Has the last date to file ITR been extended beyond July 31?

ITR deadline extended? Last year, the government did not extend the deadline for filing income tax returns, similar to the year before. However, two years ago, the government extended the deadline for filing income tax returns due to the COVID-19 pandemic.

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Despite being NRI you will taxed as Indian resident if your income in India is above this; Know what else NRIs to watch out while filing ITR

ITR for Non-resident Indians (NRIs): While filing income tax return (ITR) NRIs need to keep a close watch whether deemed residency status have been applied on them or not. As per Mudit Vijayvergiya, Founder, SBNRI, "Under the purview of Income Tax law, NRIs must obtain a Tax Residency Certificate (TRC) to claim DTAA benefits in India."

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ITR filing deadline: 5 consequences of not filing your income tax return today

ITR filing deadline: Taxpayers who fail to meet the deadline for submitting a return have the option to submit a late return by December 31 of the applicable assessment year. Let's examine five outcomes of failing to file ITR before the deadline.

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No penalty for missing ITR filing deadline of July 31, 2024 for these people

ITR filing: You don't have to pay the penalty of Rs 5000 or Rs 1000 for filing the ITR after deadline, if you are filing a tax return voluntarily or have income below the basic exemption or the ITR filing deadline for you is October 31, 2024. Read on to find more about belated ITR filing.

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ITR 3 applicability: Who can file income tax return using ITR 3 form for FY2023-24

ITR 3 form applicability: Depending on the origin of your income and the type of taxpayer you are, you need to choose one of these forms when you file your income tax returns. For non-audit cases, the deadline to submit ITR 3 forms for the relevant assessment year is July 31, and for audited accounts, if applicable, the deadline is October 31.

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Budget 2024: Why crypto F&O investors are happy - No STT, no TDS, no 30% tax

Budget 2024: Crypto future and options investors are happy because the budget did not impose any TDS, STT and neither section 115BBH (30% tax) provisions on it. While at the same time Budget 2024 increased STT on stock market future and options (F&O). Many now believe crypto F&O transactions are now more attractive than stock and index F&O.

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What is the difference between tax exemption and tax deduction?

If you are confused by personal finance terms, jargon and calculations, here’s a new series to simplify and deconstruct these for you. In the ninth part of this series, ET Wealth explains the difference between tax exemption and deduction.

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What is the penalty for filing ITR after the deadline of July 31, 2024?

Penalty for missing ITR filing deadline: The penalty for late filing of the Income Tax Return (ITR) applies to individuals who fail to meet the July 31, 2024 deadline. A belated ITR refers to an income tax return filed after the designated due date.

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Made a mistake in your filed income tax return? Check the revised ITR filing last date, what are the charges

Revised ITR filing last date: The option to file a revised Income Tax return (ITR) is offered by the Income Tax Department for such cases. The revised return will replace the original ITR and will be considered as if it was filed on the original filing date.

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Paying income tax is not enough, you must file the ITR by July 31, 2024 to avoid jail in certain cases

ITR filing: You must remember to file the ITR by July 31, 2024 and also pay any pending income tax amount (if any). "There are legal provisions in the Income Tax Act that can lead to imprisonment for not filing income tax returns (ITRs) or not paying income tax when liable," says Priyanka Jain, associate partner, Vaish and Associates.

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Hike in employer's contribution to NPS is good news for salaried but this tax deduction is still missing

NPS Employer contribution hike: Budget 2024 has increased the deduction available on the employer's contribution to the NPS account under the new tax regime to 14%. This is a good news for the salaried individuals. However, one important NPS deduction for salaried individual is still missing under the new tax regime.

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Budget 2024: No GST demand notice to be issued beyond 42 months from the due date of filing annual return; Know how it will help you

GST: Now demand notices of GST cannot be issued beyond 42 months from the due date of filing GST annual return. Moreover, GST demand orders now have to be issued within 12 months from the date of GST demand notice. Know how this Budget 2024 amendment helps you in GST cases.

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New LTCG rule on property to hit homeowners hard: Below 9% annual property price growth, common in many cities, could mean higher loss now

Budget 2024 eliminated the indexation benefit on calculation of capital gain tax on property sales, imposing a flat 12.5% long-term capital gain tax instead. The Ministry claimed the majority of homeowners would benefit, but an analysis showed that those with slow or stagnant property growth will end up paying higher taxes now. Most major cities experienced below 9% property price growth over the past five years, burdening these homeowners further.

