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Source: Live Mint This is the time of the year to submit proof of investment with your employer in order to claim tax exemption. If you fail to do so, you may miss out on your tax saving. Although you have perhaps already intimated your company’s HR about the amount of investments that you made…
Source: Live Mint While the calendar Year 2024 is set to culminate in another 14 days, income taxpayers are meant to reveal any undisclosed foreign income or assets that they possess. The income tax department has set a deadline of December 31 for filing a revised return for those who failed to disclose their foreign…
Source: Live Mint If you missed filing your income tax return (ITR) before July 31 then you do not need to fret! You can still file your tax return before December 31. For the financial year 2023-24 (AY 2024-25), while the last date of filing income tax return for individual taxpayers was July 31, one…
Source: Live Mint Self-employed individuals can avail of personal loans by providing their Income Tax Return (ITR) documents as proof of income. Banks typically assess their income tax returns (ITRs) to assess their financial stability, repayment capacity, and eligibility. If you want to procure a personal loan, you need to gather an income tax return (ITR)…
Source: Live Mint The taxpayers’ deadline is approaching. December 31 is the last day to file belated income tax returns (ITR) with a ₹5,000 late fee. We look at how to file your delayed ITR online and what happens if you miss it. What is Belated ITR Filing? Those who could not file their ITR…
Source: Live Mint A new month has begun and the year 2024 is about to culminate in a span of 31 days. With this, some changes have come into effect, or set to be effective, which will directly impact your pocket in terms of the money you can save or invest for your future. Starting…
Source: Live Mint The Income Tax (I-T) department had rolled out a new e-Pay Tax service wherein the entire chain of activities related to payment of direct taxes, from generation of challan (CRN) to making payment and recording of the payment history is enabled through the e-Filing portal for authorized banks. Taxpayers are offered a…
Source: Live Mint I want to send money to my son in the US under the Liberalised Remittance Scheme (LRS). I understand that tax collected at source (TCS) has to be paid on each transaction. How can I reclaim this amount? —Name withheld on request It is assumed that you qualify as a resident in…
Source: Live Mint I’m working with the Indian Army. Until last year, we received Form 16 under the old tax regime, which included all allowances such as house rent allowance, travel, uniform, etc. However, from AY 2024-25, we are receiving Form 16 under the default new tax regime, which does not mention non-taxable allowances. My…
Source: Live Mint I have lived in the UK for the past 15 years. I came back to India on 15 October 2024 to take up employment. Do I have to file my Income Tax Return (ITR) in India next year? For a person who is a resident of India under the tax laws, his…
