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.

from Tax-Wealth-Economic Times https://ift.tt/RYfzU8l

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.

from Tax-Wealth-Economic Times https://ift.tt/AeFgdxw

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.

from Tax-Wealth-Economic Times https://ift.tt/E4JCxWl

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.

from Tax-Wealth-Economic Times https://ift.tt/F9rqont

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.

from Tax-Wealth-Economic Times https://ift.tt/65Xt2LO

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.

from Tax-Wealth-Economic Times https://ift.tt/XlgkMAy

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."

from Tax-Wealth-Economic Times https://ift.tt/a1QUKBo

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.

from Tax-Wealth-Economic Times https://ift.tt/golX87D

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.

from Tax-Wealth-Economic Times https://ift.tt/hrKQSwM

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.

from Tax-Wealth-Economic Times https://ift.tt/YgV3BJH

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.

from Tax-Wealth-Economic Times https://ift.tt/EoWCsvx

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.

from Tax-Wealth-Economic Times https://ift.tt/VLAMK1G

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.

from Tax-Wealth-Economic Times https://ift.tt/9oKbPeY