Page 5 - Income Tax Filing

What is form 26AS and AIS? Which is more important in filing tax returns?

While they serve different purposes, understanding their differences and significance is crucial for accurate tax compliance.

Explained: How consultants and freelancers can file their ITR

There are less than two weeks for filing your income tax returns. If somebody is working as a consultant or a freelancer, then the process of ITR applied is different

Filing ITR for crypto gains: Here's your guide on taxation for VDAs

All cryptocurrency purchases, sales, and transactions are subject to a 30% capital gains tax on profits, with no provisions for reduced rates or deductions under Section 115BBH.

Income tax return: What is NIL ITR? Who is eligible, what are the benefits

A Nil ITR refers to an income tax return where there is no tax liability on the taxpayer.

How to maximise your income tax refund while filing your Income Tax Return?

Taxpayers must submit ITR to the government to disclose their earnings, deductions, and tax liabilities. If the tax paid exceeds the taxable income, the taxpayer is eligible for a refund

Large number of IT, govt employees from Andhra filed incorrect I-T returns

A large number of government and tech company employees in Andhra Pradesh have claimed incorrect tax deductions and exemptions, the Income Tax department on Friday said. However, erring tax payers have been given a chance to file the correct returns. As part of their investigation, the tax officials conducted field inquiries and came to know that gullible employees were lured to claim wrongful refunds by intermediaries and peers. "Many of the assesees work in government departments, PSUs and prestigious IT companies. It is also noticed that a large number of such taxpayers work with companies based outside Andhra Pradesh and Telangana but have PAN based in Andhra Pradesh/Telangana," said a statement issued here on Friday. The Income Tax department's surveys on consultants and intermediaries revealed incriminating evidence on these fraudulent practices. Many of them have admitted to claiming bogus deductions and getting substantial refunds for their clients (employees and others) for

Filing your returns? Know key changes in ITR for assessment year 2023-24

A new disclosure has been added for 'Income from retirement benefit accounts'. Disclosure is required to be made about the taxable income on which relief under section 89A was claimed earlier

ITR 2022-23: Three key changes to keep in mind while filing your return

Those filing ITR themselves this year need to keep in mind a few key things

Tax returns explained: Documents needed for ITR 1, eligibility, changes

You would need Form 16, house rent receipt (if applicable), investment payment premium receipts (if applicable). However, ITRs are annexure-less forms, so you are not required to attach any document

Filing ITR without taxable income: Details on benefits, advantages

The Centre allows certain deductions and exemptions in order to reduce the burden on taxpayers

I-T dept sends queries to NRIs about big, unexplained transactions

Govt officials aware of the matter said that the I-T department was taking cues from its 'insight' database to gather information on these individuals

Explained: How to claim HRA if you are living with your parents

There's no prohibition to claim such deduction while living with houses owned by family member. However, to claim such deduction of HRA, one should be mindful of the following

I-T dept enables filing of income tax returns 1, 4 at e-filing portal

The Income Tax department has enabled online filing of income tax returns (ITRs) 1 and 4, filed by individuals, professionals and small businesses, for 2022-23 fiscal. In a tweet, the income tax department said, the software/utilities for preparing other ITRs/ Forms will be enabled shortly. "ITR 1 and 4 for A.Y. 2023-24 are enabled for filing in online mode at e-filing portal," the department said in reply to a tweet by an individual. The last date for filing Income Tax returns for fiscal 2022-23 for people who do not need to get their accounts audited is July 31. ITR-1 is filed by individuals, including salaried class and senior citizens. ITR-2 is filed by businesses and professionals who have opted for presumptive taxation and those individuals whose annual income doesn't exceed Rs 50 lakh.

How to reset password on Income Tax e-filing portal? Step by step guide

The income tax department gives you different options to reset your Income Tax e-filing portal password. Check out the step by step guide below

IT Department launches AIS app for taxpayers, full details here

The income Tax Department launches an AIS application for taxpayers aiming to provide each transaction information taxpayers and accept their feedback

ITR forms notified for FY23, have schedule for virtual digital assets

Separate schedule for virtual digital assets requires details like date of acquisition, date of transfer head

No updated tax returns after facing searches by I-T department

Earlier, it was proposed that an updated tax return cannot be filed, in case of search or survey proceedings in the relevant financial year and the preceding one

File revised income-tax return to correct errors in original ITR by Dec 31

Any refund you are eligible for won't be processed unless you correct the mistakes in your return

Tax authorities want IT professionals to declare income from 'moonlighting'

The concerns from tax authorities have come at a time when there is an ongoing debate on how far 'moonlighting' by employees can be allowed.

Clear brings solutions to pre-validate data before tax returns are filed

Clear TDS, a SaaS platform, can generate three million FVU files in 30 minutes, and has automated bulk PAN and aadhaar linking verification, challan verifications among other features