ITRs Filing

Quick commerce firm Zepto on Tuesday said it has partnered with ClearTax to offer income tax return filing services for its delivery workforce, enabling refunds worth over Rs 1.5 crore to date. As many as 49 per cent of Zepto's delivery partners opted to file ITRs via ClearTax this year, with a significant share comprising first-time filers using a WhatsApp-based, multilingual interface available round the clock, a company statement said. The initiative helps workers to file returns through a chat-led process on WhatsApp in over seven Indian languages with an AI-powered system pre-filling data, computing taxes, and guiding users through deductions and exemptions before electronic filing and instant confirmation, it added. The programme combines digital and on-ground support, including helpdesks at Zepto dark stores, webinars, and telephonic support by ClearTax experts. "Thousands of gig workers across India are missing out on tax refunds due to limited financial literacy. ClearTax'

Taxpayers get 48 months to voluntarily correct filings for AY22 & AY23 but there's a cost

An unregistered vegetable vendor in Haveri, Karnataka, receives ₹29 lakh GST notice after digital transactions via UPI total ₹1.63 crore over four years

This extension will provide more time due to significant revisions in ITR forms, system development needs, and TDS credit reflections. This ensures a smoother and more accurate filing experience for e

The government has notified the income tax return forms 1 and 4 for assessment year 2025-26, and made it easier for individuals with long term capital gains of up to Rs 1.25 lakh from listed equities to file returns. The government has also made certain changes in the form with regard to deductions claimed under 80C, 80GG and other sections and has provided a drop down menu in the utility for tax filers to select from. Also, assessees will have to furnish in the ITR section-wise details with regard to TDS deductions. Once the utility for filing ITR is made available by the I-T department, people can start filing ITR for income earned in 2024-25 fiscal. The last date for filing ITR for individuals and those who do not have to get their accounts audited is July 31. Usually, the ITR forms are notified before the end of the fiscal, mostly around February/March. This time, however, the ITR forms and the filing utility got delayed as revenue department officials were pre-occupied with the

Selecting the incorrect Income Tax Return (ITR) form can result in incomplete reporting of information, potentially leading to a defective income tax return

Taxpayers who are resident and 'ordinarily resident' have to disclose their offshore accounts and assets

If you have missed the original due date of ITR filing, a belated ITR can be filed. You can also file revised ITR if you have made a mistake in the originally filed ITR

A vast majority of income tax filers want simplified ITRs for individuals, easier way for computing incentives and deductions, and simplification of TDS framework for 'one rate one section', a Deloitte survey said on Wednesday. Deloitte's Income-Tax Policy Survey also suggested doing away with the requirement of issuing Form 16A as the TDS information is already reported and available in the Form 26AS and AIS of the recipient. The survey also suggested limiting the number of sections with regard to withholding tax, classifying payments into two-to-three distinct and non-overlapping categories, and ensuring that each section has only one rate, which will significantly reduce the burden of compliance without any major loss in tax collections from a tax administrative perspective. For example, 1 per cent TDS on tangible goods, 2 per cent on services, 0.1 per cent on e-commerce transactions, and 10 per cent on other transactions such as dividend and interest. The Income Tax Policy Surv

Making a start now will give you time to choose instruments prudently and avoid mis-selling

Tax department's decision also expected to help professionals with complex finances, according to one expert

The survey covered over 2,000 workers employed by companies like Zomato, Swiggy, Uber, and Amazon across 40 cities

India currently offers two personal income tax regimes: the old and the new. The old regime has higher tax rates but allows for numerous exemptions and deductions

Significant updates, include new Google Maps charges and revised HDFC Bank credit card regulations

Investors should take advantage of the increased exemption limit of Rs 1.25 lakh for LTCG, ensuring that they maximise their tax-free gains

Over 4 crore returns have been filed as per Income Tax department as of July 22

The acknowledgment acts as an official receipt from the tax department, assuring taxpayers that their return has been successfully received

Section 80U of the Income Tax Act provides significant benefits to differently abled people

A resident individual receiving dividends whose estimated annual income is below the exemption limit can submit Form 15G paying dividend

The standard deduction is available as a flat deduction from the total salary earned by the employee in a particular financial year. It does not depend on the number of jobs changed by the employee