Page 2 - Itrs Filing

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

How to file ITR with multiple Form 16s: Here's a step-by-step guide

Form 16 is an essential document for filing ITR as it contains details of salary income, deductions, and exemptions

Should freelancers file Income Tax returns? Here's what the law says

Freelancing is treated as a business and profession, according to the taxation system

You can now know why your ITR has been shortlisted for scrutiny by taxmen

ailing to file your ITR after receiving a notice is a sure way to land on the scrutiny list. The department will investigate the reason for non-filing and assess any outstanding taxes.

Explained: Is there a deadline to choose between old and new tax regime?

You can select the tax regime while filing your ITR. The standard due date for ITR filing is July 31st

Math mishaps: Don't end up paying more tax! Avoid these common ITR mistakes

Double-check your calculations! You might miss out on deductions you're entitled to or end up owing more tax than you need to.

Tax proof, income overview: Why Form 16 is needed in financial planning

It is documentation of your income and tax compliance, adding credibility to your financial standing

36% of taxpayers move from lower to higher income tax bracket during FY14-FY22

A new study by SBI Research has revealed that income inequality has declined in recent years, supporting the trend of upward migration through increased income and ascent of the Indian middle class

Hurdles and solutions: What self-employed should do to get term insurance

Sum insured should be equivalent to 10-15 times income and the cover should extend until financial liabilities have been settled

Misreported income leads to penalty: I-T dept advises to file revised ITR

"Misreporting of Income may result in penalty and prosecution proceedings under provisions of Income Tax Act, 1961," said the I-T department

Explained: You can discard tax returns if your ITR status is 'unverified'

The discard option is only available for taxpayers with unverified returns from the assessment year (AY) 2023-2024 onwards

Got a tax notice for claiming higher deduction in ITR? Here is what to do

Among the most frequent reasons for these notices are underreporting of income and claiming higher deductions than permitted

I-T officials can seek details of ITRs filed by investors in startups

Income tax officials can seek details about ITRs filed by startup investors to ascertain if the amount invested is commensurate with the income shown in their personal ITRs, the I-T department has said. Replying to a post of former BharatPe co-founder Ashneer Grover on X on Friday, where he flagged that a number of startups have received tax notices in the last one month asking to furnish information about their shareholders, the I-T department said the Finance Act 2012 mandates that the source of funds from a resident shareholder in startup has to be also explained by an investor. "In the present case, it appears that the AO has sought to examine the genuineness of the transaction and source of investment by the shareholder-investor, to verify if the amount invested is commensurate with the income shown in the ITRs of the investors. "Alternatively, if the PANs of the investors are shared with the AO by the company, he can verify the ITRs of the investors," the I-T department ...

Correct errors and omissions in income-tax return with updated return

Remember that an updated ITR can't be used to declare lower income, claim losses, or request more refund