Tax Filing

Explained: How will PAN 2.0 be different from the existing setup?

Here is all you need to know about the initiative and its impact on your tax filings.

ClearTax, Microsoft team up to simplify tax filing by gig workers

Online tax-filing platform ClearTax on Wednesday said it has partnered with Microsoft to develop a simplified solution that allows gig workers across India to file their taxes through WhatsApp. ClearTax has used Microsoft Azure OpenAI Service to develop a user-friendly solution that allows gig workers to file their taxes via WhatsApp, according to a statement. "The impact of this (initiative) has been swift and substantial. In just 5 weeks of launch, nearly 98,000 gig workers have been able to file their taxes with this new system. Moreover, all these individuals are set to receive several immediate economic benefits of this simplified scheme," the statement said. The Bengaluru-based firm plans to further extend this service to employers, enabling them to assist their blue-collar employees with tax filing and TDS refund claims, it added. "By making tax payment as easy as WhatsApp messaging, we're not just providing short-term relief -- we're expediting the long-term national object

Puducherry CM Rangasamy presents Rs 12,700 cr tax-free budget for UT

Puducherry Chief Minister N Rangasamy presented a tax-free budget involving allocation of Rs 12,700 crore for the fiscal 2024-2025 in the territorial Assembly on Friday. He said the budget size of Puducherry has been fixed at Rs 12,700 crore. Rangasamy, who holds the Finance portfolio, also stated that the Union Territory's own receipts have been estimated at Rs 6,914.66 crore while the Central assistance including State Disaster Relief fund has been estimated at Rs 3,268.98 crore. The Central road fund has been estimated at Rs 20 crore while allocation under Centrally-sponsored schemes has been estimated at Rs 430 crore. During his 80-minute-long address, Rangasamy also said that he was extremely happy to present his fourth budget in the fifteenth legislative Assembly. The Central government had conveyed its approval for the net borrowing ceiling to the extent of Rs 2,066.36 crore "to bridge our fiscal deficit," he said. He said out of the budget estimate of Rs 12,700 crore, a su

Last-minute tax filing: Follow this checklist to avoid errors, oversights

Here's a guide to help you complete your ITR on time

Error-free tax return, luxury concierge firms: Top personal finance stories

This week we report about common mistakes people make in their tax filing and how India's richest use personalised concierge services

Cipla receives additional Rs 773.44 crore tax demand from income tax office

Cipla's share price declined by 0.56 per cent, ending the day's trade at Rs 1,507.50 apiece on the BSE

Fortis Healthcare subsidiary receives a tax demand of Rs 89.53 crore

Fortis Healthcare Ltd on Friday said one of its subsidiaries has received a tax demand of Rs 89.53 crore, including interest for the assessment year 2022-23. Fortis Hospitals Ltd, a material subsidiary of the company has received an Income tax assessment order dated March 21, 2024, wherein a demand of Rs 89.53 crore, including interest of Rs 9.54 crore has been raised, Fortis Healthcare said in a regulatory filing. "The company is evaluating the said order and will take appropriate actions in due course," it added. The expected financial implication on Fortis Hospitals Ltd is Rs 89.53 crore, the company said.

Statsguru: Record tax filings indicate potential growth challenges ahead

Gross total income has gone up 229 per cent since AY13 and was nearing Rs 70 trillion as of AY22. Tax payable was nearing Rs 10 trillion

Income Tax dept notifies ITR forms 1, 4 for assessment year 2024-25

The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with annual total income of up to Rs 50 lakh, for assessment year (AY) 2024-25. Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can start filing returns for the income earned this financial year. Usually, ITR forms for a particular financial year are notified by the end of March or early April. But last year, the forms were notified in February. However, this year, ITR forms are notified in December itself, to enable taxpayers file returns early. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. The I-T Department notified the forms on Friday. Sahaj can be filed by a resident individual having income of up to Rs 50 lakh and who receives income from salary, one house ...

Tax filing for AY24 touches all-time high, surpasses 67.7 million

On 31 July, the final day for filing, the number of ITRs peaked with over 6.433 million ITRs submitted in a single day, the I-T department reported

Verify data in pre-filled forms carefully before filing your tax return

Keep all relevant documents handy to to cross-check the data and weed out inaccuracies

Budget 2023-24: Centre mulls increasing tax-free slab to Rs 5 lakh

Only 10-12% assessees opted for new regime introduced in 2020

US tax-filing websites sending users' financial data to FB: Report

Major tax-filing websites such as H&R Block, TaxAct and TaxSlayer in the US are reportedly sending sensitive financial information to Facebook.

Presumptive tax scheme can reduce compliance burden, return filing

Simplifies ITR filing, but can be taxing if actual income is below 8% of turnover

Common ITR form will make tax-filing easier, reduce time taken, say experts

Its success, however, will hinge on the quality of online utilities launched along with it

ITR 2022-23: How to fill your income tax return for this assessment year?

Here is a quick step-by-step guide on how to file your income tax return (ITR) for the assessment year 2022-23

I-T dept relaxes time till Feb'2022 to complete verification of FY'20 ITRs

Taxpayers who have not e-verified their ITRs for 2019-20 fiscal can complete the verification process by February 28, 2022, as the Income Tax department has given a one-time relaxation to assessees. As per law, an income tax return (ITR), filed electronically without a digital signature, has to be verified electronically through Aadhaar OTP, or net-banking, or code sent through demat account, pre-validated bank account and ATM within 120 days of filing the return. Alternatively, taxpayers can send a physical copy of the ITR filed to the Centralised Processing Centre (CPC) office in Bengaluru. If the verification process, which is done through ITR-V form, is not complete, then it is considered that the return has not been filed. The Central Board of Direct Taxes (CBDT) in a circular dated December 28, said a large number of electronically filed ITRs for the Assessment Year 2020-21, still remain pending with the Income Tax department for want of receipt of a valid ITR-V Form at CPC,

Tax portal 2.0 to integrate with bourses to track trade transactions

Will take stock of discrepancies in assessee disclosures in ITR

Delhi Assembly passes GST Amendment Bill to smoothen tax filing process

The Delhi Assembly on Friday passed the 'Delhi Goods and Services Tax (Amendment) Bill, 2021' to smoothen the GST filing process and to prevent tax evasion, amid opposition from the BJP

File past year returns, avoid higher taxes as new tax provisions kick in

Steeper TDS, TCS rates will apply from July 1 as new tax provisions kick in