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Source: Live Mint Central Board of Direct Taxes (CBDT) has notified income tax return (ITR) forms for e-filing income tax returns in FY 2024-25. These are the myriad changes which the income tax department has introduced. Here, we list out changes for different income tax e-filing forms. ITR forms: Multiple changes rolled out this year…
Source: Live Mint The Income Tax Department (ITD) has notified the new tax forms for this fiscal year 2024-25 including ITR-1, ITR-2, ITR-3, ITR-4 and ITR-5. Within a few days, the excel utility will also be shared by the department. Thereafter, taxpayers can start filing their income tax returns with ease with preloaded functionalities on…
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 The preparations for the filing of Income Tax Returns (ITR) for Assessment year 2025-26 are under way now. To manage the same efficiently, individual taxpayers are collecting the relevant documents such as interest certificates, dividend statements, salary slips, business income documents etc., of the recently concluded financial year. Hence, in such a…
Source: Live Mint ITR Filing: Income Tax Department has now released forms 1 and 4 now for filing of tax return for FY 2024-25. The last date to file tax returns for individual taxpayers is July 31. There are two tax regimes under which the income tax return can be filed: old tax regime 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 The new financial year 2025-26 has already started. That is why in the given circumstances it is vital for taxpayers to clearly understand several key sections of the Income Tax Act 1961. The understanding of these sections can be immensely helpful and can significantly influence the tax planning and compliance of taxpayers….
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 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…
