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Source: Live Mint The deadline to file income tax returns (ITR) by corporates and individuals requiring audit for the financial year 2024-25 is November 15, 2024. The deadline was set for October 31, 2024, initially, but was extended to November 15. Any further extension to this deadline is unlikely. This income tax return submission is…
Source: Live Mint than 9.54 lakh people with income of ₹1 crore and above filed their income tax (I-T) returns until October 31, the data on the Income Tax portal revealed. The latest data for the financial year 2024-25 shows that a total of 2.76 lakh individuals in the ₹1-crore club filed their tax returns…
Source: Live Mint I had invested in Sovereign Gold Bond (SGB). I opted for early redemption after the completion of five years. Are the profits made on such early redemption also tax-exempt, like redemption on maturity? Am I required to declare long-term capital gains on these bonds in my ITR2? A Sovereign Gold Bond (SGB)…
Source: Live Mint If you want to take a personal loan but are not employed currently, then you do not need to fret. Most banks offer loans even to the self-employed persons so long as they fulfill other conditions. For the unversed, a personal loan is an unsecured loan given by banks to borrowers for a range…
Source: Business Standard 4 min read Last Updated : Oct 02 2024 | 8:10 PM IST The Ministry of Finance has released new guidelines for handling delayed tax refund claims and loss carry forward applications. The new guidelines issued on Tuesday increase the limit of tax refund claim amount in condonation of delay cases…
Source: Live Mint I opened a savings bank account for my son when he was a minor. When he became an adult, the account was converted to a joint account with me as a second joint holder. This account is still in operation and has a balance of less than ten thousand rupees at any…
Source: Live Mint The Bombay High Court has recently held that employees cannot be penalised for employer’s failure to deposit tax deducted (TDS) from salary. “The object and purpose behind the provision is to the effect that when an obligation to deposit the tax as in the present case, is on the employer and if the…
Source: Business Standard 3 min read Last Updated : Sep 23 2024 | 5:16 PM IST Many taxpayers are waiting for their income tax refunds for the income tax return (ITR) filed for the financial year 2023-24 (assessment year 2024-25). However, can someone request an income tax refund from the Income Tax Department for…
Source: Live Mint I filed my income tax return (ITR) as a non-resident Indian (NRI) and it has been processed. If I want to revise the ITR before 31 December do I need to file an updated ITR? I forgot to show some interest income that is taxable at 12.5% under a double taxation avoidance…
Source: Live Mint You will need to disclose only the interest accrued during the current year on the certificate and not the interest received on withdrawal as you have already offered the interest on accrual basis in the earlier years. This interest will be taxed as income from other sources and will be disclosed in…