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New capital gains taxation regime: Income tax department releases 13 important FAQs on latest STCG, LTCG rules

New capital gains taxation rules:The finance minister Nirmala Sitharaman has suggested revisions to the capital gains tax system in the 2024 Budget. Below are key inquiries provided by the tax department concerning the recent capital gains tax adjustments introduced in the 2024 Budget.

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Earn more than Rs 10 lakh annual income? You will save Rs 17,500 in taxes due to income tax changes in Budget 2024

Does this Budget leave you richer or poorer? The answer depends on your income level, which income tax regime you opt for, and how much and where you have invested.

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Budget 2024 makes new income tax regime more attractive: See how much taxes you can now save

Income tax changes in Budget 2024: Slab tweaks and higher standard deduction will make new tax regime more attractive.

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Capital gains exemption limit hiked to Rs 1.25 lakh; STCG tax rate changed to 20%, LTCG hiked to 12.5% on certain assets in Budget 2024

LTCG in Budget 2024: As per income tax rules, when an individual sells a capital asset, he/she can earn capital gains or losses.

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Budget 2024 highlights: Key income tax, personal finance announcements

Budget 2024 Income Tax Updates: Finance Minister Nirmala Sitharaman is set to present the Union Budget for the fiscal year 2024-25 today. Stay tuned for all the important income tax-related announcements in Budget 2024.

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Made mistake in income tax challan? Now you can rectify these errors online through the e-filing portal, here's how

ITR tax mistake: Now you can make corrections in the income tax challan online if you satisfy certain conditions. This challan correction feature can be accessed by logging to the ITR portal. "This facility has been rolled out since August 2023. Prior to that taxpayers had to approach the department for making such corrections," says Ramakrishnan Srinivasan, former chief commissioner of income tax.

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Income tax refund: How long does it take to pre-validate a bank account after submitted details to get tax refund

ITR filing: To receive an income tax refund, taxpayers should be aware that they need to have a pre-validated bank account. This pre-validated bank account can also be used to generate an electronic verification code (EVC) for e-Verification purposes.

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How to download acknowledgement number after filing ITR

ITR filing: After a person submits their income tax return (ITR), they receive an income tax return acknowledgement from the tax department. This acknowledgement includes a unique tracking number that can be utilized to monitor the status of the filed Income Tax.

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No need to file revised ITR in case of errors: You can 'discard' filed ITR and refile but only if it has not been verified

Discard ITR: Now you can discard a duly filled up income tax return (ITR) and file a fresh ITR only if the original ITR which is discarded now has not been verified. Earlier if you needed to make any corrections in a submitted ITR, you could only file a revised ITR.

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CBDT goes for major overhaul of IT system with Taxnet 2.0: How soon users' experience expected to improve in filing ITR?

ITR filing: The Central Board of Direct Taxes (CBDT) has awarded Airtel to provide telecommunications service and internet solutions to the income tax department. Experts believe this will help improve the e-filing portal's website and make the pages load faster. The name of this project is Taxnet 2.0 and it is believed to be more reliable.

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While filing ITR don’t forget to claim these four deductions to reduce your total tax outgo

ITR filing: Reduce tax while filing income tax return (ITR) by claiming these deductions. However if you forget to claim the deductions in your ITR for FY 2023-24 (AY 2024-25) for investments made before March 31, 2024 then you can't claim it again in the next financial year. So double check and file ITR now.

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ITR filing FY24: Have income from cryptocurrencies, NFTs, virtual digital assets? How to show it in ITR form

ITR filing: The Income-tax Act has established a fixed tax rate for the taxation of income from virtual digital assets (VDAs) such as cryptocurrencies, non-fungible tokens (NFTs), and other VDAs notified by the government. Here is a look at how to report income from cryptocurrencies, NFTs, virtual digital assets in your ITR.

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No GST registration without biometric authentication through Aadhaar and in person verification for these identified taxpayers

GST Registration: ​Every GST application other than made by a person notified under sub-section 6D of section 25 who has opted for Aadhaar authentication and is identified based on data analysis and risk parameters, shall be followed by biometric-based Aadhaar authentication and taking a photograph of the applicant where the applicant is an individual.

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ITR filing: Can a salaried taxpayer claim deductions for HRA and home loan interest together?

There are hardly many tax saving avenues when you fall in the highest income tax bracket so utilising every available tax saving option becomes critical in saving your hard earned money. Old tax regime offers two very prominent deductions to the salaried taxpayers on house rent allowance and home loan interest payment. However, not many people claim both deduction together despite being eligible to do so. Here is how you can decide if you can claim both the deductions.

