Received tax refund? You can still file revised ITR by December 31, 2024 for FY 2023-24

Revised ITR: You can file a revised Income Tax Return (ITR) even if your ITR filed by the deadline (original ITR) is processed successfully with or without tax refund. ​Yes, revised ITR can be filed as per timelines given in Section 139(5) even after receiving an intimation under Section 143(1)," says Shalini Jain, Tax Partner, EY India.

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ITR refund status FY2023-24: 4 different income tax refund statuses; 8 reasons for refund failure

ITR refund status:If you have paid an excess of tax for a specific financial year, you should anticipate receiving a refund on your income tax after submitting your income tax return (ITR). Nonetheless, the refund will only be granted once the tax department has processed your ITR and issued a notice confirming it.

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How to make gold investments tax efficient after Budget 2024 changed capital gain rules: New STCG, LTCG rates on gold, gold MF, gold ETF, SGB

Gold, a traditional symbol of wealth and prosperity in India, has long been a popular investment choice. The recent changes in capital gains tax rules introduced in Budget 2024 have significant implications for those who invest in gold. We delve into the new short-term and long-term capital gains tax rules and their impact on various gold investment avenues, including physical gold, gold bonds, gold mutual funds and gold ETFs.

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NPS tax benefits: National Pension System tax deductions you can claim under old and new income tax regimes

NPS taxation: The NPS is an optional retirement scheme that functions based on contributions made by individuals. Its main purpose is to ensure a regular pension income for individuals after they retire. You can avail tax benefits for NPS under three sections of the Income-tax Act, 1961 in India: Sections 80CCD (1), 80CCD (1B), and 80CCD (2). Now, let's delve deeper into each of these sections.

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ITR not processed, income tax refund pending? I-T dept can legally take till end of 2025 to process it

Income tax refund pending: If the income tax department does not process the income tax return (ITR), the taxpayer will not get their income tax refund dues (if any). The income tax laws mandate the deadline by which the income tax department must process the tax return. Read on to know the due date for the same.

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Sent more than Rs 6 lakh abroad? You may get a tax notice by December 31, 2024

Income tax notice: You may get a income tax notice by December 31, 2024 if the tax department found you have income which escaped assessment. This is because tax officials are analysing Form 15CC data to find out who has sent more than Rs 6 lakh abroad and there is a mismatch between the amount sent abroad and the amount declared as income in ITR.

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The government is estimated to have earned up to Rs 627 crore from late ITR filing fee till August 22, 2024

Belated ITR fees: The government may have earned up to Rs 627 crore from collection of late ITR filing fees till August 22, 2024. ​As per rules a late filing fee of Rs 5,000 or Rs 1000 or nil is levied for filing a belated ITR after the due date. There were about 14 lakh ITRs filed between August 1, 2024 and August 22, 2024.

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Will you pay lower tax in the new 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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How many days for ITR processing: Tax department could take approximately 18 days to process your ITR; here’s why

ITR processing time: Tax experts advise that usually, it takes an average of 15-45 days from the date of e-verification of the ITR for income tax returns to be processed. As per the regulation, income tax returns must be processed within nine months of the end of the fiscal year after you file them.

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Trying to use Capital Gains Scheme Account to cut LTCG tax on indexed gains from 20% to 12.5%? It won't work

LTCG tax on the sale of the house at 12.5%: If a taxpayer has sold the home on or before July 22, 2024, and put the money in a Capital Gains Scheme Account (CAGS), then they need to invest the money in a new residential house before the expiry of the deadline. Otherwise, the indexed long-term capital gains will be taxed at 20% instead of 12.5%.

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LTCG tax on sale of house: Can you add home loan interest to property purchase price to cut capital gains tax?

LTCG tax rate on property sale with no indexation: If a taxpayer does not avail of the Section 24 deduction of Rs 2 lakh on interest paid on a housing loan, then the interest cost can be added to the property price to inflate the purchase price. However, what if you opt for a new tax regime and claim no deduction of Rs 2 lakh? Can you still add interest cost to the purchase price to lower the LTCG and tax on it?

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26% ITRs yet to be processed after 22 days of the deadline, will your ITR come under scrutiny?

ITR filing: As per data from the ITR portal 73.71% of all the verified ITRs have been processed already. This means about 26% ITRs are yet to be processed. Could it be because these 26% ITRs need additional scrutiny or others? Read the story to know more about ITR filing.

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No indexation benefit even for LTCG on debt mutual fund investments made before April 1, 2023

These debt mutual funds taxation rules changed: The government has rationalised the capital gains taxation rules. The new tax rules will impact debt mutual fund investments made on or before March 31, 2024, to avail of the indexation benefit. Redemptions and transfers made on or after July 23, 2024, will be taxed at the new LTCG tax rate of 12.5% without indexation benefit, provided debt mutual funds were held for more than 24 months.

