Mon, Nov 18, 2024
The Central Board of Direct Taxes (CBDT) has launched a new campaign aimed at informing taxpayers about the importance of declaring foreign assets in their Income Tax Returns (ITR). The initiative focuses on ensuring compliance with tax laws and helps taxpayers understand their reporting obligations regarding foreign assets.
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Mon, Aug 19, 2024
ITR filing: In cases where discrepancies are found, the department can issue a notice requesting proof of deductions or details about the income source. Failure to provide satisfactory responses could result in additional tax liabilities, penalties, and interest charges for late tax payments. Continued non-compliance might even lead to legal action.
Mon, Jul 15, 2024
ITR filing season: The Income Tax Department's helpdesk is working 24x7 to assist the taxpayers. This helps in providing services ranging from filing of ITR to tax payment. The help desk provides assistance through calls, live chat, Webex sessions, and social media.
Sun, Dec 03, 2023
Taxpayers rejoice! The Income Tax Department has introduced a revolutionary new feature – the 'Discard' option. In this video, we’ll delve into the details of this game-changer, explaining its benefits, eligibility criteria, and the simple process of discarding your income tax return. So, whether you're a seasoned taxpayer or a first-timer, this video will equip you with the knowledge to make the most of this convenient option.
Mon, Sep 04, 2023
Any income that is exempted from income tax is called non-taxable income. These earnings are completely excluded from calculation of an individual’s total tax liability in a financial year.
Wed, Aug 23, 2023
The Annual Information Statement (AIS) is a detailed summary of a taxpayer's information which is given in Form 26AS. In addition to the TDS/TCS details, AIS also show interest, dividend, stock market transactions, mutual fund transactions etc.
Mon, Jul 31, 2023
Tax will have to be saved by wrong means, income tax return of employed people will be scrutinized, know full details in this video
Mon, Jul 10, 2023
Understanding the intricacies of tax laws can significantly aid individuals in managing their financial affairs and in effectively reducing their tax liability. By strategically utiliszing salary perks and investing in the National Pension Scheme (NPS), tax obligations can be significantly trimmed.
Tue, Jun 20, 2023
The House Rent Allowance (HRA) calculation in income tax returns relies on factors such as salary, HRA component, rent paid, and location.
Sat, Jun 03, 2023
Missing ITR deadlines may result in penalties so it's wise to keep a tax calendar.
Thu, Aug 25, 2022
The abbreviation ITR-U stands for 'income tax return-updated' and is available to taxpayers for filing updated returns for 2019-20 and 2020-21 financial years or assessment years 2020-21 and 2021-22.
Tue, Aug 16, 2022
Your filing of Income Tax Returns (ITR) will not be considered valid and get cancelled if you do not verify it. Everybody who has filed his ITR is required to verify his Income Tax Returns to complete the return filing process. Without verification within the stipulated time, an ITR is treated as invalid
Mon, Aug 01, 2022
Income Tax India tweeted about the help desk numbers and email id, for any assistance.
Mon, Jul 18, 2022
Where taxpayer files the return of income without digital signature, then the taxpayer should take two printed copies of Form ITR-V.
Fri, Jul 15, 2022
Here is how taxpayers can file ITR 1 and ITR 4 online. Your step-by-step guide.
Sun, Jan 23, 2022
Finance Minister Nirmala Sitharaman will be presenting Union Budget on February 1, 2022. The common man, especially the middle class, has been anticipating a change in the tax slab from the government. But do you know the journey of how income tax slabs changed in the past decades? Here are all the changes that income tax & its IT slab went through ever since India got independence.
Thu, Jan 13, 2022
The income tax department on Thursday said it has issued refunds of over Rs 1.54 lakh crore to more than 1.59 crore taxpayers so far this fiscal. This includes 1.20 crore refunds of Assessment Year 2021-22 (fiscal ended March 31, 2021), amounting to Rs 23,406.28 crore.
Mon, Jan 10, 2022
Government inserted a new section 194P in Income-tax Act,1961 which provides that senior citizens above the age of 75 years, having only pension and interest income from accounts maintained with bank in which they receive pension will be exempted from filing ITR
Tue, Dec 28, 2021
Over 4.67 crore Income Tax Returns have been filed including over 15.49 lakh ITRs filed on December 27 alone, the I-T department said on Tuesday.
Sun, Dec 26, 2021
"A total of 4,43,17,697 #ITRs have been filed up to 25.12.2021 including 11,68,027 #ITRs having been filed on the day itself," the IT department tweeted
Sat, Dec 25, 2021
Ministry of Finance informed that the time limit to re-open IT assessment cases has been reduced to 3 years from 6 years. The assessment can be reopened upto 10 yrs, only when there is evidence of concealment of income of more than Rs. 50 lakh in a year with approval of Pr. CCIT
Mon, Oct 25, 2021
The last date of filing the returns for the Assessment Year 2021-22 has been extended to December 31, 2021.
Mon, May 24, 2021
The government recently extended the date of filing income tax returns for the Assessment Year 2021-22 by two months. Initially, it was 31 July 2021, but now one can file till 30 September 2021.
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