ITR Filing: It is that time of the year again when taxpayers across the country file their income tax returns (ITR). As such, here’s a detailed look at the ITR due date, the last deadline to file returns, delayed ITR filing and penalty for late filing of your income tax returns. Before filing your ITR…
I started a two-year fixed deposit (FD) in January at a 9% interest rate. On 31 March, the bank calculated the interest earned/accrued at 9% for three months and charged tax deducted at source (TDS). The annual information statement (26AS) shows the interest income of 9% over three months and demands tax on it. However,…
The count has jumped from 33,896 as of 31 March 2024 to 146,208 as of 30 June this year. But it’s not just the NSE. Tata Capital, the Metropolitan Stock Exchange and the National Commodity and Derivatives Exchange are among the companies that have seen investor appetite for their unlisted shares grow. However, investing in…
The ‘substance over form’ principle in tax law means that what really happens in a transaction matters more than how it looks on paper. It empowers tax authorities to look past legal documents to understand the true purpose and effect of a deal. Tax authorities often invoke this doctrine when it helps them deny benefits,…
Finance Minister Nirmala Sitharaman moved to withdraw the New Income Tax Bill, 2025, on Friday, after a Parliamentary Select Committee led by BJP MP Baijayant Panda suggested host of changes to the legislation. The revised New Income Tax Bill, 2025, will be introduced in the Parliament on August 11, sources said. The House approved the…
ITR Filing 2025: As the ITR 2025 filing season is approaching, many freelancers and consultants are uncertain about how their income is taxed differently from salaried employees. The key differences lie not only in the type of ITR form to be used but also in how income is calculated, the deductions that can be claimed,…
ITR filing: Whether you’re a salaried individual, freelancer, or just entered the job market, filing income tax returns (ITR) for the first time may seem daunting. Hence, to make the filing process smooth and convenient, the Income Tax Department shared a detailed guide on filing ITR for first-time taxpayers. In a post on the social…
8th Pay Commission: With growing anticipation among central government employees and pensioners over the expected revision of salaries and pensions following the implementation of the 8th Pay Commission, the focus is also on the formulation of the Terms of Reference (ToR). Here’s a detailed guide on everything you need to know about ToR — 8th…
The income tax (I-T) department has now enabled the ITR-5 Excel form online for firms, Limited Liability Partnerships (LLP), Associations of Persons (AOP), and Bodies of Individuals (BOI). In a post shared on the social media platform X on Saturday, August 9, the income tax department noted, “Kind Attention Taxpayers! Excel Utility of ITR-5 is…
The Income Tax Department has warned taxpayers about a rising wave of phishing scams amid an increase in ITR filings by citizens. Scammers are trying to impersonate the I-T Department and promising fake refunds, it warned. The Income Tax Department issued a public alert on X to warn taxpayers about the ongoing income tax scam….
