Got Form 16 from your employer? Check these points before filing ITR

Form 16 has all the essential information to file your income tax return easily. It's crucial to double-check that the information in Form 16 is accurate. The income tax department currently provides pre-filled ITR forms on its e-filing website. These pre-filled forms make it easier to compare the information with Form 16.

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How to save Rs 91,000 in tax using NPS, salary perks

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

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ITR e-verification: How to e-verify ITR, timelimit, other important FAQs

The ITR is deemed invalid or will not be regarded as filed if the assessee does not validate it within the allotted period. e-Verification is the most convenient and instant way to verify your ITR.

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ITR filing: Comparison of ITR filing charges across different websites: Cleartax, TaxBuddy, Tax2Win, KoinX, TaxNodes, TaxSpanner

ITR filing charges: This article compares the price of filing ITR across different third party websites like Clear, TaxBuddy, Tax2Win, KoinX, TaxNodes, Quicko and others. Filing of ITR is always free on the income tax department's e-filing ITR portal, however if you need any specialised assitance then you either need to hire a CA or use any of the third party websites.

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New tax regime to old tax regime: How to choose old income tax regime when filing ITR for FY2023-24

New tax regime to old tax regime: Starting from April 1, 2023, if a taxpayer has not opted for the old tax system, their employer will deduct tax from their salary according to the new tax system. This change is because the new tax system will be the automatic choice for the fiscal year 2023-24.

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ITR filing FY2023-24: How to register online on e-filing portal to file income tax return; a step-by-step guide

To file your income tax return online, first time taxpayers should register online. Registering on the e-Filing site allows you to access and use the portal's numerous capabilities and tax-related services. Here is a a step-by-step guide to register online on e-filing portal to file income tax return

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Waiver from income tax demand notice: How to know if it got extinguished or not?

Income tax notice: Your tax demand notice will be extinguished automatically if certain conditions are satisfied. However do note that there is a maximum cap of Rs 1 lakh per assessee for extinguishment of the eligible tax demand notice. Read here to know more about how to check if your tax demand notice has been extinguished or not.

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What is AIS, how to download it and how it helps taxpayers in ITR filing?

What is AIS, how to download AIS: Annual Information Statement (AIS) is a statement introduced by the income tax department in 2021. This statement is a comprehensive which help individuals and other taxpayers to get access of most of their financial transactions done in a financial year. It also helps in the knowing different sources of income.

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How to cut income tax outgo by Rs 75,000 with NPS, health insurance

How to reduce income tax outgo: Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. TaxSpanner estimates that Tuteja can reduce his tax by around Rs.75,000 if his company offers him some tax-free emoluments as well as the NPS benefit. Tuteja also needs to invest in the pension scheme on his own, buy health insurance for his parents, and avoid booking taxable capital gains.

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Income tax saving: Sold land, house or jewellery? Know how indexation benefit can help you lower your long-term capital gains

Capital gains taxation: You can save your net capital gains tax outgo by using indexation benefits allowed by income tax laws. File ITR now and pay a lower amount of capital gains tax. However do note only long term capital gains are eligible for indexation. Short term capital gains are not eligible for indexation.

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Error in AIS: How to correct errors in Annual Information Statement to file ITR

ITR filing: The Annual Information Statement (AIS) is comprehensive view of information for a taxpayer displayed in Form 26AS. Taxpayers can provide feedback on information displayed in AIS.

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Who needs to file income tax return (ITR) in India for FY 2023-24

Who is required to file ITR mandatorily: The Income-tax Act, 1961 defines the situations where income tax return filing is mandatory for individuals. Under the income tax laws, ITR filing is mandatory if total taxable income exceeds the basic exemption limit. There are other provisions in the income tax laws which make ITR filing mandatory.

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What is Cost Inflation Index (CII) for FY 2024-25, FY 2023-24 for income tax purposes?

CII number for FY 2023-24, FY 2024-25: The income tax department notifies cost inflation index number for every financial year. This CII number helps to calculate inflation adjusted cost or inflation indexed cost on specified capital costs. Read on to know the CII number from 2001-02 for different financial years.

