The last date to file income tax return for AY 2023-24 (FY 2022-23) was July 31, 2023. Despite asking for extension, the government has not extended the deadline for ITR filing. This is the second time that the government has not extended the deadline. Last year also the due date to file ITR was not extended.
Kisan Vikas Patra (KVP) essentially doubles up one's investment after a certain period of time. Currently it offers 7.5% interest per annum and the tenure is 9 years and 7 months i.e. 115 months.
Today is the last day to file income tax return for FY 2022-23 (AY 2023-24). If you still have not filed it, then you should it do as soon as possible to avoid penalty of up to Rs 5,000. Here is a step by step guide on how you can file it.
The rent received is taxable, but not all of it. There is a 30% standard deduction on rental income. If the spouse gets Rs 6 lakh per year as rent, he/she will be taxed for only Rs 4.2 lakh.
The transactions pertaining to income from transfer of virtual digital assets is required to be disclosed under the Schedule VDA in the ITR forms.
If you are trying to file your income tax return in the last minute, then there are certain changes in the process of filing income tax return (ITR) that one should know. If an individual knows about this, it will help him/her to avoid making any mistakes or confusion in the last minute.
You have submitted your ITR and yet to verify it. However, at this stage you discover a mistake made in the filed ITR. Can you skip verifying the wrong ITR and upload a fresh one without any mistakes? Read on to know what chartered accountants have to say about this.
Taxpayers can seek help from the income tax department through calls, live chats, Webex sessions and on social media.
Do you know that even with an inoperative PAN, you may file your income tax return (ITR) and also pay the tax using the new tax portal. Further for the purpose of ITR filing, you also have the option of 'Pay Later', wherein you file ITR first and then pay your taxes.
If an individual misses the last date of filing ITR i.e., July 31, then it is a known fact that a belated ITR can be filed albeit by paying a late filing fee for maximum up to Rs 5,000. However, there are certain other costs that an individual should know if they file a belated ITR.
Salaried individuals have come under income tax department's scanner for making fake deductions claims in the income tax returns filed last year i.e., for FY 2021-22 (AY 2022-23). Hence if you are filing income tax return now, then you must not make certain mistakes to avoid getting income tax notices.
Those taxpayers who want to make payment through offline mode should generate challan/mandate Form bearing CRN through ePay tax module only.
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Are you willing to file your income tax return (ITR) by your own virtue? Then you may want to use co-browsing feature of the income tax department. It is an free of cost ITR filing assistance service offered by the income tax department.
The last date to file income tax return (whose books of accounts are not required to be audited) is July 31 every year. However, there are few compelling reasons to extend this date permanently. Read on to know why there is a need to extend ITR filing deadline permanently from July 31.
Section 87A of the Income Tax Act, 1961 allows an income tax rebate of Rs 12,500 (for both old and new tax regime) for FY 2022-23 (AY 2023-24). This tax rebate makes one's income tax liability zero. But certain transactions are taxed at a specific rate and are hence not allowed for section 87A tax rebate.
The Income Tax Appellate Tribunal (ITAT) in India has allowed a house rent allowance (HRA) deduction of INR369,000 ($5,172) which was previously denied by the Income Tax Office. The payment was made to the appellant's wife, who owns the property in question. Although nothing physically stops salaried taxpayers from claiming HRA exemption for rent paid to relatives, tax officers are examining the authenticity of such claims.
Aadhaar card holders can electronically verify their income tax returns (ITRs) using their Aadhaar number. To avail this service, your mobile number must be updated with the PAN-linked Aadhaar.
If you are paying self-assessment, advance tax or any other type of tax, then you will have to use the new income tax return (ITR) portal to pay the income tax. There are multiple online and offline payment options available on the new ITR portal. Read here to know how the payment can be made.
Many individuals having investments in foreign shares, or having bank account in foreign country are required to report their foreign assets and incomes in their income tax return form. However, many people are struggling to report these incomes in their tax return form. Here is a step by step guide to report foreign incomes in ITR form.
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.
If you are wondering how to lower the tax liability while filing income tax return, then it may happen that you have missed out to claim certain tax deductions for which you are eligible for. Here are seven tax exemptions and deductions that you can claim while filing ITR, provided you opt for old tax regime.
AIS is just for reference and should be used to reconcile information which is already available to you. If you have sufficient evidence backing your facts through bank and other financial statement, then use that data to file ITR. Do not rely solely on AIS to file your ITR.
