INCOME METHOD
Income tax return processing status: How much time it takes for tax department to process ITR
Processing of ITR: The income tax return (ITR) filing deadline for for the financial year 2023-24 (assessment year 2023-24) is July 31, 2024. It's crucial to file the ITR by the specified deadline to avoid penalties and late fees. Additionally, it's important to ensure that the Income Tax Department promptly processes the filed ITR.
E-verification of ITR: Penalty, consequences for not verifying income tax return before 30-day deadline
ITR e-verification: Starting August 1, 2022, the Income Tax Department has shortened the deadline for e-verification or hard copy submission of ITR-V to 30 days, as per a notification issued on July 29. This implies that taxpayers must now verify their returns within 30 days from the filing date to finalize the process.
Filed ITR but didn't get tax refund yet? You may need to request reissuance of tax refund in these cases
Income tax refund: Even if you file your income tax return (ITR) before the deadline, there is no guarantee that the tax refund will come in your bank account soon. It is only after the ITR is processed, then tax refund comes. Know how 'refund re-issue' feature can help you in this case to get tax refund.
What is the last date to file ITR with penalty? How to file, charges
Filing ITR after deadline: If your income tax return (ITR) has not been filed, there's no reason to panic because you can still file your tax return after the deadline. Even if you face a penalty, you still have the choice to submit your tax returns after the due date – this is known as a belated return.
SGB taxation in budget 2024: Changed capital gain tax on maturity, selling prematurely in RBI's buyback or on stock exchange
Budget 2024: Sovereign Gold Bond scheme investors are in for a rejoice because now if they are being held for more than 12 months, it is to be classified as a long term capital gains asset and be accordingly taxed. However if you hold it till maturity then it is tax free.
Budget 2024: Why crypto F&O investors are happy - No STT, no TDS, no 30% tax
Budget 2024: Crypto future and options investors are happy because the budget did not impose any TDS, STT and neither section 115BBH (30% tax) provisions on it. While at the same time Budget 2024 increased STT on stock market future and options (F&O). Many now believe crypto F&O transactions are now more attractive than stock and index F&O.
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Paying income tax using net banking, credit card or debit card? You will be charged for it if you don't have this bank account
Income tax payment: You can pay the income tax amount through net-banking, UPI, debit card, credit card and UPI QR. "Recently, the Canara Bank payment gateway on the Income Tax website began accepting American Express (AMEX) cards for tax payments. They are charging a fee of 0.9% plus GST for these transactions," as per Ankur Mittal, co-founder, cardinsider.com
What is the interest on income tax refund?
Income tax refund: After submitting your tax return, if you meet the requirements for a tax refund, you should receive the refund plus interest at a specific rate in the event of a delay. Nonetheless, this is not always the case.
Last Saturday before ITR filing deadline: Are banks open or closed on Saturday, July 27?
Saturday bank holiday: Do keep in mind that this is the last weekend before the income tax return filing due date of July 31, 2024 Bank customers must make sure that their bank related work is not hampered on these bank holiday days.
How your mutual fund SIPs would be taxed under the new income tax structure
The tax on short term capital gains and long term capital gains on equity mutual funds have increased after the announcement made in the budget by the Finance Minister Nirmala Sitharaman.
Long term capital gains tax benefit taken away for shares sold in a buyback offer, sale value to be taxed like dividend income
If the company, whose shares you hold, offers a buyback offer and you sell your stocks to the company then the sale value received would now be taxable in your hand just like the dividend taxation. As a result you will need to pay income tax as per applicable tax slab on total sale value. Though there is a provision to claim capital loss to the tune of acquisition value of the thus sold shares.
Budget 2024 allows more tax saving on NPS: Tax exempt contribution to NPS for employees by pvt employers hiked from 10% to 14% of salary
National Pension Scheme (NPS): NPS contribution limit for employer in private sector raised from 10% to 14% of the employee’s basic salary. For both private and public sector employees the deduction limit has been raised from 10% to 14%. All these benefits are available on the new tax regime only.
Reporting foreign income in income tax return: How to report foreign income, equity share in ITR form
Reporting foreign income in ITR: Individuals who have assets and income from overseas sources are mandated to utilize either ITR 2 or ITR 3 forms when filing their tax returns. This is because Schedule FA, which is specifically designed for reporting foreign assets and income, can be found in these forms.
How to download acknowledgement number after filing ITR
ITR filing: After a person submits their income tax return (ITR), they receive an income tax return acknowledgement from the tax department. This acknowledgement includes a unique tracking number that can be utilized to monitor the status of the filed Income Tax.
ITR filing last date is July 31: Are banks open or closed this Saturday, July 20?