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How many days it takes to get tax refund: After filing ITR, when will I get refund?

​​ITR filing: When the income tax department assesses taxpayers' tax liability, they meticulously consider all applicable deductions and exemptions before arriving at the final tax calculation.

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Gig workers find it tough to assess advance tax payment, have to cough up 3% interest charge even for a day’s delay

The rise of side gigs has led to challenges in paying advance taxes on time. Individuals must navigate complex rules to avoid penalties. Experts suggest reforms to make the process more manageable for taxpayers.

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What makes capital gains tax so complicated and how to simplify it

The current income tax rules on capital gains are intricate, with varying holding periods and tax rates for different asset classes. There is a proposal to standardize taxation by applying a single 10% tax rate on long-term capital gains for all financial assets.

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Missing ITR filing deadline can cost you much more than just late filing fee

Cost of missing ITR filing deadline: Missing income tax return filing deadline of July 31 not only leads to payment of penalty of up to Rs 5,000. There are other benefits as well that an individual loses if the income tax return is filed after the expiry of deadline (i.e. belated ITR).

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Get ITR filed without sharing password: IT dept allows CA to file ITR on your behalf without e-filing ITR log-in credentials

ITR filed by CA without password sharing: There is a way you can file ITR without sharing your e-filing ITR password with a chartered accountant (CA). This option is called e-Return Intermediaries (ERIs) and Cleartax, Tax2Win, EY, etc are all authorised as ERIs and thus can help you file ITR without sharing the e-filing portal password.

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Home loan tax benefits (FY2023-24): How to save tax on home loan

How to save tax on home loan: The two components of the home loan EMI you pay are the principal repayment and interest. The majority of the EMI is deductible for self-occupied property under section 80C of the Income-tax Act of 1961.

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Despite filing ITR successfully tax refund may not be credited into your bank account if there is a name mismatch

Income tax refund: No refund of income tax is given in case your name in the PAN and bank account is not the same. Even if there is a slight mismatch in the name, the tax department may stop the tax payment. Read below to know what are your options and how to get tax refund in such cases.

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Navigating ITR Penalties: What you need to know for FY 2023-24?

As the financial year concludes, taxpayers must prepare to file their income tax returns (ITR) for FY 2023-24 by July 31, 2024, to avoid penalties. Late filing can incur a fixed penalty of Rs 5,000, with additional interest on outstanding taxes if applicable. Tax deducted at source (TDS) violations, such as non-deposit or incorrect deductions on property transactions, attract penalties up to 1.5% per month. Timely filing is crucial to claim deductions and avoid penalties up to 300% for tax evasion, ensuring compliance and maximizing tax benefits.

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How to file ITR online: A step-by-step guide

How to file ITR: The deadline for filing your income tax return (ITR) for the financial year 2023-24 is July 31, 2024. Many individuals will likely be busy completing the filing process. If you haven't filed your ITR yet, it's important to understand all the necessary details and steps to meet the deadline. Here is all you need to know about the ITR filing process according to the Income Tax Department's website.

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How NPS can help you save Rs 26,000 in tax outgo

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

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How to download Form 16A: Step-by-step guide to download from TRACES website, SBI, HDFC Bank, ICICI Bank

When non-salary payments like TDS professional fees, rent, and bank interest are made, the deductor provides a "TDS Certificate" to the IT Department. Here is how to download Form 16A TRACES website, SBI, HDFC Bank, ICICI Bank

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Poor middle class is getting taxed more: The gold standard demands 10% tax slab to start from Rs 10 lakh today

Since, budget of 2005-06, gold rose more than 10 times in last 19 years but tax slabs have not changed much. Basic income tax exemption limit of Rs 1 lakh in the year 2005-06 was worth 145 gm of gold then. However, at Rs 2.5 lakh basic exemption limit, it is worth a tiny 34 gm now. So, poor people are getting taxed with unchanged rates not factoring adverse impact of inflation. At gold standard the tax slab of 10% should start from Rs 10 lakh in 20024 which is worth 145g gold.

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Annual Information Statement password: What is the password to open AIS to file ITR

Taxpayers can provide feedback on information displayed in AIS. AIS shows both reported value and modified value (i.e. value after considering taxpayer feedback) under each section. Note that the AIS PDF will be password-protected when you download it.

