As the Income Tax Return (ITR) filing season for Assessment Year (AY) 2025–26 kicks off, tax experts are urging taxpayers—especially businesses and professionals—to pay close attention to the reconciliation of their Goods and Services Tax (GST) returns with income tax …
The Income Tax Department of India has officially released the Excel utilities for ITR-1 and ITR-4 for the Assessment Year (AY) 2025-26 (pertaining to Financial Year 2024-25). This announcement was made on May 30, 2025, through a post on its official social media platform X (formerly Twitter). The …
The Income Tax Department has officially notified all seven Income Tax Return (ITR) forms for Assessment Year (AY) 2025-26. However, taxpayers are currently unable to file their returns as the corresponding e-filing utilities have not yet been made available on …
As of May 16, 2025, the Income Tax Department has yet to enable the e-filing utilities for Income Tax Return (ITR) filing for Assessment Year (AY) 2025-26. Although all ITR forms (ITR-1 to ITR-7) have already been notified, the utilities …
As the Income Tax Return (ITR) filing season for Assessment Year (AY) 2025-26 approaches, taxpayers across India are gearing up to gather essential documents like salary slips, bank interest certificates, Form 16, dividend statements, and other income-related records. While timely …
The Income Tax Department of India has officially notified ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) for the Assessment Year 2025-26 (FY 2024-25), simplifying return filing for salaried individuals, small businesses, and HUFs. 🔍 Key Highlights of the …
Understanding CRS & FATCA for Reporting Foreign Assets and Income in ITR: CRS & FATCA: In today’s interconnected global economy, tax transparency has become increasingly important to ensure that taxpayers accurately disclose their worldwide income and assets. To combat tax …
The new portal is designed to retain the key services of IEC 2.0, which include e-filing of Income Tax Returns (ITR), submission of statutory forms, and other services. The Income Tax Department is set to revamp its e-filing portal with …
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 …
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 …
The Income-tax Department has already made filing functionalities for commonly used segments of ITR available. ITR Filing FY 2023-24: With the Income-tax Department opening its return filing utilities on the first day of the Assessment Year 2024-25 (Financial Year 2023-24), …
E-Verification Scheme 2021: Press Release of MoF Dt 4 March 2024 Listen the Scheme: E-Verification Scheme 2021: The Income Tax Department has taken a significant step towards enhancing transparency and fostering voluntary tax compliance with its latest initiative – the …
Who is Required to File Income Tax Return Mandatorily? Persons required to file Income Tax Return: Compliance with tax regulations is essential for every taxpayer, necessitating the comprehensive disclosure of income details to the Income Tax Department. For this purpose, …