Saturday bank holiday: Bank customers need to be aware that banks are not open on the second and fourth Saturdays of the month, as well as on all Sundays, regional, and national holidays in India. The bank holiday list, which is specific to each state, is released by the Reserve Bank of India (RBI).
Get ITR filed without sharing password: IT dept allows CA to file ITR on your behalf without e-filing ITR log-in credentials
ITR filed by CA without password sharing: There is a way you can file ITR without sharing your e-filing ITR password with a chartered accountant (CA). This option is called e-Return Intermediaries (ERIs) and Cleartax, Tax2Win, EY, etc are all authorised as ERIs and thus can help you file ITR without sharing the e-filing portal password.
Last date to file ITR is July 31; Taxpayers take to social media to complain about issues with e-filing portal
Glitches on e-filing ITR portal: It's important to keep in mind that if you wait until closer to the deadline to file, you may experience technical difficulties on the e-filing portal and encounter other issues. Therefore, it's advisable to complete your filing well before the due date to avoid potential problems.
How to file ITR online: A step-by-step guide
How to file ITR: The deadline for filing your income tax return (ITR) for the financial year 2023-24 is July 31, 2024. Many individuals will likely be busy completing the filing process. If you haven't filed your ITR yet, it's important to understand all the necessary details and steps to meet the deadline. Here is all you need to know about the ITR filing process according to the Income Tax Department's website.
How to file ITR-2 online with salary, capital gains and other incomes for FY 2023-24 (AY 2024-25)?
ITR-2 can be filed using the Excel or Java utilities provided by the income tax department, or online directly through the e-filing portal. This guide outlines the most effective way to file ITR-2 online, including examples of reporting salary, capital gains, and other incomes in the tax return form.
Modern alternative fixed income investments: Tracing the evolution of invoice financing across time and economies
Evolving from Mesopotamian credit practices to modern fintech, invoice financing aids businesses by selling unpaid invoices. Italian bankers and altGraaf shaped its development. Products including altWings, altPack, altSmart, altArmour, and altBlu cater to varied investors. With Trade Credit Insurance and high-yield opportunities, it prioritizes diversification and security in investment.
You won’t get any income tax refund unless you verify your ITR; here’s how to verify ITR online, offline
Income tax return verification: You filed income tax return will be cancelled if you don't verify it within 30 days of filing of ITR. There are multiple ways to verify an filed ITR including a offline process. Read below to find out various ways of verifying a income tax return (ITR) online and offline.
Despite war and sanctions, Russia becomes a high-income economy
Despite Western sanctions over the Ukraine war, Russia has transitioned from an upper-middle to a high-income economy, according to the World Bank's latest rankings. Factors such as increased military activity, a rebound in trade and construction, and growth in the financial sector contributed to this shift. Consequently, Russia's Atlas GNI per capita rose by 11.2%.
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.
How to file ITR-1 with salary, income from house property and other sources for FY 2023-24 (AY 2024-25)
File ITR-1 online: Here is a step by step guide on how salaried individuals can file their income tax return using ITR-1 form easily on the income tax department's e-filing website. ITR-1 form is also known as Sahaj. Individuals having income from salary, house property, interest and dividend incomes can use ITR-1 to file income tax return.
How to claim income tax refund online when filing ITR for FY 2023-24
How to claim income tax refund online: You may be eligible for a tax refund if you have paid more taxes than you owe. You can claim the refund when filing your income tax return (ITR) by the deadline of July 31, 2024 for FY 2023-24 (AY 2024-25).
Income tax refund: How to raise refund reissue request; a step-by-step guide
Income tax refund: The tax department begins processing refunds after the taxpayer verifies the form electronically. The refund is typically credited to the taxpayer's account in four to five weeks. If your refund has failed, you have to submit a “Refund Reissue Request” as applicable.
ITR e-verification: How to e-verify ITR, timelimit, other important FAQs
The ITR is deemed invalid or will not be regarded as filed if the assessee does not validate it within the allotted period. e-Verification is the most convenient and instant way to verify your ITR.
Advance tax first instalment payment deadline: Who has to pay, penalty for missing last date
Advance tax payment: Individuals with a net income tax liability exceeding Rs 10,000 in any financial year must make advance tax payments. Net tax liability is the estimated tax amount after deducting the TDS (tax deducted at source) within the financial year. If your total tax liability after considering TDS is more than Rs 10,000, you are expected to pay advance tax.
Zerodha's Nithin Kamath draws attention to a lesser-known income-tax saving method
Nithin Kamath, the billionaire co-founder and CEO of Zerodha, highlighted the benefits of the Hindu Undivided Family (HUF) through a post on the social media platform X, emphasizing its unique role as a legal and tax entity designed specifically for Hindu families in India. He underscored how this structure enables individuals to save on taxes effectively.
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