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What is the difference between ITR-1 and ITR-2 forms?

ITR forms to use: When you file your income tax return, it is imperative to select either ITR 1 or ITR 2, based on your income sources for the fiscal year. Utilizing an incorrect form may prompt correspondence from the tax authority, necessitating rectification. Therefore, it is crucial to use the appropriate form to avert this situation.

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Dividend received from shares and MF is taxable; Here’s how to reduce your tax outgo from dividend income in your ITR

Dividend from shares and mutual fund: You have to pay income tax on all dividend received, however there is a way using which you can reduce the net tax outgo on dividend income. "Only interest expenses are allowed as a deduction from dividend income," says Neeraj Agarwala, Partner, Nangia & Co LLP.

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ITR filing deadline should be permanently extended beyond July 31: Salaried get only 45 days to file tax returns

ITR filing deadline extension: The due date to file income tax return by a salaried individual is July 31, 2024 for FY 2023-24 (AY 2024-25). However, in reality salaried taxpayers get only 45 days to file their income tax return. Here are some reasons and why there is a need for permanent ITR filing deadline extension.

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Now paying income tax through select credit cards can be rewarding; know how how to pay income tax through credit cards

Tax payment using credit cards: "Currently, only a select few cards, such as the HDFC BizBlack and HDFC BizPower credit cards, offer rewards for tax payments. Besides these you can also use other credit cards which provide milestone benefits even on paying income tax using it like SBI Vistara Cards/IDFC Vistara Card," says Ankur Mittal, co-founder and CTO, cardinsider.com

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TDS deduction from salary not enough: Salaried employees must file ITR despite tax deducted by employer

Income tax return for salaried: You need to file your income tax return even if you do not need to pay any income tax due to section 87A tax rebate. Also if you think that since TDS has been deducted from your income, you need not file ITR, then this notion is wrong.

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How HNIs can save tax by choosing new tax regime while filing ITR for FY 2023-24 (AY 2024-25)

The Union Budget 2023 reduced the maximum surcharge rate from 37% to 25% for taxpayers who choose the new tax system. This change lowered the maximum marginal rate to 39% from 42.744%. As a result, high net worth individuals (HNIs) will see significant tax savings due to this amendment.

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Latest HRA tax exemption rules: Step-by-step guide on how to save income tax on house rent allowance under old income tax regime

HRA tax exemption rules: The HRA tax exemption reduces the total salary before calculating taxable income, helping employees save on taxes. It's important to note that if an employee lives in their own house or does not pay any rent, the HRA received from the employer is fully taxable.

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ITR filing: How to check income tax refund status online

Income tax refund status: If you've overpaid taxes for a financial year, you can claim an income tax refund after filing your income tax return (ITR). The refund is issued after your ITR is processed and confirmed via an intimation notice under section 143(1) of the Income-tax Act, 1961. The deadline for filing returns for FY 2023-24 (AY 2023-24) is July 31, 2024.

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Filing a nil ITR: 6 unexpected benefits from getting a travel visa, loan, scholarship and more

Benefits of filing an ITR: There are multiple benefits of filing an income tax return (ITR). As per Swapnil Bhaskar, Chief of Strategy, Niyo, "​Filing an ITR can significantly help an individual secure a travel visa. ITR provides proof of income and hence many embassies ask for the last three years' ITR to evaluate applicant's financial stability and history."

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Reporting foreign income in income tax return: How to report foreign income, equity share in ITR form

Reporting foreign income in ITR: Individuals who have assets and income from overseas sources are mandated to utilize either ITR 2 or ITR 3 forms when filing their tax returns. This is because Schedule FA, which is specifically designed for reporting foreign assets and income, can be found in these forms.

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Income Tax Return Filing 2024: Steps to file ITR without form 16

ITR filing: Some employees who receive a salary and self-employed individuals may not get Form 16. This can cause confusion when filing their Income Tax Return (ITR) because Form 16 is an essential document for this process.

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ITR filing FY 2023-24 FAQs: Name of taxpayer in ITR does not match with name in PAN database; here’s what you can do

ITR filing FY 2023-24: The Income Tax Department has recently published a set of commonly asked questions (FAQs) to assist taxpayers with their return filings for the Assessment Year 2024-25. These FAQs cover a range of important topics and are now available on the tax department's official website.

