Following the July 5 update, the ITR filing utilities are not allowing the rebate under section 87A for various special rate incomes. The income tax rebate under section 87A of the Income-tax Act, 1961, provides a significant benefit by reducing …
Taxnet 2.0 is designed to overhaul the Income Tax Department’s network system, aiming to deliver enhanced security, improved reliability, and a seamless user experience for all stakeholders. The Central Board of Direct Taxes (CBDT) has granted the prestigious Taxnet 2.0 …
Experts believe that adjustments to income tax slab rates could be seen in the Budget 2024. Finance Minister Nirmala Sitharaman is gearing up to present the Union Budget on July 23. Taxpayers are eagerly anticipating several potential changes, including a …
Taxpayers are encountering significant challenges while filing their income tax returns due to persistent glitches in the e-filing portal. These issues include difficulties in accessing crucial forms such as Form 26AS, AIS, and TIS. The deadline for filing income tax …
Section 80GG offers a valuable deduction for individuals and HUFs paying house rent without getting HRA benefits Section 80GG of the Income Tax Act provides significant relief for individuals paying house rent without receiving House Rent Allowance (HRA) from their …
The new tax regime was introduced in Budget 2020 to simplify tax calculations and offer concessional tax rates. As the deadline for filing your Income Tax Returns (ITR) approaches, it’s crucial to decide whether to stick with the old tax …
High-value transactions, including bank deposits, mutual fund investments, property dealings, and share trading, are scrutinized by the IT Department Taxpayers should be aware that high-value transactions exceeding specific limits are closely monitored by the Income Tax Department. Failing to disclose …
Income Tax Exemption on LTA: What you want to know LTA Exemption: Salaried taxpayers who have chosen the old tax regime can leverage various exemptions and deductions to reduce their tax liability. One significant exemption is the Leave Travel Allowance …
Employee Stock Ownership Plans (ESOPs) were subject to fringe benefit tax. However, after the amendments introduced by the Finance Act of 2009, the taxability of ESOPs shifted to the employees. An Employee Stock Ownership Plan (ESOP) is a valuable employee …
Why You Should File Your Income Tax Return with Utmost Care in 2024 Filing your income tax return can be a highly stressful task, especially as deadlines approach. Procrastination adds unnecessary stress that can be easily avoided with timely preparation. …
Whether NRIs need to file ITR when there is no income in India A Non-Resident Indian (NRI) is an individual holding an Indian passport and citizenship but residing outside India for employment or business purposes. According to the Income Tax …
Income Tax Return (ITR) Filing The last date for filing income tax returns (ITR) for the financial year 2023-24 (assessment year 2024-25) is July 31, 2024. If you miss this deadline, you can still file a delayed return until December …
Understanding Short-Term Capital Gain on Shares Capital gains can be realized while trading shares, either as long-term or short-term gains. Typically, a seller aims to achieve a short-term capital gain when selling shares at a higher price than their purchase …
Understanding Capital Gains on Sale of Shares Profits or gains arising from the sale of shares are classified as capital gains under the Income Tax Act. These gains can be categorized as short-term or long-term, depending on the holding period …
Mandatory Electronic Submission of Specified Forms under Rule 131 of I-T Rules 1962: CBDT Notification 1/2024-25 The Central Board of Direct Taxes (CBDT), through Notification No. 1/2024-25 dated June 24, 2024, has mandated that certain forms listed in Appendix-II of …
Key Changes in Income-Tax Return Forms Applicable for FY 2023-24 Return Filing ITR Filing for FY 2023-24: The Income Tax department consistently updates tax return forms to ensure they align with new legislative requirements and provide comprehensive reporting capabilities for …
Filing your Income Tax Return (ITR) correctly is crucial for salaried individuals. Here’s a detailed guide to help you navigate the ITR-1 filing process for FY 2023-24. 1. Eligibility to File ITR-1 for AY 2024-25: Who Can File: Resident individuals …
F&O trading involves derivative instruments based on an underlying asset, such as equity shares, commodities, or currencies. A recent report suggests that the government is considering reclassifying profits from futures and options (F&O) trading from ‘business income’ to ‘speculative income’ …
Sources suggest that reducing personal income tax in the budget could spur consumption and increase savings among the middle class. In a bid to boost consumption, the Indian government is considering a reduction in income tax rates in the budget …
The economic agenda of the Budget aims to accelerate reforms, positioning India as a USD 5-trillion economy in the near future and transforming the nation into a ‘Developed India’ by 2047. PTI reports that the Union Budget for the fiscal …