Itrs Filing

Which ITR form is best for senior citizens for financial year 2024-25?

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

Declaring foreign assets in tax returns form: What Indians must know

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

Missed ITR deadline or made an error? File a revised return by Dec 31, 2024

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

Simplify ITR forms, get 'one rate one section' for TDS: Deloitte survey

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

Align tax-saving investments with financial goals and asset allocation

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

Companies get more time to file tax returns: What they should do next

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

66% of gig workers file zero returns, 78% earn under Rs 2.5 lakh: Survey

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

60 million file ITR for 2024 under new tax regime: What you need to know

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

Key financial rules will change from August 1: What you should do

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

ITR filing: How to minimise your capital gains tax after 2024 budget

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

Tax portal glitches galore: 49% of India's taxpayers yet to file ITR

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

ITR filing: How to download acknowledgement number from tax dept website

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

Tax returns filing: How differently abled people can claim benefits

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

Income Tax return filing: Is dividend from shares or mutual fund taxed?

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

ITR return: Why standard deduction matters for salaried taxpayers?

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

Senior citizen tax benefits: Pension, deductions, Income Tax slabs

Senior citizens have higher deduction limits and exemption benefits than younger taxpayers

Advance tax filing: A complete guide on what it is & what if you miss it

Advance tax is a type of income tax that has to be deposited with the Income Tax Department before the end of a financial year

How to claim your Income Tax refund: A step-by-step guide

A taxpayer can request a refund for the surplus tax amount paid or deducted in a fiscal year by submitting their income tax returns for that year

Filing ITR: Know how cryptocurrency gains are taxed

The transfer of crypto assets during a year by investors, either private or commercial, is subject to crypto tax

Are you an NRI planning to file your ITR for 2024? Here's a complete guide

An NRI's income taxes in India depend on their residential status," explains Manikandan S, a tax expert at ClearTax