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Source: Live Mint The income tax department has now notified ITR (income tax return) forms 1, 2, 3, 4 and 5. On April 29, the department notified ITR-1 (sahaj) and ITR-4 (sugam). This was followed by notifying ITR form 3 on April 30. Later, ITR forms 5 and 2 were notified on May 1 and…
Source: Live Mint Income Tax: Central Board of Direct Taxes (CBDT) has finally notified income tax return filing forms (ITR-1 and ITR-4) via notification dated April 29, 2025. Taxpayers were eagering waiting for the tax forms to be released for FY 2024-25. The last date to file income tax return (ITR) for individual taxpayers is…
Source: Live Mint There are numerous advantages to opt for the new tax regime over old tax regime. One of the key reasons is the tax rates, which are lower in comparison to the old tax regime. Highest tax rate under the new tax regime is 30 percent for those who earn above ₹15 lakh…
Source: Live Mint Lately, a number of tax payers have received tax notices from the income tax department for their HRA (house rent allowance) claim. Primarily, these tax notices were sent for not deducting 3 percent TDS (tax deducted at source) while transferring rent to the property owner. It is recommended to follow a three-step…
Source: Live Mint Vivad se Vishwas Scheme, meant to reduce pending income tax litigation, among other things, will finally close on April 30. Broadly, this is a dispute resolution mechanism in respect of pending income tax litigation for taxpayers. The income tax department promises peace of mind to taxpayers, certainty and savings on account of time…
Source: Live Mint The new financial year FY26 has kicked off, and taxpayers are meant to file their income tax returns under one of the two regimes. Mint deconstructs the key points to be considered before choosing the new or old income tax regimes. For the unversed, the new income tax regime offers concessional tax…
Source: Live Mint Old vs new tax regime: As the financial year has ended, taxpayers will now begin gathering their documents to file their income tax returns (ITR) before the deadline of July 31, 2025. Just like last year, one key question taxpayers must ask themselves is whether the new tax regime is the right…
Source: Live Mint There are more than 9.19 crore income tax filers during financial year 2024-25 upto March 31, 2025, shows data on Income Tax e-portal. Number of e-verified returns upto March 31 during 2024-25 were 8.64 crore. Amount of refund issued upto March 31, 2025 during FY 2024-25 was ₹4,35,008 crore. When you look…
Source: Live Mint Central Board of Direct Taxes (CBDT) has notified April 30 as the last date, on or before which a declaration in respect of tax arrears can be filed by taxpayers under the Direct Tax Vivad se Vishwas Scheme, 2024. This declaration is meant to be made to the designated authority, the CBDT circular…
Source: Live Mint The latest data on income tax website shows that a total of 3.24 lakh individuals filed their income tax return for over ₹1 crore before March 31, 2025. Out of these, a total of 2.97 lakh individuals filed their tax return for income between ₹one to five crore. Taxpayers who filed their…
