Most think tax-saving deductions exist only in the old regime. But the New one quietly retains 40+ ways to ease your tax load
The platform recorded a peak rate of 917 filings per second on July 17 and 9,367 filings per minute on July 31.
Quoting an incorrect PAN during property registration can invite penalties and prosecution.
Cross-check key documents, maximise your deductions, avoid errors, and ensure you get your refund smoothly.
rediffGURU T S Khurana answers readers' personal income tax 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.'
It is advisable to file your ITR right away and not rely on potential extensions.
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
Income Tax department have released different tools to help you file your ITR-3 form easily.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
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.
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.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
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.
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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Form 16 contains details of salary income, deductions, and exemptions.
Besides wrong selection of ITR form, many professionals claim deductions they are ineligible for.
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.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
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.
'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.
If you have not yet filed an ITR for the 2022-2023 financial year, you can file a belated return.
rediffGURU T S Khurana answers readers' personal income tax queries.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
Non-compliance can also result in legal complications and disputes with the tax authorities.
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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
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.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
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