TAX RETURN FORM
26% ITRs yet to be processed after 22 days of the deadline, will your ITR come under scrutiny?
ITR filing: As per data from the ITR portal 73.71% of all the verified ITRs have been processed already. This means about 26% ITRs are yet to be processed. Could it be because these 26% ITRs need additional scrutiny or others? Read the story to know more about ITR filing.
How many days for ITR processing: Tax department could take approximately 18 days to process your ITR; here’s why
ITR processing time: Tax experts advise that usually, it takes an average of 15-45 days from the date of e-verification of the ITR for income tax returns to be processed. As per the regulation, income tax returns must be processed within nine months of the end of the fiscal year after you file them.
More taxpayers getting defective ITR notice from tax dept this year; How to rectify the defect
Defective ITR: Chartered accountants report that many of thier clients have received defective ITR notices this year. As per Amit Bansal, Partner - Direct Tax, Singhania & Co, Yes, there has been a noticeable increase in defective ITR notices and invalid returns this year." Know what to do incase you get a defective tax return notice under section 139(9).
Understanding Form 15G/ 15H: A guide for Bajaj Finserv customers
The article outlined how to manage tax liabilities on interest income with Form 15G or 15H, aimed at taxpayers with income below the exemption limit. Bajaj Finserv customers can submit these forms online to avoid TDS deductions. The benefits and procedures were highlighted, along with an easy submission process through Bajaj Finserv's portal.
Taxpayers getting faster refunds this year? FM says ITR processing time reduced to 10 days from 93 days
Income tax refund: You can expect faster tax refund this year, however not everybody will benefit from this. Cetain complicated income tax return (ITR) forms like ITR-3 and even ITR-2 takes time to process. However experts say when compared to earlier times, the ITR processing times have indeed come down.
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ITR 3 applicability: Who can file income tax return using ITR 3 form for FY2023-24
ITR 3 form applicability: Depending on the origin of your income and the type of taxpayer you are, you need to choose one of these forms when you file your income tax returns. For non-audit cases, the deadline to submit ITR 3 forms for the relevant assessment year is July 31, and for audited accounts, if applicable, the deadline is October 31.
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.
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.
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.
Will ITR filing deadline be extended beyond July 31, 2024? ICAI writes to tax department with 9 issues regarding Form 26AS, TIS, AIS, e-filing income tax return forms
Will the ITR filing deadline be extended? Various associations of chartered accountants have contacted the tax department to highlight the challenges faced by taxpayers and professionals when using the e-filing ITR portal.
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.
ITR filing: How to file income tax return when you have more than one Form 16 due to job change
Form 16 is a TDS certificate that provides information on the salary paid and tax deducted by an employer. Employers must issue Form 16 to employees by June 15. This allows individuals to file their ITR by July 31, 2024 for the financial year 2023-24. Those who change jobs in a year need Form 16 from each employer.
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 form: 10 documents you need to file ITR-2
How to file ITR-2 form: ITR-2 can be filed using the income tax department's Excel or Java programs, or online through the e-filing portal. Let's look closer at who should file ITR-2 and the important documentation required for filing.
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.
What is the difference between ITR-1 and ITR-2 forms?
ITR forms to use: When you file your income tax return, it is imperative to select either ITR 1 or ITR 2, based on your income sources for the fiscal year. Utilizing an incorrect form may prompt correspondence from the tax authority, necessitating rectification. Therefore, it is crucial to use the appropriate form to avert this situation.
ITR filing deadline should be permanently extended beyond July 31: Salaried get only 45 days to file tax returns
ITR filing deadline extension: The due date to file income tax return by a salaried individual is July 31, 2024 for FY 2023-24 (AY 2024-25). However, in reality salaried taxpayers get only 45 days to file their income tax return. Here are some reasons and why there is a need for permanent ITR filing deadline extension.
TDS deduction from salary not enough: Salaried employees must file ITR despite tax deducted by employer
Income tax return for salaried: You need to file your income tax return even if you do not need to pay any income tax due to section 87A tax rebate. Also if you think that since TDS has been deducted from your income, you need not file ITR, then this notion is wrong.
Income Tax Return Filing 2024: Steps to file ITR without form 16
ITR filing: Some employees who receive a salary and self-employed individuals may not get Form 16. This can cause confusion when filing their Income Tax Return (ITR) because Form 16 is an essential document for this process.
ITR-1 (Sahaj) can be filed if your income is below Rs 50 lakh; Check if you are eligible or not
ITR filing: As per CA Shreya Jaiswal you can file ITR-1 only if your total income does not exceed Rs 50 lakh during FY 2023-24 (AY 2024-25) and provided you have satisfied certain other conditions as prescribed. However if you even have Re 1 of capital gains or loss you won't be able to file ITR-1
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 FY23-24: Want to reduce tax outgo? Know which deductions you can claim in old and new tax regime
Income tax return: While filing ITR you can claim certain tax deductions to reduce your total income tax outgo and increase the tax refund amount. According to CA Shreya Jaisal, "You can still claim additional deductions in your ITR even if they are not appearing in your Form 16, provided you have legitimate proof for it."
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.
Got Form 16 from your employer? Check these points before filing ITR
Form 16 has all the essential information to file your income tax return easily. It's crucial to double-check that the information in Form 16 is accurate. The income tax department currently provides pre-filled ITR forms on its e-filing website. These pre-filled forms make it easier to compare the information with Form 16.
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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