A delay in income tax (IT) refund can be for various reasons, so it is important to understand the reasons and how to request a refund reissue.
With social media rife with speculation that the income tax department might consider extending the due date for income tax return (ITR) filing, the best option would be to file your return while there's still time.
ITR filing last date is on July 31, 2023
"The total number of ITRs for AY 2023-24 filed till 31st July 2023 are more than 6.77 crore, which is 16.1 per cent more than the total ITRs for AY 2022-23 (5.83 crore) filed till 31st July 2022," the income tax...
Facing an income tax notice can be daunting, but with our expert advice, you'll know how to respond calmly and resolve the matter efficiently.
Capital loss reported in income tax returns (ITR) can be carried forward to set off capital gains in the future as per Income tax rules
The last date for filing income tax returns for the financial year 2022-23 is July 31, 2023. Any delay in filing ITR will attract a penalty. Learn more.
The PANs, according to the department, have become inoperative in cases where NRIs have not updated their residential status or have not filed returns in the last three AYs
You should furnish details of salary received from your first employer to your second employer for correct calculation of your tax liability. Gift received...
The income tax department could send you a notice for a ‘defective’ return. Here are the reasons why your income tax return could be deemed defective, and...
When the tax paid is more than the tax liability, one can claim refund on the excess tax paid by filing an income tax return
The ITR filing platform now covers 85 per cent of the broker market, ensuring seamless entry of capital gains tax information for ITR-2 filing. Read on to...
Don't miss out on reporting gift income, prize money, interest earnings, and more while filing your tax return.
AIS was launched in November 2021 on the income tax portal for taxpayers to refer to for getting adequate details for filing their taxes.
Maximise your tax savings on interest earnings from your savings bank account. Section 80 TTA and Section 80 TTB of the Income-tax Act 1961 allows for...
July is an important month for taxation-related matters, but there are other important deadlines in this month that you must remember.
Any property, which is not let out and is lying vacant can be claimed as self-occupied. Under the new tax regime, rebate and eligibility threshold income are...
The Income Tax Act says if the income is more than the exempted limit, one has to file a return. But what should you do if it is below the exemption limit?...
As per the report, the income tax notices were issued to alleged evaders under Section 138 and 148(A)
You may have to produce copy of receipt of stamp duty payment, registration charges and house purchase papers in case of scrutiny. If you are a non-resident,...
The income tax department has released online ITR-3 form, thus enabling individuals and HUFs with profits or gains from business or profession to file their...
As the deadline for filing Income Tax Returns (ITR) approaches, taxpayers should stay informed about the changes for AY2023-24. Know these compliance...
The government considers linking tax calculated at source (TCS) with tax deducted at source (TDS) to dispel concerns about separate tax collections.
You cannot revise old income tax return. Under Hindu Law, only a coparcener can be become the karta of the HUF. Income from sale of house is taxed as capital...
The ITR 2 form is now available for individuals and Hindu undivided families to file their income tax returns for the financial year 2022-23. This guide...
