team of seven workers, Sakhare sells about 50 kgs of poha (made out of flattened rice), serving 1,000- 1,200 people daily, which fetches him over Rs 100,000 a month.
'Most tax notices arise not from wrongdoing, but from unintentional mismatch or ignorance.'
Non-profit organisations set up for charitable purposes may see a tightening of income tax provisions.
Understanding severance pay isn't just for those who are losing their jobs
Archit Gupta on how can you maximise your savings and reduce your taxable income.
The European Union (EU) has suspended export benefits to sectors such as textiles and plastics under a preferential scheme for India and two other countries from January 1, a move that will impact the country's shipment to the 27-nation bloc. The development is important as the two sides are likely to announce the closure of negotiations for a free tarde agreement (FTA) on January 27.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
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.
In a major relief to tax payers, the Union Budget for 2005-06 on Monday altered income tax brackets.
The Union Cabinet dropped the condition laid by previous government to exempt income tax payers from Haj subsidy.
It is not just about archaic limits, there are a number holes which, if plugged, will come to the aid of taxpayers, rues Neha Pandey Deoras
We attempt to demystify for the salaried class the two main ITR forms applicable in their case, i.e. Forms ITR-1 and ITR-2.
Quoting an incorrect PAN during property registration can invite penalties and prosecution.
Finance Minister Pranab Mukherjee is not in a mood to cut taxes but may continue with stimulus in the budget for 2011-12, feel industry representatives who met him for Pre-Budget interactions.
If you are a salaried person, you will be filing your returns using the new income tax return form, ITR. Do you think the ITR is simpler than Saral? Or are there drawbacks in the new ITRs? Tell us.
'Bringing it back will help prevent reassessments of the income already disclosed.'
The old tax regime remains unchanged. 'Taxpayers opting for it will continue to follow the existing slab rates and deductions.'
'The impact will be minimal and it will only increase compliance cost on consent, data flows, localisation timelines, internal audits, data mapping, and new tooling.'
The peak rate of 30% applies on annual income of individuals above Rs 10 lakhs.
Even after filing your income tax return online, your job won't still be over! Here is a six-point checklist for taxpayers to be observed after e-filing of ITR.
rediffGURU T S Khurana answers readers' personal income tax queries
Instead of conceding the demand for a cut in personal income-tax rates, Finance Minister Nirmala Sitharaman should phase out many exemptions in both personal and corporation taxes, suggests A K Bhattacharya.
Join Anil Rego for an online chat between 2 pm and 3 pm on Friday, July 8, 2016.
Traders were producing fake purchase and sale billing receipts and also availing multiple loans on one consignment.
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