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.
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.
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:
ITR filing FY2023-24: How to register online on e-filing portal to file income tax return; a step-by-step guide
How to register on e-filing portal to file ITR: To file your income tax return online, new taxpayers must first sign up online. Signing up on the e-Filing website enables you to utilize the various features and tax services offered by the portal. Below is a detailed guide to registering online on the e-filing portal for the purpose of filing income tax returns.
Documents required for ITR filing: 10 documents you need to file income tax return
Documents required for ITR filing: An individual should collect all the required documents such as Form 16, bank account statements, capital gains statement, depending on the incomes they have to make the ITR filing process easier. Here is the list of 10 documents that a taxpayer might need to file their income tax return this year.
Maharashtra government's slum policy strange as it encourages encroachments; its inspection required, says HC
The court said once slums on a private land are recognised under the Slum Act, strangely the encroachment on a private land gets converted into a legitimate right of a free tenement to the encroacher under the slum policy of the state government, which, in our opinion, is as good as a premium on the illegality of the encroacher in encroaching on either private or public land. The court said government authorities need to be conscious of the ground reality that it is a herculean task to remove encroachers from both private and public land.
ITR filing forms for FY 2023-24 (AY 2024-25): Which income tax return form applies to you?
ITR forms: The important part of ITR filing process is to identify the correct the income tax return form applicable to their incomes. Filing income tax return using wrong ITR form will make the filed ITR as defective ITR. Read on to know the correct tax return form applicable to your incomes.
Income tax filing: 3 updated utilities available for filing this ITR form for AY 2024-25; find out which one works best for you
Income tax filing: Are you an individual or Hindu Unidivided Family who have income from business or profession and do not want to opt for presumptive taxation scheme? Then you may need to file ITR-3. To help you file ITR-3 easily, the income tax department has launched online, offline using Java and Excel based utilities. But which one is better?
Several top executives of the three companies and auditors associated with some of them now face criminal charges due to the irregularities. Additionally, both auditors and their firms are undergoing disciplinary procedures. Meanwhile, the new leadership has divested a substantial portion of assets to settle a significant portion of debts owed to creditors.
Who was Josh Dean, the whistleblower who died mysteriously? What's his connection with Boeing? Here's all
Joshua Dean, a former quality auditor at Spirit AeroSystems, has passed away after accusing the company of ignoring manufacturing defects in Boeing's 737 MAX parts. His death follows that of another Boeing whistleblower, John Barnett. Dean's allegations, including a significant production flaw and a subsequent cover-up by Spirit, have raised concerns about safety standards in the aviation industry. His passing underscores the challenges faced by whistleblowers and the importance of ensuring accountability and transparency in aerospace manufacturing.
Taxman to reach out to 15.2 m individuals required to file ITRs
Income-tax dept to act against 15.2 million non-filers. CBDT orders outreach from April 15. Focus on bank transactions, penalties for defaulters with high cash deposits.
GSTR-1 deadline has been extended today as recommended by GSTN due to difficulties in filing
GSTR-1 deadline: The last date to file GSTR-1 for March 2024 tax period was April 11, 2024, however GSTN has recommended to the Central Board of Indirect Taxes and Customs (CBIC) that the deadline to file GSTR-1 be extended by one day to April 12, 2024. However as of 1 pm on April 12, 2024 no circular or notification from CBIC has come in this regard.
Income tax saving for FY 23-24: How salaried taxpayers can claim deduction of up to Rs 3.35 lakh without HRA, loan
You can claim certain income tax deductions under different heads and therefore reduce your overall income tax liability. Section 80C of the Income-tax Act, 1961 is one of the most widely used deductions that offers a deduction of up to Rs 1.5 lakh in each financial year. But, there are others deductions as well that you can claim and lower your income tax outgo. Check what are the deductions that you can claim in FY2023-24.
Companies to submit bank details to GST officers within 30 days of registration to avoid suspension, says GSTN
"Taxpayers are therefore advised to promptly furnish their bank account details, who have not provided it so far if 30 days period is shortly going to expire to avoid disruption in business activities and the subsequent suspension of GSTIN," it said. GSTN further said that a new functionality is being developed as per which taxpayers whose registration is suspended for non-submission of bank account details would be intimated through Form REG-31.
Investigation into why a panel blew off a Boeing Max 9 jet focuses on missing bolts
Spirit AeroSystems' record is also likely to come under more scrutiny. In a federal securities lawsuit filed last May in Manhattan, an investor charged that Spirit concealed widespread quality failures including defects in fuselage fittings, improperly drilled holes in bulkheads that keep planes pressurized, and missing fasteners.
New tax slabs, no tax on income up to Rs 7 lakh in new tax regime, 13 changes in 2023 that will impact you in 2024
Many changes were announced in the Budget 2023 as well as during the year in 2023 by the Central Board of Direct Taxes (CBDT). These changes not only impacted your 2023 but will also impact your 2024 especially at the time of filing income tax return. Read on to know more about it.
Free Aadhaar updation, SGB investment, demat nomination, 7 important money, tax deadlines in 2024
There are certain important money and income tax deadlines in the year 2024. It is important to remember these deadlines to avoid paying penalties or getting account frozen or miss out from any investment opportunities. Read on to know the 10 important income tax and money deadlines for the year 2024.
What is the last date to file GST annual return and who should file it?
Goods and Services Tax (GST) annual return has to be filed by every GST registered individual whose annual turnover is over a specified limit. However for filing GST annual return, taxpayers have to file their monthly or quarterly GST return first. GST annual return has to be filed using GSTR 9 and GSTR9C if required.
Delhi HC rejects PIL against CLAT PG score requirement for induction as JAG in army
The Delhi High Court rejected a Public Interest Litigation (PIL) against an Indian Army advertisem*nt mandating CLAT-PG 2023 score as an eligibility qualification for induction of law graduates into the Judge Advocate General Branch (JAG) branch. The court ruled that prescribing educational qualifications was not within the domain of the court and could not interfere with the requirement of CLAT-PG score.
The 9 Best Tools for Data Analysts in 2023
The number of data analysis tools available increases along with the development of the field of data analytics. What data analysis tools do I need to learn? is something you'll want to know if you're considering a career in data analysis.
GST Amnesty Scheme: Only few days left to avail benefits; check extended deadline date
The GST Amnesty Scheme for GSTR 4, GSTR-9 and GSTR-10 for non-filers has been extended by the Central Board of Indirect Taxes and Customs (CBIC).
How to file belated ITR online for FY 2022-23 (AY 2023-24)?
If an individual has missed the deadline of July 31, 2023 to file their income tax return (ITR) for FY 2022-23, then he/she may still file a belated ITR by paying a penal fee. However if an individual's income is below the basic exemption limit then there is no penal fee for filing belated ITR.
Income tax return forms for FY 2021-22: 9 changes that require additional information from taxpayers
ITR forms notified for FY 2021-22 do not have major changes. However, finer/additional details have been asked in the tax return forms from the taxpayers. Here is a look at 9 changes that a taxpayer has to mention while filing an income tax return this year.
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