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How to file ITR for FY23-24: Claim deductions, exemptions carefully while filing income tax return or you may end up in jail

Two out of three respondents in our survey believed honest people pay more tax, while one out of five respondents felt that the tax authorities were lenient with dishonest people. “Taxpayers feel they are not getting anything in return for the tax paid. They use this belief as a justification for evading tax,” says Kaushik of TaxSpanner.com. Be careful while fining income tax return for the financial year 2024-25 or assessment year 2024-25.

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How to cut income tax outgo by Rs 45,000 with NPS, gadget allowance

Under Section 17(2), gadgets and household appliances bought in the name of the company and given to the employee for personal use are taxed at only 10% of their value. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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ITR-1 (Sahaj) can be filed if your income is below Rs 50 lakh; Check if you are eligible or not

ITR filing: As per CA Shreya Jaiswal you can file ITR-1 only if your total income does not exceed Rs 50 lakh during FY 2023-24 (AY 2024-25) and provided you have satisfied certain other conditions as prescribed. However if you even have Re 1 of capital gains or loss you won't be able to file ITR-1

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You won’t get any income tax refund unless you verify your ITR; Here’s how you can do it online and offline using ITR-V

ITR filing: You filed income tax return will be cancelled if you don't verify it within 30 days of filing of ITR. There are multiple ways to verify an filed ITR including a offline process. Read below to find out various ways of verifying a income tax return (ITR) online and offline.

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ITR filing: How to calculate taxable income for salaried, professional, freelancers and others

ITR filing: If you are a salaried individual then you need to know how to calculate taxable income for salary, professional, capital gains and other incomes. Once you have calculated the gross total income from various heads of income, you can claim deductions to reduce your net tax payable. Read here to know more.

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How to file ITR-2 online with salary, capital gains and other incomes for FY 2023-24 (AY 2024-25)?

ITR-2 can be filed using the Excel or Java utilities provided by the income tax department, or online directly through the e-filing portal. This guide outlines the most effective way to file ITR-2 online, including examples of reporting salary, capital gains, and other incomes in the tax return form.

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ITR filing FY23-24: Want to reduce tax outgo? Know which deductions you can claim in old and new tax regime

Income tax return: While filing ITR you can claim certain tax deductions to reduce your total income tax outgo and increase the tax refund amount. According to CA Shreya Jaisal, "You can still claim additional deductions in your ITR even if they are not appearing in your Form 16, provided you have legitimate proof for it."

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What is Form 16? How to download Form 16 to file income tax return (ITR)

How to download Form 16: The Form 16 is an important document that is provided by the employer to the employee annually, after the end of the financial year. It contains comprehensive details of the salary paid to the employee, including allowances, deductions, and net income. Additionally, it provides information on the taxes deducted at the source, such as TDS (Tax Deducted at Source). This certificate is essential for filing income tax returns as it provides a comprehensive summary of the TDS for the financial year, aiding in the accurate calculation of tax liability and ensuring compliance with tax regulations.

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Return processing status in ITR: How much time it takes for Income Tax Department to process ITR

Processing of ITR: The income tax return (ITR) filing deadline for for the financial year 2023-24 (assessment year 2023-24) is July 31, 2024. It's crucial to file the ITR by the specified deadline to avoid penalties and late fees. Additionally, it's important to ensure that the Income Tax Department promptly processes the filed ITR.

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ITR filing for FY2023-24: Latest full list of authorised banks for tax payments available at e-Pay Tax service

Taxpayers are offered wide range of modes for payment, including Net Banking, Debit card, Pay at Bank Counter. List of banks for tax payments available at e-Pay Tax service, as per the Income Tax Department’s website:

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How to claim income tax refund online when filing ITR for FY 2023-24

How to claim income tax refund online: You may be eligible for a tax refund if you have paid more taxes than you owe. You can claim the refund when filing your income tax return (ITR) by the deadline of July 31, 2024 for FY 2023-24 (AY 2024-25).

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How to file ITR-1 with salary, income from house property and other sources for FY 2023-24 (AY 2024-25)

File ITR-1 online: Here is a step by step guide on how salaried individuals can file their income tax return using ITR-1 form easily on the income tax department's e-filing website. ITR-1 form is also known as Sahaj. Individuals having income from salary, house property, interest and dividend incomes can use ITR-1 to file income tax return.

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Income tax refund: How to raise refund reissue request; a step-by-step guide

Income tax refund: The tax department begins processing refunds after the taxpayer verifies the form electronically. The refund is typically credited to the taxpayer's account in four to five weeks. If your refund has failed, you have to submit a “Refund Reissue Request” as applicable.

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