ITR filing: When filing your income tax return (ITR), it’s important to pick an investment plan that can save you money on taxes. So, while aiming for investment returns, don’t forget about potential tax savings. Understanding the tax implications of stock market investments is crucial for optimising returns. According to experts, individuals investing in the …
Budget 2024 : The government undertook the rationalisation of income tax slabs and launched a new tax regime in which tax rates were highly reduced, addressing a long-standing need in the last Budget, says Hiren Thakkar, Proprietor, Hiren S Thakkar & Associates Chartered Accountants. In an interview with MintGenie, Thakkar said that in GST, there could …
ITR filing: The Income Tax Department has added a new schedule in the Income Tax Return (ITR) form for the assessment year 2023-24. This new schedule aims to help investors report their income from virtual assets. The name of this new schedule is Virtual Digital Assets (VDA). It will help cryptocurrency investors to report crypto …
The Income Tax Return (ITR) filed by individual income taxpayers increased by 90% in last nine years to 6.37 crore in AY 2021-22. The number of ITR filings consistently increased among individual taxpayers. In AY 23-24, 7.41 crore returns have been filed till now. Among them, 53 lakh are new first-time filers. Over the last …
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 …
The final step of income tax return(ITR) filing is the most crucial one. After the filing is done, the next step is ITR verification. While the last day to file ITR without penalty ended on July 31, taxpayers have a one-month window to verify their forms from the date of filing it. “Dear Taxpayers, Do …
Maharashtra, Uttar Pradesh, Gujarat, Rajasthan, and West Bengal are the top 5 states, constituting 48 percent of the total income tax returns filed in AY23. A research report by the State Bank of India has assessed the emerging trends from the recently-closed ITR filing process. The report revealed that a significant number of taxpayers have …