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Source: Live Mint As income tax return (ITR) filing season is here, taxpayers will start filing their returns as soon as the excel utility is released. The tax department has already notified various tax forms including ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7. Meanwhile, the tax department is also running an awareness campaign to…
Source: Live Mint Taxpayers should wait until 15 June. This is because banks, employers, and other reporting entities have until 31 May to report specified financial transactions, tax deducted at source (TDS), and tax collected at source (TCS). Additionally, it typically takes another 7 to 10 days for this information to be processed and reflected…
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 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 As the last financial year has concluded, taxpayers in India are now preparing for the Income Tax Return (ITR) filing season. An important document in this process is the interest certificate. This document details the interest paid on deposits or earned on loans. Axis Bank offers multiple avenues for its customers to…
Source: Live Mint Income Tax: As a taxpayer, you can use the e-pay functionality on the e-filing portal to make a payment to the income tax department. This is a user-friendly feature to clear your dues via any of these routes: net banking, debit card, over the counter, NEFT/RTGS or payment gateway. Here, we describe…
Source: Live Mint But, some experts warn it may not be a blanket benefit available to all businesses and professionals eligible for presumptive taxation schemes. How does presumptive taxation work? Presumptive taxation for businesses and professionals is covered under Section 44AD and Section 44ADA, respectively. Under Section 44AD, small businesses with a turnover of up to…
Source: Live Mint ITR filing 2025: Before filing your income tax return, it is vital to compare the tax computation under both the tax regimes i.e., old and new. And you can opt for the regime which gives lower tax outgo. Introduced in 2020, the new tax regime was made the default regime for taxpayers…
