If you missed filing updated ITR by March 31, can you go to jail?

ITR-U: The deadline to file updated income tax return (ITR-U) for FY 2020-21 (AY 2021-22) was March 31, 2024. However there is no need to worry since an individual cannot be jailed just for not filing ITR-U. But the income tax department can seek imprisonment for those individuals who have escaped paying income tax i.e. tax evaders.

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Tax-saving tips: HRA tax-free after rent to parent; how to reduce tax outgo by Rs 83,264

Gupta can reduce his tax by more than Rs.83,000 if he claims HRA exemption by paying rent to his father, if his company offers him the NPS benefit, and he invests more in the scheme on his own. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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Last-minute tax-saving investment: Will investing in PPF and SSY on March 30 and March 31 qualify for tax benefits in FY 2023-24?

Tax savings options available on March 30 and 31st: Individuals who want to make any tax savings investments in various government schemes like public provident fund (PPF), Sukanya Samriddhi Yojana (SSY) and others can do so online and offline as banks are open on March 30 and 31st. Read here to know more.

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New ITR-V, ITR acknowledgement forms notified: Read updated instructions carefully or else penal consequences can apply

New ITR-V, acknowledgement form for income tax return: The income tax department has notified a new ITR-V and acknowledgement forms for FY 2023-24 (AY 2024-25). The notified new forms will be effective from April 1, 2024. Here is all taxpayers should know about the new ITR-V and acknowledgement forms.

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8 reasons why old tax regime is still attractive for many taxpayers in this income tax bracket

Though, under the new tax regime you may end up paying no tax on income up to Rs 7.5 lakh and and pay tax at a lower rate on when your income goes higher however old tax regime offers higher tax saving opportunities with various deductions and exemptions. However these deduction can not be claimed by all taxpayers and apply on only select individuals. Hence, it makes sense for you to check which tax regime will help you save higher tax.

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LTA exemption: Submit tax-saving proofs to employer by March 31 deadline as claiming LTA in ITR is a hassle

LTA, usually a component of your salary, covers the expenses of your travel during vacation. The cost incurred for family members who travel with an employees is also allowed as exemption. To claim LTA, the employee typically needs to submit documentary evidence of the incurred travel expenditure to the employers within specific deadlines.

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The unintentional tax-saving investment that most salaried employees do

EPF as tax-saving investments: If you are salaried employee and is/planning to opt for old tax regime for current FY 2023-24, then Employees' Provident Fund (EPF) contribution is one tax-saving investments that happens automatically. Many individuals forget to account the tax-benefit available under Section 80C on EPF investments while evaluating the total tax saving investments.

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How HRA, NPS can help you save tax of Rs 1.9 lakh

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

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Save tax on donations made: Tax benefits under Section 80G of Income Tax Act

Section 80G allows taxpayers to claim deduction for donations to eligible fund, institution or trust, to encourage philanthropy.

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Tax-saving investment: 7.1% interest in PPF or 8.25% returns in VPF; which is a better option to save tax this year?

Tax-saving investment ideas FY23-24: PPF has been a go-to option for traditional investors to save tax while planning for retirement. Is there any other option that offers higher returns, lowers your income tax outgo, and saves money for long-term goals? Yes, Voluntary Provident Fund (VPF). How does it VPF fare when compared to PPF Public Provident Fund (PPF) or Voluntary Provident Fund (VPF) — which is a better option for you to save tax in the financial year 2023-24.

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Finish your tax saving investments well before March 31 this year: Here's why

Last date to finish tax-saving investments: If you are planning to wait till last minute to finish your tax-saving investments and expenditures then you might the chance to do so. This is because March 31 this year is on Sunday and banks and stock market is closed on Friday (March 29) on account of Good Friday.

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Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears

The deadline to file updated income tax return (ITR-U) is March 31, 2024 for FY 2020-21 . In light of this deadline, the tax department is sending intimation to taxpayers urging them to check the AIS/Compliance portal regarding identified specified/high value transactions. If an individual is not being able to explain these transactions or give a satisfactory response, income tax notice will be sent.

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LTCG tax saving from sale of property: Builder’s error in allotting flat will not impact tax benefit claim, says ITAT

The tax tribunal ruled that this assertion cannot be refuted due to an error made by the builder in assigning the apartment. The builder mistakenly allocated the apartment purchased by the claimant to another buyer.

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