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Have income above Rs 3 lakh? Pay zero tax if your income is up to this limit, thanks to rebate under section 87A

Income tax rebate: Under section 87A you can get a maximum tax rebate of Rs 12,500 under the old tax regime and up to Rs 25,000 under the new tax regime. However this rebate is only available if your income is upto a specified limit. Read to find out more about income tax rebate.

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What is Cost Inflation Index (CII) for FY 2024-25, FY 2023-24 for income tax purposes?

CII number for FY 2023-24, FY 2024-25: The income tax department notifies cost inflation index number for every financial year. This CII number helps to calculate inflation adjusted cost or inflation indexed cost on specified capital costs. Read on to know the CII number from 2001-02 for different financial years.

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Interest certificate for filing ITR: How to download interest certificate from SBI, HDFC Bank, ICICI Bank, Canara Bank, Axis Bank

Interest certificate for filing ITR: Here is how to download interest certificates from top banks such as SBI, HDFC Bank, ICICI Bank, Canara Bank, Axis Bank, and Kotak Mahindra Bank.

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Should you file ITR if your income is less than Rs 7 lakh with nil income tax?

Income tax return: Taxpayers have to file ITR if their income level exceeds the basic exemption limit or they have conducted certain specified transactions. Experts say that most taxpayers have a misunderstanding that if tax is not payable then filing of ITR is not mandatory. However this is not the case always. Read here to know more about ITR filing.

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How to use NPS to reduce tax outgo by Rs 50,000

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

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Documents required for ITR filing: 10 documents you need to file income tax return

Documents for filing income tax return: An individual should collect all the required documents such as Form 16, bank account statements, capital gains statement, depending on the incomes they have to make the ITR filing process easier. Here is the list of 10 documents that a taxpayer might need to file their income tax return this year.

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Curb on unfair GST demand recovery proceedings: GST official needs prior approval from higher authority to act within 3 months of demand

GST demand order: If you have received a GST demand order, you can either it pay it or file an appeal against it. However if GST officials believe that it is necessary to ask for early payment of the demand before the stipulated time period they can do so. However they need to give a justifiable reason to do so.

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What is Form 26AS? How to download Form 26AS to file Income Tax Return

Form 26AS is an important document for filing your income tax return (ITR). It shows the dates and amounts of advance tax payments and consolidates all your financial transactions.

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Form 16 due date: When will you get TDS certificate from your employer?

Last date to get Form 16: Salaried individuals need Form 16 to make the ITR filing process easier for them. It is a TDS certificate showing all the taxes deducted during the financial year as well as total income paid by an employer during the financial year. Read on to know the deadline for employer to issue Form 16.

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ITR filing: Compare your tax outgo in old and new tax regime before finalising one for FY24

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. TaxSpanner estimates that Vivek Jaiswal can have a surplus of almost Rs.60,000 if his salary is rejigged to include tax-free perks and if he opts for the new tax regime. Here's how

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Paying rent in cash without a rent receipt? Know why your HRA claim may be disallowed, and you may get an income tax notice

House rent allowance: Tenants will get into trouble with the income tax department if they are paying rent in cash and the landlord does not offer it for income tax. For every claim of HRA there should be a corresponding income offerred for tax. Read here to know how a tenant got into trouble because of this.

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ITR filing forms for FY 2023-24 (AY 2024-25): Which income tax return form applies to you?

Income tax return filing forms: The important part of ITR filing process is to identify the correct the income tax return form applicable to their incomes. Filing income tax return using wrong ITR form will make the filed ITR as defective ITR. Read on to know the correct tax return form applicable to your incomes.

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Moonlighting and ITR filing: Why moonlighters should file income tax return, form to use, other details

Moonlighting, driven by side hustles and remote work opportunities post Covid-19, requires moonlighters to carefully choose the right ITR form, consider the presumptive tax regime, and submit Form 10-IEA online for tax benefits under the old regime.

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ITR filing: This is essential to get income tax refund credited to your bank account

Income tax refund: The income tax department will scrutinise your filed returns and handle the refund once received. Note that having a validated bank account is essential for receiving of refunds.

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