No sooner had the new financial year started than the income tax return (ITR) filing process commenced for FY 2024. The income tax department (ITD) has already enabled all the return filing forms – ITR-1, ITR-2, ITR-4 and ITR-6 — for filing the returns at the e-filing portal. The department has released the excel utility of …
If you have not received your income tax refund so far, there is good news for you. The Income Tax (I-T) Department has set April 30 as the deadline for approving pending refunds, reported Business Line The department has prepared an interim action plan for tax refunds in this fiscal and set a timeline for various actions related …
Income Tax Return Filing Last Date: As the deadline approaches on December 31 for filing Income Tax Returns (ITR) for the financial year 2022-23, taxpayers are strongly encouraged to take swift action and submit their returns by today. This is particularly crucial for those who have not yet filed, need to make updates, or rectify …
Online news portal “NewsClick” claimed on Tuesday that its bank accounts have been frozen by the income-tax department and it will undertake legal measures against this “unjust and cruel” action. There was no immediate response from the I-T authorities. “As of the evening of December 18, ‘NewsClick’ has been unable to make any bank payments …
The deadline for paying the third instalment of advance tax is quickly approaching, with just two days left until December 15. It is crucial for taxpayers who are required to pay advance tax to make their payments by this date, as failure to do so can result in penalties and interest for delay. Individuals who …
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are both tax-related concepts in India, but they serve distinct roles in the tax collection process. Both TDS and TCS represent vital tax mechanisms in India, contributing to the effective collection of taxes by the government. Businesses and individuals who grasp and adhere to …
With 3.5 million tax refund cases currently delayed, the Income Tax (IT) Department is contemplating the organisation of campaigns aimed at aiding taxpayers. In addition to this, it is actively exploring alternative methods to expedite the refund processing, according to Financial Express. The processing of I-T refunds faced challenges when it was done manually. To …
More than 30.75 lakh audit reports, including about 29.5 lakh tax audit reports have been filed for AY 2023-24 on the e-filing portal till the end of the due date on 30th September 2023 with respect to filing of tax audit reports (TARs) and other audit reports in Form No. 29B, 29C, 10CCB, etc, ensuring …
New Delhi: The average time taken to process income tax returns after its verification by the tax payer has been reduced to 10 days, Central Board of Direct Taxes (CBDT) said in a statement on Tuesday. CBDT said that the tax department’s efforts to provide seamless and expeditious taxpayer services are being continuously strengthened. “In …
New income tax rules for these salaried taxpayers: The income tax department has announced major relief to taxpayers, availing company-provided rent-free homes. It has lowered the tax for employees staying in such accommodations. The new rule comes into effect from today, September 1, 2023. Income tax rules for company-provided rent-free homes 1)10 percent of salary …