FY 2023 24
ITR refund status FY2023-24: 4 different income tax refund statuses; 8 reasons for refund failure
ITR refund status:If you have paid an excess of tax for a specific financial year, you should anticipate receiving a refund on your income tax after submitting your income tax return (ITR). Nonetheless, the refund will only be granted once the tax department has processed your ITR and issued a notice confirming it.
PhonePe revenue bump; NPCI’s Bhim makeover
Digital payments major PhonePe has reported a 74% jump in revenue for FY24. This and more in today’s ETtech Top 5.
ITR refund scam FY2023-24: Don’t fall prey to this income tax refund scam, warns tax department
Income tax refund: ITR filers should exercise caution and authenticate all communications from the IT department using official channels. Taxpayers may receive communication from the Income Tax Department via the email address they have provided.
Oyo posted Rs 229 crore net profit in FY24, claims founder Ritesh Agarwal
In May, Agarwal had posted on X that the January-March quarter of 2024 was Oyo’s eighth consecutive quarter of positive Ebitda, while providing a provisional number of ₹100 crore for profit after tax.
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Nepal becomes net electricity exporter for the first time in FY 2023-24
Nepal has become a net electricity exporter for the first time, with earnings from electricity exports to India surpassing its import costs in the 2023-24 fiscal year. The Nepal Electricity Authority (NEA) exported electricity worth Rs 16.93 billion to India while importing electricity worth Rs 16.81 billion, resulting in a Rs 120 million profit. Nepal exports surplus electricity during peak production seasons and imports during the dry season.
Which ITR form should salaried person use to file income tax return for FY 2023-24 (AY 2024-25)?
ITR form for salaried: Beginning in AY 2024-25, the new tax regime will be the default choice. Each year, you will need to choose between the old and new tax regimes for that specific Assessment year. Failing to meet the ITR filing deadline has both financial and non-financial consequences.
Ather Energy FY24 loss widens over 22%, revenue stays flat
Electric scooter maker Ather Energy clocked a revenue of Rs 1,789 crore in the fiscal year 2024, a flat figure as compared to a year ago. Ather's loss widened over 22% to Rs 1,059 crore during this period.
One World, One Sun, One Grid: All about India's ambitious renewable project OSOWOG
The 2023-24 Economic Survey, presented by Nirmala Sitharaman and authored by V Anantha Nageswaran, highlights the OSOWOG initiative for solar energy. Launched at COP26 with the UK, it aims to interconnect global energy grids, targeting 500 GW by 2030 and 2,600 GW by 2050, emphasizing innovation and clean technology deployment.
Economic Survey 2023-24: Agricultural credit saw 1.5X jump in FY24
The Survey highlighted the crucial role of the Kisan Credit Card (KCC) scheme in providing timely and hassle-free credit to farmers. By the end of 2023, there were over 7.4 crore operative KCC accounts. In April and May 2024, bank credit to agriculture and allied sectors grew by 19.7 per cent and 21.6 per cent year-on-year, respectively.
Not prudent to think India can take up slack from China vacating certain spaces in manufacturing: Economic Survey
The Economic Survey 2023-24 advises caution against assuming India can replace China in global manufacturing. Despite India's rapid growth, China's dominance in supply chains, especially in critical and rare earth minerals, presents significant challenges. India-China economic relations remain complex, emphasizing the difficulty of displacing China in global manufacturing.
Tata Play FY24 results: Net loss widens to Rs 353.9 crore, revenue dips 4.3%
Tata Play, previously known as Tata Sky, reported a widened loss of Rs 353.9 crore with a 4.32% decline in revenue. Plans for an IPO were delayed due to regulatory issues. The company's financial performance in FY24 shows a challenging year.
CBIC exempts these businesses from filing GSTR-9 annual return for FY 2023-24
GST annual return: Now there is no need to file GSTR-9 annual return for FY 2023-24 as the Central Board of Indirect Taxes and Customs (CBIC) has exempted small businesses from filing annual return (GSTR-9) for FY 2023-24. Read here to know who is required to file GSTR-9 and who is not.
Home loan tax benefits (FY2023-24): How to save tax on home loan
How to save tax on home loan: The two components of the home loan EMI you pay are the principal repayment and interest. The majority of the EMI is deductible for self-occupied property under section 80C of the Income-tax Act of 1961.
Navigating ITR Penalties: What you need to know for FY 2023-24?
As the financial year concludes, taxpayers must prepare to file their income tax returns (ITR) for FY 2023-24 by July 31, 2024, to avoid penalties. Late filing can incur a fixed penalty of Rs 5,000, with additional interest on outstanding taxes if applicable. Tax deducted at source (TDS) violations, such as non-deposit or incorrect deductions on property transactions, attract penalties up to 1.5% per month. Timely filing is crucial to claim deductions and avoid penalties up to 300% for tax evasion, ensuring compliance and maximizing tax benefits.
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.
What is Form 16? How to download Form 16 to file income tax return (ITR)
How to download Form 16: The Form 16 is an important document that is provided by the employer to the employee annually, after the end of the financial year. It contains comprehensive details of the salary paid to the employee, including allowances, deductions, and net income. Additionally, it provides information on the taxes deducted at the source, such as TDS (Tax Deducted at Source). This certificate is essential for filing income tax returns as it provides a comprehensive summary of the TDS for the financial year, aiding in the accurate calculation of tax liability and ensuring compliance with tax regulations.
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.
What is Form 26AS? How to download Form 26AS to file Income Tax Return (ITR)
ITR filing for FY2023-24: Form 26AS is an important document for filing your income tax return (ITR). It shows the dates and amounts of advance tax payments and consolidates all your financial transactions.
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.
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