Read here to know what are the charges for expert assisted and self-assisted ITR filing across six different websites- Clear, TaxBuddy, Quicko, Tax2Win, myITreturn and TaxSpanner. Further if you are not sure of filing your ITR by your own virtue, you can always hire an CA from either these websites or from outside. Charges for this service is extra.
After the expiry of deadline to link PAN with Aadhaar on June 30, 2023, it may happen that an NRI finds that his/her PAN is inoperative. If you find yourself in such a similar situation, then here is what you can do to make your PAN operative again. Do note that an NRI can still ITR with inoperative PAN subject to certain conditions.
If a person is eligible to receive an Aadhar Card number, they must link it with their PAN card in accordance with Section 139AA (2). The deadline to link PAN with Aadhaar was June 30, 2023.
If you are paying a house rent of more than Rs 50,000 per month, then make sure to deduct TDS from such rent and deposit it in the government's account. Further you must also give your landlord a TDS certificate in time, so that he may claim it back or adjust it against his tax liability.
Find out if you incur any tax liability for the movable and immovable property that has been left to you by relatives.
Read below to find out how people who work as consultants and freelancers file their income tax returns (ITR) online on the e-filing website. Do note that income tax rules for consultant and freelancers incomes are different than those for salaried individuals. A consultant is eligible for certain business expenses that salaried individual cannot claim.
Your PAN will become inoperative if it is not linked to Aadhaar by June 30, 2023. Though inoperative PAN will make it difficult for an individual to do certain transactions. However, there are certain transactions that will continue with inoperative PAN albeit with higher TDS and TCS deduction on the money transactions.
The first step in the income tax return filing process is to gather all the required documents. This include - Form 16, Salary slips, Form 26AS, AIS etc. It is important to note that AIS is the extension of Form 16As. The question arises between Form 26AS and AIS which is more important for ITR filing?
If you are thinking of opting for the new tax regime and have a income from house property, then there was certain things that you need to be aware of before going ahead. Read on to find out what those are.
Here is the rate you will be charged for foreign remittances under LRS below and above Rs.7 lakh.
The higher rate of TCS will not apply to education expenses incurred abroad. But parents must be careful about the fine details of TCS while remitting money for overseas education. In case of any carelessness, they would end up paying a hefty amount of TCS on their spending. Here the things to keep in mind while sending money abroad for education.
If your income is below the basic exemption, then you need not file an income tax return. Despite this if you voluntarily file your ITR, it will be called nil ITR and it has many benefits. Read here to read about those benefits.
The Budget 2023 has made amendments in the Income Tax Act, 1961 to reduce the instances of underreporting of incomes especially on bonds. This is done by introducing TDS on interest incomes from bonds. However, the well-intended move may reduce their interest income (due to TDS) and also increase the compliance burden on the bond investors.
Now that the deadline for PAN Aadhaar linking is over, your PAN card will be tagged as in-operative. So to make it operative again it takes a maximum of 30 days, during which time you may miss out the deadline for filing of your income tax return. Read on to find out what happens now.
If you are a landlord who derives rental income through letting out of his/her house property, then you must know how to calculate net annual value (NAV). Read here to find out how is NAV calculated and which deduction can you claim if you have put your house on rent.
Readers taxation-related queries answered by experts.
Virtual Digital Assets (VDA) like Bitcoin (BTC), or other cyptocurrencies, non-fungible tokens (NFT), metaverse tokens, other similar assets are taxed at a flat 30% tax rate. Read here to find out how to calculate and pay income tax on income from VDAs.
If someone has more than two house properties and the additional properties are vacant, then the provisions of deemed rental will apply on those additional vacant properties. Read on to find out how this deemed rent is calculated and what are the things you should know.
Read below to find out how income tax return form ITR-2 can be filed online for people with salary, capital gains and other income for FY 2022-23 (AY 2023-24). This form ITR-2 can also be filed using the income tax department's Excel or Java utilities. The e-filing website also allows individual to file ITR-2 completely online
Housing Development Finance Corporation (HDFC), a mortgage lender, and HDFC Bank, a private sector bank, became a merged entity as of July 1. Here are important FAQs on TDS, PAN Card on Form 15G after the merger, according to the HDFC Bank website.
PAN and Aadhaar linkage had to be completed by June 30, 2023. If PAN is not connected with Aadhaar, PAN will become inoperative as of July 1, 2023.
Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.