Last date for filing income tax return (ITR)

Deadline of income tax return filing: Under the income tax laws, different taxpayers have different due date for filing ITR. It is important to file the tax return on or before the deadline to avoid certain penal consequences. This includes payment of late filing fees, not being able to opt for old tax regime among others.

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Salaried individual filing ITR? Advisable to wait till June 15

ITR filing for salaried individuals: The last date to file income tax returns for salaried and other taxpayers (whose accounts are not required to be audited) is July 31 every year. However, it is advisable for salaried individuals to start the process of filing their tax returns after June 15 due to following reasons.

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How NPS, other perks can save Rs.1 lakh income tax

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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Fake notice from Income Tax: know how to spot a sham notice sent by a scamster

Income tax notice: There have been some instances of people receiving a fake income tax. Save yourself from this scam and learn how to spot a fake income tax notice. For example: a real income tax notice will never have a payment link inside it. Read here to know more about real income tax notices.

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Date of house possession key for tax benefit under section 54 says ITAT; all you need to know

Section 54 tax benefit: The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) clarified that the date of possession is crucial for claiming a tax benefit under section 54 of the Income-tax Act. This ruling highlights the importance of timely investment in a new house to reduce tax liability on profits from selling an old property.

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Mandatory scrutiny of ITR: Income tax dept reveals the criteria how the ITRs will be selected for the scrutiny

Income tax return: The tax department has released a circular which outlines the criterias and procedure to be followed if a particular income tax return (ITR) is to be selected for scrutiny. These guidelines also includes the procedure and criteria to be followed for section 142 (1) income tax notice.

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No tax exemption on concessional or interest free loan from the employer, not even for bank employees, says SC

Tax on concessional interest rate loan: The Supreme Court of India has stated that bank employees have to have income tax if they have availed loan from their employers at concessional interest rate or interest free rate. However as per our calculations, even if bank employees pay income tax on this loan, they will still have some savings.

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Will you save more tax by opting for the old income tax regime?

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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Tax free settlement of family assets: How Godrej like family arrangement can help in redistribution of wealth among members without capital gain tax

The Supreme Court of India permits re-distribution of wealth using family arrangement among the members of the family. Further using this method eliminates the possibility of the family memebers paying any capital gains tax. The Godrej family recenlty used this process. Read here to know how you too can use family arrangement process.

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CBDT brings new update in income tax AIS; now you can check the status of correction request; Here's how it works

Annual Information Statement (AIS): The Central Board of Direct Taxes (CBDT) has updated the functionality of AIS which can be found on the compliance portal. Now after you put in a correction request, you will be able to see whether the reporting source took any action at all. CBDT says this makes the system more transparent.

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Income tax return: My wife is a homemaker who earns interest income below Rs 2.5 lakh from FDs, RDs. Should she file her ITR?

Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.

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Taxpayer is entitled to claim benefit of exempted income in revised ITR if it is filed within the deadline

Income tax return: The Supreme Court of India has refused to accept a petition wherein the tax department's assessing officer (AO) contested that a individual be denied the benefit of exempted income which he claimed by filing a revised ITR. The reason behind this denial was that the AO received information from 'entry operators'.

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Income tax filing: 3 updated utilities available for filing this ITR form for AY 2024-25; find out which one works best for you

Income tax filing: Are you an individual or Hindu Unidivided Family who have income from business or profession and do not want to opt for presumptive taxation scheme? Then you may need to file ITR-3. To help you file ITR-3 easily, the income tax department has launched online, offline using Java and Excel based utilities. But which one is better?

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Dealing with income tax notices, intimations or letters? This new feature in ITR portal will make your life easier

Income tax e-filing ITR portal: Two new changes were made specifically on the e-Proceedings tab of the e-filing ITR portal. The e-Proceedings tab houses all income tax notice, intimations and letters issued by the income tax department. With these changes implemented in the e-filing portal, taxpayers who have multiple tax proceedings would benefit.

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Use NPS, salary perks to reduce tax by Rs 1 lakh; here's how

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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