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More taxpayers getting defective ITR notice from tax dept this year; How to rectify the defect

Defective ITR: Chartered accountants report that many of thier clients have received defective ITR notices this year. As per Amit Bansal, Partner - Direct Tax, Singhania & Co, Yes, there has been a noticeable increase in defective ITR notices and invalid returns this year." Know what to do incase you get a defective tax return notice under section 139(9).

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No indexation benefit if property sold at a loss: Long-term capital loss to hit taxpayers harder

No indexation benefit on loss: The government has provided partial relief to the homeowners for properties bought before July 23, 2024 and sold after that. However, this relief is available only in the case of LTCG arising from the property sale. If the property is sold at a loss then there is no indexation benefit available.

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Who needs to get a tax clearance certificate to travel abroad? Check government’s latest clarification

Tax clearance certificate to travel abroad: Not all Indian citizens need to get an income-tax clearance certificate before leaving the country, contrary to some recent reports, as announced in a press release by the Press Information Bureau on August 20, 2024.

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These ITR filers have only 10 days left to verify their ITRs else ITR invalid

ITR refund: You won't get tax refund without verifying the filled up and submitted income tax return (ITR). As per CA Twinkle Jain, "​If an ITR is not verified within this (the 30 day) period, it is considered invalid. This means that any tax refund claims associated with these ITRs will not be processed & the taxpayer may have to file the ITR again, resulting in a delay in the tax refund process."

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Password to open income tax intimation notice under section 143(1)

Tax intimation notice under section 143(1): After the Income Tax Department has reviewed a taxpayer's income tax return, it will get in touch with the taxpayer via an Intimation under Section 143 (1). This Intimation informs the taxpayer whether their filed returns align with the tax computation conducted by the tax department.

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Man can't be taxed for Rs 20 lakh gift from NRI brother: ITAT

Under the Income-Tax Act, gifts exceeding Rs 50,000 are generally taxed as 'income from other sources' at the applicable slab rate, in the hands of the recipient. However, there are several exemptions that do exist: Gifts received from relatives, on the occasion of marriage, or through a will or inheritance are not taxed.

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No indexation for LTCG tax on property bought after July 23, 2024, is unfair; Will deter long term investment: View

The amendment tabled in the finance bill is a welcome move as it will provide an option to choose between LTCG tax of 20% with indexation or 12.5% without indexation for property. It would encourage honest tax payment, long-term investment and fair play. However, removal of indexation benefit for properties bought after July 23, 2024 and other Long Term Assets classes must be revisited. Here's why.

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What to do if intimation under section 143 (1) is received after filing ITR: How do I reply to income tax notice under section 143 (1)?

How to read income tax intimation notice under section 143 (1): The intimation notice under section 143(1) of the Income Tax Act, 1961, will be sent to the taxpayer's registered email address with the tax department. Additionally, the taxpayer will receive an SMS on their registered mobile number to notify them that the communication has been sent to the registered email address.

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Tax-saving tip: How opting for NPS benefit from employer can reduce tax outgo by Rs 42,000

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

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Tax implications for senior citizens after budget 2024, know what changed and what continues

Budget 2024: Senior citizens have different financial needs and tax planning is a significant factor in financial planning for senior citizens. With this in mind, senior citizens need to know if any benefit has been given to them in Budget 2024. In this article we list out some of the benefits offered to senior citizens.

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Made false deduction claim in ITR? Income tax dept wants employees to rectify this and pay the due tax or be ready for penal action

Income tax deduction: Incase you have mistakenly claimed a incorrect or wrong tax deduction or exemption and thus as a result your tax liability got reduced, then fix this as once. This is becuase if the tax department catches you and it is proved that you evaded taxes, then you can also be jailed.

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Deadline for reassessment of these old ITRs approaching; Know who can get tax notice u/s 148 by August 31, 2024

Income tax notice: The income tax department may send you a tax notice for AY 2018-19 (FY 2017-18) by August 31, 2024 if there is exists any income of Rs 50 lakh or more which escaped assessment. Budget 2024 amended the tax provisions to now reduce the time limit to send a section 148 notice.

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New share buyback rules from October 1, 2024: A higher tax for many, but these people will gain

New equity buyback rules: July Budget 2024 amended the income tax laws on how share buybacks are taxed. The new laws announced in July will be effective from October 1, 2024. The new laws tax the share buybacks in a similar fashion as dividends are taxed now. The new income tax laws will impact most taxpayers negatively. However, certain taxpayers will gain as well.

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Taxpayers getting faster refunds this year? FM says ITR processing time reduced to 10 days from 93 days

Income tax refund: You can expect faster tax refund this year, however not everybody will benefit from this. Cetain complicated income tax return (ITR) forms like ITR-3 and even ITR-2 takes time to process. However experts say when compared to earlier times, the ITR processing times have indeed come down.

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How to cut tax outgo by Rs.35,000 with NPS, health insurance

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

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ITR refund: Not satisfied with lower income tax refund amount intimated on email? You may file a rectification request

Tax refund: If you doubt the calculation taken by the income tax department in regard to your ITR then you have the option to file a rectification request. If the income tax department has processed your income tax return then a section 143(1) intimation will be sent. This intimation will mention the tax refund amount.

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E-verification of ITR: Penalty, consequences for not verifying income tax return before 30-day deadline

ITR e-verification: Starting August 1, 2022, the Income Tax Department has shortened the deadline for e-verification or hard copy submission of ITR-V to 30 days, as per a notification issued on July 29. This implies that taxpayers must now verify their returns within 30 days from the filing date to finalize the process.

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Govt should allow salaried employees to choose tax regime for TDS on salary again for FY2024-25

Income tax regime for TDS on salary for FY 2024-25: Many employees have already informed their companies about their choice of tax regime for deducting taxes from their salary in April 2024. However, the government has revised the income tax slabs in the July 2024 Budget. There is a need to allow salaried employees, especially those who have opted for the old tax regime, to choose their tax regime for TDS on salary again.

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Filed ITR but didn't get tax refund yet? You may need to request reissuance of tax refund in these cases

Income tax refund: Even if you file your income tax return (ITR) before the deadline, there is no guarantee that the tax refund will come in your bank account soon. It is only after the ITR is processed, then tax refund comes. Know how 'refund re-issue' feature can help you in this case to get tax refund.

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PAN–Aadhaar linking update: No higher TDS,TCS applicable for these deductees as per latest CBDT rules

PAN–Aadhaar linking update: The TDS is withheld at an increased rate if the payee's PAN is not linked to Aadhaar. The Central Board of Direct Taxes (CBDT) has released a circular stating that the elevated TDS/TCS rate will not be applicable if the payee or collector has passed away before linking PAN and Aadhaar.

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Mutual fund taxation after Budget 2024: New STCG, LTCG rates on equity, debt MFs, ETFs, fund of funds, gold funds, gold ETFs explained

Mutual fund taxation after Budget 2024: Union Budget 2024 has significantly overhauled capital gains tax on various assets, including mutual funds. The holding periods for short-term and long-term capital gains have been rationalised to 12 and 24 months, respectively. Additionally, the indexation benefit on long-term capital gains has been removed, leading to a uniform tax rate of 12.5% for all asset classes. Short-term capital gains tax on equities and equity-oriented funds has been hiked to 20%. These changes will have a substantial impact on mutual fund returns.

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Tax refund status: How to check ITR refund status online using PAN number on e-filing portal, NSDL website

How to check tax refund status: Here is a detailed step-by-step guide that outlines the process for checking your income tax refund status online. You can do this by visiting the e-filing portal or the National Securities Depository (NSDL) website.

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Budget 2024 proposed 10% TDS on government bonds: You can still pay lower or zero TDS with this certificate

TDS on government bonds: Budget 2024 imposed a TDS on interest income earned from government bonds. Atul Puri, SW India says, "In a case where TDS is required to be deducted & AO is satisfied that the total income of the recipient justifies deduction of tax at a lower rate or no deduction of tax, the AO shall, on an application made by the Assessee, give him/her such certificate as may be appropriate for lower or Nil deduction of tax."

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NPS helps save tax in new regime, how to invest

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

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New LTCG tax on stocks after Budget 2024: If gains are less than Rs 2.25 lakh in a year, you pay lower tax; here's how

New LTCG tax on stocks after Budget 2024: If the long-term capital gains from stocks and equity funds are up to Rs.2 lakh in a financial year, your tax liability will now be lower. This is because even though the tax rate for long-term gains has been hiked from 10% to 12.5%, the exemption threshold has also been raised from Rs.1 lakh to Rs.1.25 lakh.

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Waiting for income tax refund? ITR-2, ITR-3 refunds may take longer, check when ITR refund will be credited

Income tax refund: You may have to wait a big longer if you have filed the complicated income tax return (ITR) forms like ITR-2 or ITR-3. "​Generally, it is observed that simpler forms like ITR-1 are processed more quickly as compared to complex forms like ITR-3," says CA Muskkan Kukreja, Assistant Director and Program Coordinator -Accounting and Finance, S K Somaiya College.

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Selling a house and worried about LTCG tax? You can still pay zero tax u/s 54 despite the budget 2024 shock

LTCG on property: You can still save income tax on selling a house despite Budget 2024 announcement. Revenue Secretary Sanjay Malhotra said "Tax kicks in only if the gains are not reinvested in a house. If you sell a house and you buy a house using only the gains, there is no taxation." Know how it works and what are the conditions.

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ITR filing deadline missed: A belated ITR for FY2023-24 (AY 2024-25) can only be filed under the new income tax regime

How to File Belated ITR: A big disadvantage of filing a belated income tax return (ITR) is that, starting August 1, i.e., after the July 31 deadline, individuals cannot opt for the old tax regime when filing their tax return for FY24. The new tax regime is the default under the current income tax laws.

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What is the last date to file ITR with penalty? How to file, charges

Filing ITR after deadline: If your income tax return (ITR) has not been filed, there's no reason to panic because you can still file your tax return after the deadline. Even if you face a penalty, you still have the choice to submit your tax returns after the due date – this is known as a belated return.

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